Mullen Automotive Inc., an electric vehicle (EV) manufacturer, has made significant progress in recent months, driven by a capital commitment exceeding $250 million. Key milestones include state incentive approvals for Class 3 EV trucks, advancements in technology, and the expansion of its dealer network.
Summary of Key Developments
Capital Commitment and Financial Growth: Mullen has secured over $250 million in committed capital, aimed at driving the company’s continued progress and future initiatives.
Incentive Approvals: The company has received state incentive approvals for its Class 3 EV trucks, providing significant financial benefits for purchasers.
Fleet Customer Pipeline: Prestigious institutions like Yale University, Princeton University, UCLA, and Enterprise Fleet Services are part of Mullen’s growing fleet customer base.
Technology Advancements: Mullen is integrating advanced battery technology and developing over-the-air (OTA) vehicle technology powered by AI.
Dealer Network Expansion: The company has added new dealers, enhancing its retail commercial network.
Battery Technology and Product Development
Solid-State Battery Packs: Mullen is integrating solid-state polymer battery packs into its commercial Class 1 vehicles. These packs are expected to significantly improve vehicle range, with certification for production and sale anticipated in the second half of 2025.
PowerUP Mobile Charging: Mullen is developing a PowerUP mobile DC fast charging truck, expected to be completed in Q4 2024. This truck will offer multiple charging options and is designed for noise-sensitive environments.
Foreign Trade Zone and Logistics
FTZ Approval: Mullen’s Tunica, Mississippi, manufacturing facility received Foreign Trade Zone (FTZ) status, potentially providing $20 million in deferred working capital. The FTZ status also offers duty exemptions on exported vehicles, improving cost efficiency.
Logistics Management: To address supply chain challenges, Mullen has engaged a new global logistics supplier, aiming to stabilize freight costs and ensure efficient international shipments.
About Mullen Automotive
Mullen Automotive is a Southern California-based company focused on building next-generation commercial EVs. The company operates two manufacturing plants in Tunica, Mississippi, and Mishawaka, Indiana. In 2023, Mullen began commercial vehicle production and received IRS approval for federal EV tax credits. The company continues to expand its dealer network and market presence, both domestically and internationally.
For more information, visit www.MullenUSA.com.
Sign up for our popular daily email to catch all the latest EV news!
