Hi Reader,
Huge news from Mullen Automotive, Inc. (NASDAQ: MULN)!
Today, Mullen announced the promotion of John Taylor to President of the Commercial EV Division. Taylor, who
retains his role as SVP of Global Manufacturing, brings over 35 years of industry expertise, including key roles at Tesla and GM. This strategic move underscores Mullen’s commitment to leadership and innovation in the EV market. It is just one more sign of how Mullen is amping up to supercharge the EV market. ⚡ (4)
Key Highlights from Mullen Automotive:
Financial Strength and
Stability
📊 Strong Balance Sheet: With total assets projected to be approximately $191.4 million as of June 30, 2024, and cash on hand exceeding current market capitalization, Mullen is well-positioned for future growth. (1)
🏧 Secured Financing: Mullen has secured $250 million in new financing commitments. This includes $50 million already received, another $50
million available as a one-year additional right, and $150 million through an equity line of credit. (1)
Regulatory Achievements and Production Milestones
📣 Regulatory Compliance: Mullen has met all federal and state regulatory requirements for Class 1 and Class 3 commercial vehicles, qualifying for multiple state-level incentives. (1)
🍏 Production Success: Actively manufacturing and selling Class 1 and Class 3 commercial vehicles across the U.S., and commencing production of the EPA-certified B4 Class 4 electric truck through Bollinger Motors. (1)
Expansion and Sales Growth
🏭 Expanding Distribution: Mullen has
expanded its distribution network to six dealerships and added five new commercial dealer partners this quarter. Bollinger Motors has also announced four commercial dealers across the U.S.
😎 New Customer Agreements: Bollinger Motors has agreements to sell over 200 B4 commercial Class 4 EV trucks. Additionally, Mullen has received international orders from GAMA in southeastern Europe for various commercial EVs. (1)
Technological Advancements
🤖 Solid-State Polymer Pack Program: Advancing its solid-state polymer pack program with ongoing battery and vehicle testing. Full certification for production and sale is expected in the second half of 2025. (1)
🤝 Innovative Partnerships: Identified lead
suppliers and issued initial purchase orders to support the solid-state polymer pack program. (1)
Market Position and Growth Potential
📚 Strong Technicals: Mullen is showing robust and bullish technical indicators, indicating a positive outlook for the company’s performance. (1)
