“While many of the OEMs and new EV companies have launched their EVs with significant losses, Mullen is out-of-the-gate with a positive gross profit margin per vehicle. EV growth has slowed in the retail segment but continues to increase across the commercial and fleet segments, where we now have a strong vehicle lineup in the market,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen began Class 3 vehicle production in August 2023 and first vehicle deliveries in September 2023. Mullen Class 1 production began in November 2023 with first vehicle deliveries in December 2023.
The all-electric Mullen ONE Class 1 EV cargo van and Mullen THREE Class 3 low cab forward EV truck are both purpose-built to meet the demands of urban last-mile delivery. Mullen recently announced that its Class 1 and Class 3 commercial vehicles are now both in receipt of Environmental Protection Agency (“EPA”) and CARB certifications. Both vehicles are also in full compliance with U.S. Federal Motor Vehicle Safety Standards. Having received credentials from CARB and the EPA, Mullen can now sell both the Mullen ONE and THREE in every state throughout the U.S.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.