Mullen Automotive

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Mullen Automotive
Company typePublic
Nasdaq: MULN
ISINUS62526P1093
Industry
Founded2014; 10 years ago (2014)
FoundersDavid Michery
Headquarters
Brea, California
,
United States
Area served
North America
Key people
Products
Services
Revenue$0
-US$740.32 million
-US$740.32 million
Total assetsUS$302.59 million
Total equityUS$156.95 million
Number of employees
118 (2023)
Websitemullenusa.com

Mullen Automotive, Inc., (NASDAQ: MULN) is an American electric vehicle (EV) manufacturer headquartered in Brea, California; its business includes passenger vehicles, commercial trucks, and solid-state polymer battery technology. Mullen is building its EVs at two United States-based vehicle plants located in Tunica, MS (120,000 sq. ft.) and Mishawaka, IN (650,000 sq. ft). The Company’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen FIVE RS ultra-high performance sports EV crossover, Mullen GT and GTRS electric sports cars, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs, and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings.

Mullen Commercial vehicles have been developed, tested, approved and are fully assembled in Mississippi for sale in the United States. The parts are sourced from all over the world, including China, Romania, Korea, Canada, the United States, and Germany. The vehicles have undergone extensive engineering to comply with FMVSS and all other federal regulations.


History

Mullen Automotive, Inc was incorporated by CEO and Chairman David Michery in 2014 as a successor company from the acquisition of CODA Automotive and Mullen Motor Cars.[1]. Mullen initially debuted the Qiantu K50 (also known as Dragonfly) at the 2019 New York Auto Show [1] [2]; the vehicle has since been rebranded as the Mullen GT. The Mullen GT is Mullen’s EV supercar built in collaboration with Qiantu Motors, a reputed developer of electric supercars since 2013. [3]

On March 11, 2021, Mullen announced the purchase of its first EV manufacturing facility in Tunica, Mississippi.[4]

On June 15, 2020, Mullen announced a merger agreement with Net Element, Inc.[5]

On November 05, 2021, Mullen Automotive commenced trading on the Nasdaq Stock Market LLC (“Nasdaq”) under the new stock ticker symbol “MULN” following the successful completion of the merger with Net Element.[6]

On November 17, 2021, the Mullen FIVE EV Crossover debuted to the world for the first time at the Los Angeles International Auto Show and won LA Auto Show’s ZEVAS™ Award for the “Top SUV Zero Emission Vehicle (ZEV).” [7]

In September 2022, Mullen purchased a controlling stake of 60% stake in Bollinger Motors for $148.2 million. The deal marks Mullen's first foray into the electric truck market, with Bollinger Motors introducing both electric SUVs and chassis cabs in the past half-decade.[8]

On November 30, 2022, Mullen completed the acquisition of Electric Last Mile Solutions' (ELMS) assets in an all-cash purchase valued at $105 million. The ELMS asset acquisition of all intellectual property and inventory enabled Mullen to launch into the commercial market much earlier than previously planned. Assets acquired included the Mishawaka, Indiana, factory, which previously produced General Motors’ Hummer H2 and the Mercedes-Benz R-Class vehicle.[9] With this transaction, Mullen acquired ELMS’ manufacturing plant in Mishawaka Indiana, and all the intellectual property needed to engineer and build Class 1 and Class 3 electric vehicles. These two acquisitions give Mullen the most complete portfolio coverage in the Commercial EV truck market from Class 1 to 6, where there is very little and, in some segments, no other announced entries.[10]

In December 2022, Randy Marion Automotive Group became the first Commercial Dealer Partner to offer sales, service, and parts for Mullen Automotive’s commercial Lineup, covering class 1-6 EV cargo vans and trucks.[11]

In August 2023, Mullen announced the start of class 3 electric truck production at its Tunica, Mississippi, commercial vehicle production facility with production ramp-up planned from September to December.[12]

On September 11, 2023, Mullen announced the purchase of battery pack production assets from Romeo Power for approximately $3.5 million. The deal included equipment, inventory, and intellectual property for high-volume EV battery packs and module production.[13]

In September 2023, Mullen also achieved two critical commercial milestones by receiving its “qualified manufacturer” designation from the IRS, enabling qualification for commercial EV federal tax credits of up to $7,500 per qualified vehicle (both the Mullen ONE and Mullen[14] and by receiving EPA certification for its class 3 electric truck.[15]

In November 2023, Mullen received EPA Certificate of Conformity for its class 1 EV cargo van[16] and began the deliveries of initial class 3 vehicles to customers following Randy Marion Automotive Group receiving its North Carolina license to retail Mullen’s commercial EVs.[17]

Production: U.S. Based Vehicle Manufacturing and Assembly

Mullen is building its EVs at two United States-based vehicle plants located in Tunica, MS (120,000 sq. ft.) and Mishawaka, IN (650,000 sq. ft). Mullen Commercial vehicles have been developed, tested, and approved and are fully assembled in Mississippi for sale in the United States. The parts are sourced from worldwide, including China, Romania, Korea, Canada, the United States, and Germany. The vehicles have undergone extensive engineering to comply with FMVSS and all other federal regulations.

Commercial Vehicle Assembly Facility in Tunica, Mississippi

Mullen’s Advanced Manufacturing Engineering Center (AMEC) in Tunica, Mississippi, is home to commercial vehicle production for classes 1-6 electric vehicles. With proximity to all major rail lines, interstates, Mississippi River systems, and air logistics, Mullen’s Tunica factory is located in a primary logistical center of North America. The automotive suppliers of the Southeast corridor, the Mid-south Tennessee region, and the North Delta region. 120,000 sq. ft. turn-key engineering facility sits on 100 acres and is the center for Mullen’s commercial manufacturing innovation and validation.[18]

Passenger Vehicle Manufacturing Facility in Mishawaka, Indiana

Mullen’s acquisition of Electric Last Mile Solutions (ELMS) assets included the factory in Mishawaka, IN. Located 100 miles East of Chicago and 200 miles West of Detroit, the Mishawaka plant previously produced General Motors Hummer H2 and the Mercedes-Benz R-Class vehicle. The 650,000 sq. ft. manufacturing facility will focus on consumer vehicle manufacturing and is expected to be used for the production of the Mullen FIVE SUV and the Bollinger B1 and B2 platforms.[19]

Electric Vehicles

The Company’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen FIVE RS ultra-high performance sports EV crossover, Mullen GT and GTRS electric sports cars, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs, and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings.

Commercial Electric Vehicles

Mullen ONE

The Mullen ONE is an all-electric class 1 commercial urban delivery cargo van, the first of its kind in the U.S. market. This van was designed to navigate within narrow urban streets and residential roads, all while maximizing payload and cargo space. The Mullen ONE’s height is less than 6.5 feet, meaning it can be parked in a residential garage. The vehicle has a has a cargo volume of 157 cu. Ft, the payload is 1,683 lbs., and range is 110 miles. With a starting price of $34,500, the vehicle is eligible for up to $7,500 in federal tax incentives and will be available at the end of 2023.[20]

Mullen CAMPUS

The Mullen CAMPUS is an all-electric campus delivery utility vehicle. With 186 miles of range, the Mullen Campus Delivery is a highly efficient EV designed for low-speed, closed-campus use. The Campus Delivery Van has all the same DNA as the Mullen ONE but was purpose-built as an ideal delivery solution for micro-environments, allowing enterprises to accelerate their campus sustainability goals while driving operational efficiency. The vehicle has a has a cargo volume of 157 cu. Ft, the payload is 1,683 lbs., and the range is 186 miles. With a starting price of $23,995, the vehicle is eligible for up to $7,500 in federal tax incentives and is available now.[21]

Mullen THREE

The Mullen THREE is an all-electric commercial class 3 urban utility low cab forward. This vehicle is considered as a last-mile delivery truck with a 60/120Kw (rated/peak) and generating 150/320Nm of torque. The efficient urban utility low cab forward features a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets. Even in reverse, maneuverability is a breeze with the standard backup camera and 7-inch display screen. This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,316 lbs of payload. In addition, the design of the LCF chassis allows more cargo length within a given overall length. The vehicle is available now for a starting price of $68,500 (eligible for federal tax incentives of up to $7,500), the start of production at the Tunica, Mississippi, was on August 24, 2023.[22]

Mullen-GO

Perfect for international urban markets, the Mullen-GO bridges the gap between the growing demand for quick deliveries and space constraints in dense cities. The Mullen-GO commercial EV is certified and currently available in Europe only, ready for sale in initial markets of the UK, Germany, Spain, France, and Ireland. The Mullen-GO is a small L7E class vehicle with dimensions that include a 96-inch wheelbase and a gross vehicle weight of 1,753 lbs.[23]

Passenger Electric Vehicles

Mullen FIVE

The Mullen FIVE is a premium compact sport utility EV that is built to offer luxury and performance. Designed, engineered, and manufactured entirely in the USA. The Mullen FIVE is built on an EV Crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is Strikingly Different and exciting to experience. The Mullen FIVE can go 325 miles with a full charge and from 0 to 60mph in just 3.2sec. With a starting price of $55,000, the Mullen FIVE won the ‘Top SUV’ title when it debuted at the 2021 LA Auto Show’s ZEVAS Awards.[24]

Mullen FIVE RS

With a performance-oriented suspension and peak motor horsepower of more than 1,000, the FIVE RS is an ultra-high-powered, all-wheel drive EV, fully race-prepped with a two-motor, two-speed gearbox. The vehicle is equipped with massive 325/35R21 front and rear tires and specially designed brakes for quick stopping, allowing occupants to experience maximum performance potential. Vehicle specifications expected include a top speed of 200 mph, 0-60 in 1.9 seconds, 800-volt architecture, and a 97 kWh battery pack.[25]

Mullen GT

The Mullen GT is Mullen’s EV supercar built in collaboration with Qiantu Motors, a reputed developer of electric supercars since 2013. Mullen is re-engineering and re-designing the product to meet homologation requirements for U.S. certification and customer expectations for today’s supercars. The vehicle is expected to have a range of 236 miles, an AWD system with a total output of 275 hp, and 428 lb-ft of torque, 0-60 in 4.2 seconds, and a top speed of 125 mph.[26]

References

  1. ^ "About Us". Mullen. Retrieved 2023-11-21.
  2. ^ Korzeniewski, Jeremy (2019-04-17). "The Qiantu K50 by Mullen makes its official debut in the Big Apple". Autoblog. Retrieved 2023-11-21.
  3. ^ "Mullen Automotive and Qiantu Motors to Launch EV Supercar Branded Mullen GT and GTRS with Program Start Commencing March 20, 2023" (Press release). Brea, California: GlobeNewswire. 2023-03-20. Retrieved 2023-11-21.
  4. ^ "EV Maker Mullen Technologies Purchases Advanced Manufacturing Facility in Mississippi". autofutures. 2021-03-11. Retrieved 2023-11-21.
  5. ^ "Net Element Enters into a Letter of Intent to Merge with Electric Vehicle Company Mullen Technologies" (Press release). Miami, Florida: Yahoo!Finance. 2020-06-15. Retrieved 2023-11-21.
  6. ^ "Mullen Automotive Commences Trading on NASDAQ" (Press release). Brea, California: Yahoo!Finance. 2021-11-05. Retrieved 2023-11-21.
  7. ^ "Mullen FIVE EV Crossover Makes Its Debut". The EV Report. 2021-11-18. Retrieved 2023-11-21.
  8. ^ Goretzka, Drew (2022-09-08). "Mullen acquires 60% stake in Bollinger for $148M". Automotive News. Retrieved 2023-11-21.
  9. ^ "Mullen Automotive Buys Assets of Electric Delivery Van Maker ELMS". ChargedFleet. 2022-12-02. Retrieved 2023-11-21.
  10. ^ Mihalascu, Dan (2022-10-19). "Mullen Buys Bankrupt ELMS And Its Indiana Plant For $240 Million". InsideEVs. Retrieved 2023-11-21.
  11. ^ "Mullen Signs First US Dealer Partner, Randy Marion Automotive Group, as Company Prepares for 3 Commercial Product Launches in 2023" (Press release). Brea, California: Yahoo!Finance. 2022-12-13. Retrieved 2023-11-21.
  12. ^ Lovrak, Tess (2023-08-17). "Mullen announces Class 3 EV production start". Fleet Equipment Magazine. Retrieved 2023-11-21.
  13. ^ "Mullen Automotive buys Romeo Power's battery pack production assets". Today’s Trucking. 2023-09-11. Retrieved 2023-11-21.
  14. ^ "Mullen Automotive Receives IRS Approval as 'Qualified Manufacturer'" (Press release). Brea, California: Yahoo!Finance. 2023-09-21. Retrieved 2023-11-21.
  15. ^ "Mullen Automotive Earns EPA Nod for Class 3 EVs". The EV Report. 2023-09-26. Retrieved 2023-11-21.
  16. ^ "Mullen Automotive Earns EPA Nod for Class 3 EVs". The EV Report. 2023-09-26. Retrieved 2023-11-21.
  17. ^ "Mullen Announces Randy Marion Automotive Group Receives N.C. License for Retailing Mullen Electric Vehicles" (Press release). Brea, California: GlobeNewswire. 2023-11-16. Retrieved 2023-11-21.
  18. ^ "Manufacturing". Mullen. Retrieved 2023-11-27.
  19. ^ "Manufacturing". Mullen. Retrieved 2023-11-27.
  20. ^ "The Mullen ONE". Modern Work Truck Solutions. 2023-08-31. Retrieved 2023-11-21.
  21. ^ "Mullen CAMPUS". Mullen Commercial. Retrieved 2023-11-27.
  22. ^ "The Mullen THREE". Modern Work Truck Solutions. 2023-11-21. Retrieved 2023-11-21.
  23. ^ "Mullen Breaks into European Market with 30-Unit Mullen-GO Commercial EV Order". The EV Report. 2023-07-17. Retrieved 2023-11-21.
  24. ^ Olakunori, Gabriel (2021-12-01). "10 Things We Now Know About The Mullen FIVE". HotCars. Retrieved 2023-11-21.
  25. ^ "Mullen Announces Debut of the Ultra-High-Performance FIVE RS Demonstrator" (Press release). Brea, California: GlobeNewswire. 2023-08-16. Retrieved 2023-11-21.
  26. ^ Serban, Tudor (2023-09-29). "10 Things You Need To Know About The Upcoming Mullen GT Electric Sports Car". HotCars. Retrieved 2023-11-21.
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