Mullen Automotive Inc. has finalized a settlement with GEM Yield Bahamas Limited and GEM Global Yield LLC SCS, resolving all legal disputes by transferring full ownership of its Mishawaka, Indiana manufacturing facility to GEM. This move satisfies a federal court judgment and allows Mullen to concentrate on its operational goals in the electric vehicle (EV) sector. Despite the transfer, Mullen maintains its Tunica, Mississippi plant, which started commercial vehicle production in 2023 and has been instrumental in the company's EV advancements.
The company's achievements include IRS approval for federal EV tax credits on its commercial vehicles, offering up to $7,500 per vehicle to eligible customers. Mullen's vehicles, the Mullen ONE and Mullen THREE, have also received certifications from the California Air Resource Board and the EPA, facilitating nationwide sales. With a growing dealer network and Foreign Trade Zone status for its Tunica facility, Mullen is enhancing its market presence and competitive advantage in the global EV industry.
This settlement is a significant milestone for Mullen Automotive, removing legal obstacles and enabling the company to further its mission of leading the commercial EV market. Through strategic expansions and innovative vehicle offerings, Mullen is contributing to the shift towards sustainable transportation solutions.
