Targeted Strategies for Today's Evolving Markets

MissionIR Relationship

Mullen Automotive Inc. (NASDAQ: MULN)

Mullen Automotive Inc. (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with United States-based manufacturing located in Tunica, Mississippi.

In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ("CARB") and EPA certified and available for sale in the U.S. The Company's commercial dealer network consists of Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.

In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer network with over 50 locations across the United States for sales and service support.

Mullen Commercial

Mullen is defining a new era in commercial vehicles with its connected and customized solutions aimed at making businesses more efficient and profitable.

Mullen ONE Class 1 EV Cargo Van

The Mullen ONE class 1 commercial electric vehicle is 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 your driver can park the vehicle in a residential garage.

Mullen THREE Class 3 Electric Truck

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 our 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 5,300 lbs of payload. In addition, the design of the LCF chassis allows more cargo length within a given overall length.

Mullen Commercial EVs are eligible for several federal and state level EV incentives, which can be combined for maximized savings.

Mullen ONE:

  • $7,500 Federal Tax Credit
  • $3,500 MOR-EV Incentive (Massachusetts only)
  • $7,500 ComEd Business & Public Sector EV Rebate Program (Illinois only)

Mullen THREE:

  • $7,500 Federal Tax Credit
  • $45,000 California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) (California only)
  • $15,000 MOR-EV Incentive (Massachusetts only)
  • $30,000 ComEd Business & Public Sector EV Rebate Program (Illinois only)

In the last two years, Mullen has conducted over 100 vehicle demos or pilots across various industries in the U.S. resulting in significant progress, including new sales opportunities and vehicle orders received and or completed:

  • Universities: Princeton University, University of Virginia (UVA), University of California, Los Angeles (UCLA)
  • Local city governments: Cities of Dublin, Ohio, Raleigh, North Carolina, Los Angeles, California, Seattle, Washington and Orange County, North Carolina
  • Small businesses: From local florist shops to health care providers delivering supplies

Mullen has an extensive dealer network in the U.S. with renowned dealers nationwide including:

  • Papé Group (California, Oregon, Washington)
  • National Auto Fleet Group (California)
  • Pritchard EV (Iowa)
  • Eco Auto (Massachusetts)
  • Ziegler Truck Group (Minnesota)
  • Range Truck Group (Washington)
  • Mullen Commercial Vehicle Center (California)

Mullen Commercial EVs are available for purchase on Sourcewell under NAFG's Sourcewell Contract # 091521-NAF which offers Class 1-3 light duty trucks, cars, vans, SUVs, cab chassis, and electric vehicles with related equipment and accessories to U.S. government agencies.

Bollinger Motors

Mullen entered the medium-duty truck classes through its September 2022 acquisition of a controlling interest in EV truck innovator Bollinger Motors. The acquisition gave Mullen access to a significant pipeline of interest from large companies for commercial electric truck classes 3-6 in a wide range of markets, such as last-mile delivery, refrigeration, utilities and upfitters.

The 2025 Bollinger B4 chassis cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique chassis design protects the 158-kWh battery pack and components to offer unparalleled capability and safety in the commercial market. The vehicle also features a payload in excess of 7,300 pounds with an average driving range of 185 miles. Bollinger Motors began serial production of the B4 on Sept. 16 via its manufacturing partnership with Roush Industries at their facility in Livonia, Michigan.

Bollinger Motors has passed numerous milestones in recent months, including:

  • 30 B4s delivered and paid for, worth nearly $4.5 million, since start of production
  • Its production launch on Sept. 16 at Roush Industries in Livonia, Michigan
  • Achieving FMVSS compliance
  • Receiving the Certificate of Conformity from the Environmental Protection Agency, and CARB certification
  • The creation of a world-class dealer and service network
  • An agreement with Our Next Energy in Novi, Michigan, for battery packs
  • Providing a full warranty coverage of the B4 chassis cab
  • Announcing Syncron as its warranty administration partner and Amerit Fleet Solutions as its mobile service provider
  • A partnership with EO to power EV charging infrastructure, equipment and technology solutions for Bollinger's dealers and customers

Bollinger Motors has qualified for multiple federal and state incentive programs, including:

  • Inflation Reduction Act incentives of up to $40,000 per vehicle
  • California: Innovative Small e-Fleet (ISEF) Pilot Program, with incentives up to $120,000 per vehicle
  • Massachusetts: voucher of up to $30,000 per vehicle from Massachusetts Offers Rebates for Electric Vehicles (MOR-EV)
  • New York: up to $100,000 from NYTVIP through NYSERDA
  • Pennsylvania: up to a $20,000 grant from Alternative Fuels Incentive Grant Program (AFIG) of the Pennsylvania Department of Environmental Protection

Mullen FIVE RS

The Mullen FIVE RS is an ultra-high-performance EV Crossover featuring a top speed of over 200 mph and acceleration from 0-60 mph in under 2 seconds. The FIVE RS is equipped with 800-volt architecture, all-wheel drive, two-speed gearbox, and over 1,100 horsepower.

The Mullen FIVE RS is planned for launch in Germany with vehicle sales planned for December 2025. Initial vehicle market territories include the EU in 2025, followed by the UAE and South Africa in early 2026.

Mullen is partnering with Faissner Petermeier Fahrzeugtechnik AG ("FPF"), which has decades of experience in the development and production of serial components and sophisticated vehicles for global brands such as Piech Automotive, Gumpert Automotive and is in partnership with BMW of all the above. FPF is certified according to the IATF standard and fulfills all the special requirements of the Federal Motor Transport Authority in Germany.

EV Market Outlook

The global EV market was reported to consist of 3,269,671 units in 2019, a figure that is expected to grow at a CAGR of 21.1% through 2030 to a total of 26,951,318 units worldwide. This market's monetary value was estimated at $162.34 billion in 2019 and is expected to grow at a CAGR of 22.6%, resulting in an approximate value of $802.81 billion by 2027. The primary driver for this exponential growth is a worldwide increase in vehicle emissions regulations.

Management Team

Mullen is led by an executive team with extensive EV, OEM and high-growth startup experience.

David Michery is the CEO and Founder of Mullen and has been leading the company and its divisions since inception in 2014. With over 25 years of executive management, marketing, distressed assets, and business restructuring experience, Mr. Michery brings a wealth of relevant knowledge and expertise to the Mullen brand. He has notably created 12 trademarks so far to develop the company brand and vision.

Mr. Michery is working towards a sustainable future by creating a suite of clean-energy, electric vehicles at varied price points. With entirely US based manufacturing and operations, Mr. Michery is also determined to have Mullen Technologies play a role in shaping a self-sustaining local economy by creating more jobs in America.

Mr. Michery manages risks and company expectations as a pathway to success and has personally overseen several businesses that totaled over $1 billion in transactions. His key strength is the ability to be fiscally responsible and lead teams to complete projects on time and within budget. As a seasoned professional in this space, Mr. Michery has demonstrated skill in building businesses from the ground up and into successful entities that subsequently sold for hundreds of millions of dollars.

Investment Considerations

  • Mullen Automotive is working diligently to provide exciting commercial EV options assembled in the United States and made to fit perfectly into the American commercial operations
  • Mullen Automotive owns its U.S. manufacturing and assembly facility in Tunica, MS (commercial vehicles)
  • In September 2022, Bollinger Motors, Inc. became a majority-owned EV truck company of Mullen. Bollinger has passed numerous milestones, including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States
  • Mullen currently has three commercial EVs in the market including the Mullen ONE Class 1 EV cargo van, the Mullen THREE Class 3 electric truck, and the Bollinger B4 Class 4 electric truck
  • The Mullen FIVE RS, an ultra-high-performance FIVE RS EV Crossover features a top speed of over 200 mph and acceleration from 0-60 mph in under 2 seconds, is gearing up for launch in Germany in December 2025
  • Mullen is working to actively develop the next-generation solid-state polymer (SSP) batteries and to transition to American-made battery components
  • The global EV market is forecast to grow at a CAGR of 22.6% through 2027.
  • Mullen is led by CEO and Founder David Michery, a seasoned executive with more than 25 years of management, marketing, distressed assets and business restructuring experience

 

View Latest News and More Information

 

< Return to Relationships