Mullen Automotive Inc. (NASDAQ: MULN) has reached a settlement agreement with GEM Yield Bahamas Limited and GEM Global Yield LLC SCS, concluding a four-year legal dispute. This agreement outlines a structured process to tackle outstanding legal issues, allowing Mullen to concentrate on its core mission of electric vehicle (EV) production. The settlement grants GEM a 55-day due diligence period, extendable, to assess the transfer of Mullen's Mishawaka assets, during which all collection activities will be paused to foster a cooperative resolution environment.
Amidst these legal resolutions, Mullen is forging ahead with its manufacturing expansion, particularly at its Tunica, Mississippi facility, which began commercial vehicle production in August 2023. This facility is pivotal in meeting the surging demand for Mullen's EV lines, including the Mullen ONE and Mullen THREE, both of which have achieved CARB and EPA certification. The Mullen THREE, notably, is eligible for up to a $45,000 cash voucher under CARB's HVIP program, enhancing its market appeal.
Mullen's strategic growth is further evidenced by its expanded commercial dealer network, now encompassing seven dealers, including Papé Kenworth, broadening its sales and service footprint across critical U.S. markets. Additionally, the Tunica facility's Foreign Trade Zone (FTZ) status marks a significant advantage, offering duty deferment and exemptions on exported vehicles, aligning with Mullen's competitive manufacturing strategy.
This settlement not only resolves protracted legal challenges but also positions Mullen Automotive to accelerate its EV innovation and production, underscoring its commitment to sustainable transportation solutions. For more information on Mullen's advancements, visit https://www.mullenusa.com.
