Mullen Automotive, a Southern California-based electric vehicle manufacturer, has announced the sale of 100 Class 1 and Class 3 electric cargo vans and trucks since September 30, 2024, generating $5.5 million in revenue. This achievement underscores the company's growing presence in the competitive EV market. Additionally, Mullen has significantly improved its financial efficiency, reducing its monthly burn rate from $16.8 million in August to $5.3 million in October and November, a move that could enhance its profitability and sustainability.
The company's CEO, David Michery, highlighted the increasing demand for sustainable transportation solutions, noting ongoing discussions with government agencies and large fleets. This interest from potential high-volume customers indicates a bright future for Mullen's commercial EV offerings. Mullen's product lineup, including the Mullen ONE and Mullen THREE, meets strict U.S. emissions standards and qualifies for various state and federal incentives, offering potential rebates of up to $45,000. These incentives are designed to make Mullen's products more appealing to businesses looking to transition to electric vehicles.
Mullen has expanded its manufacturing capabilities with two U.S.-based plants in Tunica, Mississippi, and Mishawaka, Indiana, covering 120,000 and 650,000 square feet, respectively. The Tunica facility began commercial vehicle production in August 2023, marking a significant milestone in the company's growth. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles, offering eligible customers up to $7,500 per vehicle, further enhancing the appeal of its EVs.
As of January 2024, both the Mullen ONE and Mullen THREE have received certification from the California Air Resource Board and the EPA, allowing their sale across the United States. This certification opens up substantial market opportunities for Mullen. The company has also expanded its commercial dealer network to seven dealers, including Papé Kenworth, providing sales and service coverage in key markets nationwide.
The Tunica manufacturing center's Foreign Trade Zone status approval offers additional benefits, such as duty deferment and elimination on exported vehicles, potentially improving Mullen's competitiveness in domestic and international markets. Mullen Automotive's recent achievements in sales, cost management, and market expansion highlight its emerging role in the commercial EV sector, signaling its potential to shape the future of sustainable transportation.
