Company provides update on manufacturing activities in Mishawaka, IN, and Tunica, MS, Energy Programs, Bollinger Motors, Mullen Commercial Vehicles, EV Cargo Vans, Class 1 and 3, Mullen-GO and Mullen FIVE EV Crossover Program
Company also updates on manufacturing and vehicle programs, including Class 3 EV trucks rolling off the line in July 2023 with anticipated revenue booked in August and September 2023 for Class 3 Trucks and EV Cargo Vans
As of April 30, 2023, cash available for Company operations was $116.1 million
The Company has received $263 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group
BREA, Calif., May 03, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today issues a Company update, including recent highlights and accomplishments for the Company, across manufacturing facilities, energy programs, Bollinger Motors, commercial and consumer EV programs. The Company reports as of April 30, 2023, cash available for operations was $116.1 million.
Recent Company Updates:
Mishawaka, IN Manufacturing Plant
Home to Mullen FIVE and Bollinger B1 and B2
- Commercial vehicle equipment transferred to Tunica, MS facility for commercial Class 1 launch
- Commissioning of e-coat and paint facility for readiness to paint early prototype builds
- Enterprise data infrastructure including fiber optics, new servers and security systems installed to support volume manufacturing
Tunica, MS Assembly Facility
Home to vehicle assembly for Commercial Class Vans and Trucks
- Mullen Class 1 and Class 3 commercial vehicles are assembled in Tunica, MS
- In July 2023, the production line for Class 3 will become operational with Class 3 trucks rolling off the line with anticipated deliveries and revenue in August and September 2023
- Addition of trim and chassis assembly lines to accommodate new models
- New capital expenditures including Automated Guided Vehicles to transport vehicles through plant, installation of robots, water test booth and end-of-line diagnostics
- Enterprise data infrastructure including fiber optics, new servers and security systems installed to support volume manufacturing
- Hiring of 35 additional operational team members in support of commercial vehicle production
Bollinger Motors - Oak Park, MI
Class 4 – 6 Commercial Vehicles |Bollinger B1 SUV and B2 Pick Up Truck
- B4 chassis cab engineering at 90% completion
- Vehicle testing of B4 chassis cabs started and on schedule
- Restart of B1 SUV program began on March 1, 2023
- Conducted January 2023 “Ride Along” event at Oak Park HQ for Alpha 1 vehicle
- Showcased B4 at 2023 industry shows: including NTEA Work Truck Show in Indianapolis, IN, and ACT Expo in Anaheim CA, (May 1-4)
- Hired an additional 30 people, mostly engineers, in support of B1 restart and commercial truck programs
Mullen Commercial Vehicle Program - Troy, MI
Class 1 and 3 Commercial Vehicles
- The company has received $263 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group
- Program moves from pre-revenue to expected revenue in August 2023
- Commercial product development focused on completing vehicle certifications
- Team successfully achieved major milestone in April completing all required FMVSS tests for vehicle crash worthiness and occupant safety validation for Class 1 EV van
- Successfully completed customer pilot with Menzies at LA Airport delivering the results expected – over 1,500 miles driven and 100% uptime
- First presentation of portfolio at several large 2023 commercial fleet shows – NTEA Work Truck Show in Indianapolis, IN, NAFA in Baltimore, MD, and ACT Expo in Anaheim CA, (May 1-4)
- Announced the availability of the Class 3 pilot program for customers wanting to test the vehicle in specific commercial use-case scenarios
- Initial vehicle shipments of Mullen EV Cargo Van to University North Carolina Charlotte and MGT Leasing in March 2023
Mullen Consumer Vehicle Program - Irvine, CA
Mullen FIVE Crossover
- Simultaneously developing Mullen FIVE family of vehicles, which includes two trim levels of the FIVE EV crossover and the high-performance Mullen FIVE RS variant
- Vehicle styling freeze in Q4 2023 and production design of Mullen FIVE and FIVE RS planned for reveal at CES in January 2024
- Virtual crash and aerodynamic simulations on track
- Finalizing key supplier selection and engagement
- Preparations for August 2023 Strikingly Different EV Tour in the works with expanded vehicles joining the planned upcoming tour, including, but not limited to, the Mullen FIVE and FIVE RS and Mullen Commercial Class 1 and Class 3 vehicles
- Drivable demonstrator of the new Mullen GT will join the tour in September 2023
Mullen Advanced Energy Operations and Solid-State Battery Progress
- Mullen Automotive forms Mullen Advanced Energy Operations, LLC., in partnership with Global EV Technology, Inc. and EV Technologies, LLC
- Partnership’s initial development focus is on improving energy management technology in EVs for greater range and vehicle performance
- Washington D.C. field pilot program contract with EV Technologies for EMM technology with city government for installation of Energy Management Module (“EMM”) on city vehicle fleet of 40 Chevrolet Bolts
- Company accelerates implementation of solid-state polymer battery technology to integrate battery packs for Class 1 EV cargo vans
- The first Class 1 EV cargo van test vehicles with the solid-state polymer technology are planned for road testing by Q4 2023
Mullen-GO
- Announced first Mullen-GO retailer located in Ireland and covering U.K. territory
- Finalizing European aftersales support network for parts, service and warranty
- Executed LOIs with new dealers in France and Spain
- Negotiating HQ property for Mullen Automotive European operations
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two Company-owned United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to: (i) whether the expected timelines for manufacturing of the Class 3 eV trucks will be met; whether the expected timelines for testing, production and other programs for all other Mullen and Bollinger vehicles will be met; whether the anticipated revenue for Class 3 trucks and EV Cargo Vans will be realized within the August and September 2023 timeframe or otherwise; whether the cash available for Company operations will be adequate to meet the Company’s objectives; whether the initiatives for completing vehicle certifications will be successful; whether the partnership with Global EV Technology, Inc. and EV Technologies will be successful; the timing of the expected testing of the solid-state polymer technology in the Class 1 EV cargo van; whether the contract awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC will be assigned to MAEO as contemplated by the agreement between Mullen and EV Technologies; whether the test results, which indicate that applying EMM technology to an electrical vehicle significantly increases vehicle range, are accurate; whether the EEM product and associated technology will prove beneficial; and whether the Company’s initiatives for the Mullen-Go will prove successful; (ii) whether the commercial product launches contemplated for 2023 will materialize within the slated timelines; (iii) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (iv) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (v) Mullen’s ability to successfully expand in existing markets and enter new markets; (vi) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (vii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (viii) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (x) changes in government licensing and regulation that may adversely affect Mullen’s business; (xi) the risk that changes in consumer behavior could adversely affect Mullen’s business; (xii) Mullen’s ability to protect its intellectual property; and (xiii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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