Dear Reader,
Are you ready for an electric day?
Introducing Mullen Automotive, Inc. (NASDAQ: MULN)! Mullen is making significant strides in the electric vehicle (EV) sector, showcasing a strong financial foundation and groundbreaking progress despite challenging economic conditions. They appear to be charged up and ready to jolt the EV market into the stratosphere
⚡⚡⚡🌩️
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)
