Mullen Automotive, an emerging electric vehicle (EV) manufacturer, has recently shared a comprehensive update from CEO and Chairman David Michery, detailing the company's advancements in the EV sector. The update underscores Mullen's expanding sales and distribution efforts, which have opened new sales opportunities and completed vehicle orders, showcasing the company's growing footprint in the competitive EV market.
To fuel its expansion, Mullen has secured a $100 million preferred instrument and a $150 million fully available equity line, providing the necessary capital for its ambitious plans in the capital-intensive automotive industry. This financial backing is crucial for Mullen's ongoing operations and future growth.
The progress of Bollinger Motors, a subsidiary of Mullen, is another highlight of the update. Bollinger has achieved regulatory and sales approvals, essential for market entry, and has partnered with Roush Industries to enhance its product development and production capabilities. The commencement of production on its first customer-ready B4 electric trucks marks a significant milestone, enabling Bollinger to compete in the commercial EV segment.
Mullen's achievements extend to its Tunica, Mississippi plant, where commercial vehicle production began in August 2023. The company has also received IRS approval for federal EV tax credits on its commercial vehicles, offering up to $7,500 per vehicle to eligible customers, thereby increasing the appeal of its products.
With a product lineup that includes the Mullen ONE and Mullen THREE, both certified by the California Air Resource Board (CARB) and EPA, Mullen is eligible to sell its vehicles across the United States. The HVIP approval for the Mullen THREE further incentivizes purchases with up to a $45,000 cash voucher.
Expanding its commercial dealer network to seven dealers, including Papé Kenworth, Mullen has enhanced its sales and service coverage in key markets. This strategic growth and the company's recent milestones underscore Mullen Automotive's potential to influence the broader EV industry significantly.
