Mullen Automotive, an emerging electric vehicle (EV) manufacturer, has recently shared a video update from CEO and Chairman David Michery, highlighting the company's advancements and financial performance. This update is timely, as the EV industry experiences rapid growth and intensifying competition. Michery's announcement underscores Mullen's expanding sales and distribution network, which has opened new sales opportunities and completed vehicle orders, signaling the company's growing footprint in the EV market.
To fuel its expansion, Mullen has secured a $100 million preferred instrument and a $150 million fully available equity line. This financial backing is pivotal for the company's operations and growth in the capital-intensive automotive sector. Additionally, the progress of Bollinger Motors, a Mullen subsidiary, is noteworthy. Bollinger has achieved regulatory and sales approvals, partnered with Roush Industries for enhanced product development, and begun production on its first B4 electric trucks, marking a significant leap from development to manufacturing.
Mullen's achievements extend to its Tunica, Mississippi plant, where commercial vehicle production commenced in August 2023. The company also received IRS approval for federal EV tax credits on its commercial vehicles, offering up to $7,500 per vehicle to eligible customers. This incentive, coupled with CARB and EPA certifications for its Mullen ONE and Mullen THREE vehicles, enhances the appeal of Mullen's offerings. The CARB-issued HVIP approval for the Mullen THREE further incentivizes purchases with up to a $45,000 cash voucher.
With an expanded commercial dealer network now including seven dealers, Mullen is strengthening its market presence across the U.S. These developments not only underscore Mullen's potential as a formidable competitor in the EV market but also highlight the broader implications for the industry, including accelerated EV adoption in commercial and consumer sectors.
