Latest news with #MullenONE
Business Upturn
4 days ago
- Automotive
- Business Upturn
Mullen Added to ComEd State Rebate Program, Offering Business Customers Significant EV Incentives in Illinois
The ComEd Business & Public Sector EV Rebate Program joins the growing list of state-level incentives already available for Mullen Commercial EVs, including California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project and Massachusetts Offers Rebates for Electric Vehicles program The Mullen ONE Class 1 EV cargo van qualifies for an incentive of up to $7,500 through the ComEd program. When combined with the Federal Tax Credit, customers could potentially save up to $15,000 on each vehicle. BREA, Calif., June 05, 2025 (GLOBE NEWSWIRE) — via IBN — Mullen Automotive, Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an electric vehicle ('EV') manufacturer, announces today that Mullen Commercial EVs are now eligible for substantial incentives through the ComEd Business & Public Sector EV Rebate Program ('ComEd') in Illinois. Mullen vehicles purchased through authorized dealers, Pritchard EV and Range Truck Group, qualify for ComEd's incentives. The ComEd program joins the growing list of state-level incentives already available for Mullen Commercial EVs, including California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ('HVIP') and Massachusetts Offers Rebates for Electric Vehicles ('MOR-EV') program. ComEd's Business & Public Sector EV Program provides commercial customers with a simple and cost-effective path to fleet electrification. The Program will run through 2025 with the goal of distributing more than $70 million in rebates for light, medium and heavy-duty electric cars, trucks and buses. The Mullen ONE Class 1 EV cargo van qualifies for an incentive of up to $7,500 through the ComEd program. When combined with the Federal Tax Credit, customers could potentially save up to $15,000 on each vehicle. ComEd also offers up to $30,000 in incentives on Medium-Duty EVs (Class 3-6), but due to a significant increase in applications, the ComEd EV Rebate Program has temporarily placed new Medium Duty point-of-sale voucher applications on a waitlist. The EV rebate is available to all ComEd business and public sector customers seeking to transition to electric commercial vehicles. The program offers significant cost savings for businesses and public sector organizations looking to electrify their fleets. 'We are thrilled that Mullen Commercial EVs are now eligible in Illinois for the ComEd Business & Public Sector EV Rebate Program,' said David Michery, CEO and chairman of Mullen Automotive. 'By leveraging these incentives, organizations can significantly reduce their upfront costs in electrifying their fleets.' Mullen's authorized dealers, Pritchard EV and Range Truck Group are offering the ComEd rebates in Illinois and are fully equipped to assist customers in navigating the incentive process and can process the ComEd rebate directly at the point of sale. Mullen's commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck, purpose-built to meet the demands of urban last-mile delivery. Both vehicles are available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, the Environmental Protection Agency, and the California Air Resources Board ('CARB') certifications denoting strict adherence to clean air emissions standards. Illinois businesses and public sector organizations interested in learning more about Mullen Commercial EVs and the ComEd Business & Public Sector EV Rebate Program are encouraged to contact Pritchard EV or Range Truck Group. About ComEd Business & Public Sector EV Rebate Program ComEd's Business & Public Sector EV Program provides commercial customers with a simple and cost-effective path to fleet electrification. No matter where you are on your fleet electrification journey, our experts can help you reach your goals. The ComEd Business & Public Sector EV Rebate Program will run through 2025 with the goal of distributing more than $70 million in rebates for light-, medium- and heavy-duty electric cars, trucks and buses. To learn more, visit About Mullen Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). 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 seven dealers, which includes 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. To learn more about the Company, visit Forward-Looking Statements Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as 'continue,' 'will,' 'may,' 'could,' 'should,' 'expect,' 'expected,' 'plans,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential' and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, how long the ComEd and other government incentives will be available; the net pricing impact of these programs on the Mullen ONE EV cargo van and the estimated mileage range of the Mullen ONE. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date. Contact:Mullen Automotive, Inc.+1 (714) 613-1900
Yahoo
20-05-2025
- Automotive
- Yahoo
Mullen Automotive (MULN) Reports Record Quarterly Results for Fiscal Q2 2025
On May 20, Mullen Automotive, Inc. (NASDAQ:MULN) reported results for fiscal Q2 2025, highlighting record revenue, outperforming all previous quarters. The company achieved $5 million in revenue for Q2 2025, reflecting an increase of $33,000 year-over-year. CEO and Chairman David Michery noted this to be the company's best quarterly performance to date, reflecting a growth of over 143 times from Q2 2024. A luxury electric vehicle driving in the city, its battery technology powering its progress. Additionally, Mullen Automotive, Inc. (NASDAQ:MULN) also slashed its net loss by more than 64%, from $132.4 million net loss in Q4 2024 to $47.1 million in the recent quarter. Management also successfully reduced its cash expenditure from $120.9 million to $52.4 million over the six months ending March 31, 2025. David Michery highlighted significant progress in its Class 1 and 3 commercial electric vehicle segment. This includes Cashflow on Wheels, ordering and receiving 20 Class 3 EVs valued at approximately $1.4 million, Global Expert Shipping purchasing Class 1 cargo vans, and the local government of Orange County acquiring Mullen ONE Class 1 EV cargo vans. Mullen Automotive, Inc. (NASDAQ:MULN) is a United States-based commercial electric vehicle company that operates two vehicle production plants located in Mississippi and Indiana. While we acknowledge the potential of MULN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MULN and that has 100x upside potential, check out our report about the . READ NEXT: and . Disclosure: None Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Automotive
- Yahoo
Mullen Automotive Enters Into Settlement Agreement with GEM Group
On May 9, 2025, Company executed a settlement agreement with GEM Group. Under terms of the settlement agreement, GEM has a 55-day due diligence period, subject to extension by GEM, to evaluate the transfer to GEM of the Mishawaka assets in complete satisfaction of the judgement. All collection activities have been suspended for the duration of the due diligence period. Mullen continues to build its business and expand its existing Tunica, Mississippi, manufacturing capabilities to meet near and long-term demands for its multiple product lines. BREA, Calif. / NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an electric vehicle ('EV') manufacturer, announces today that it has executed a settlement agreement with GEM Yield Bahamas Limited and GEM Global Yield LLC SCS (together, 'GEM'). On May 9, 2025, Company executed a settlement agreement with GEM Group. Under terms of the settlement agreement, GEM has a 55-day due diligence period, subject to extension by GEM, to evaluate the transfer to GEM of the Mishawaka assets in complete satisfaction of the judgement. All collection activities have been suspended for the duration of the due diligence period. Mullen continues to build its business and expand its existing Tunica, Mississippi, manufacturing capabilities to meet near and long-term demands for its multiple product lines. 'After four years of litigation we have executed a settlement agreement which provides a path forward to a full resolution with GEM and puts this matter behind us,' said David Michery, CEO and chairman of Mullen Automotive. 'I look forward to a great rest of 2025 and continued growth thereafter.' About MullenMullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). 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 seven dealers, which includes 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 and service network with over 50 locations across the United States. To learn more about the Company, visit Forward-Looking StatementsCertain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, the outcome of GEM's due diligence and whether the proposed settlement will be implemented. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date. Contact:Mullen Automotive, Inc.+1 (714) Corporate CommunicationsIBNAustin, OfficeEditor@
Associated Press
21-04-2025
- Automotive
- Associated Press
Cashflow on Wheels, a Multistate FedEx and Amazon DSP Consolidator, Purchases 20 Mullen THREE Class 3s
Initial deal valued at approximately $1.4 million Cashflow on Wheels is a leading logistics company with a focus on transitioning FedEx and Amazon last-mile local delivery to electric vehicles BREA, Calif., April 21, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN ) ('Mullen' or the 'Company'), an electric vehicle ('EV') manufacturer, announces today a Class 3 vehicle order with Cashflow on Wheels. The order includes 20 all electric Mullen THREE's, with a retail value of approximately $1.4 million. Cashflow on Wheels is a leading logistics company based in Houston, Texas, with a focus on last-mile delivery, local and long-distance trucking and transportation solutions. The milestone vehicle order will be fulfilled by Mullen dealer, Pritchard Automotive. Cashflow on Wheels' strength is in bringing new efficiencies and sustainability to last-mile delivery for FedEx and Amazon. The addition of the Mullen THREE to their fleet underscores a commitment to transitioning traditional fleets to advanced EV solutions and to their DSPs reducing their total cost of operations. 'We have been testing EVs across our routes and have decided to transition our fleet, as we've seen measurable savings of over $500 per route per week, which allows us to reinvest in our continued growth,' said Kendrick Edwards, CEO, Cashflow on Wheels. 'We are confident that adopting EVs will not only reduce costs but also provide the scalability needed to support our future expansion.' 'Cashflow on Wheel's order reflects the growing demand for environmentally friendly commercial vehicles,' said David Michery, CEO and chairman of Mullen Automotive. 'The Mullen THREE is a perfect fit to their diverse customer base, including FedEx and Amazon, from last-mile delivery to urban logistics.' About Cashflow on Wheels Founded in 2023, Cashflow on Wheels is a leading logistics company based in Houston, Texas, with a focus on last-mile local delivery, local delivery and long-distance trucking and transportation solutions. Cashflow on Wheels strength is in bringing new efficiencies and sustainability to last-mile delivery for FedEx and Amazon. Central to Cashflow on Wheels' philosophy is job creation and creating economic growth opportunities for its drivers and employees. About Mullen Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). 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 has also recently expanded its commercial dealer network to seven dealers, which includes 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. On Sept. 7, 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has achieved numerous milestones including its all-electric B4, Class 4 truck production start, which launched on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States. To learn more about the Company, visit Forward-Looking Statements Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as 'continue,' 'will,' 'may,' 'could,' 'should,' 'expect,' 'expected,' 'plans,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential' and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, whether the expected timelines for vehicle delivery to Cashflow on Wheels will be met, whether any additional vehicles will be ordered by Cashflow on Wheels, how long governmental incentives for electric vehicles will remain in place, and the resultant selling prices of Mullen vehicles. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date. Contact: Mullen Automotive, Inc. +1 (714) 613-1900 Corporate Communications IBN Austin, Texas 512.354.7000 Office [email protected]
Yahoo
14-04-2025
- Automotive
- Yahoo
What's Going On Mullen Automotive Stock On Monday?
Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Monday. The company disclosed the sale of its all-electric Mullen ONE Class 1 cargo van to Global Expert Shipping. The order will be fulfilled through Mullen's national EV dealer partner, Pritchard Automotive, with additional orders anticipated. Global Expert is integrating Mullen's commercial EVs into its fleet to better align with its operational requirements. Also Read: The addition of the Mullen ONE will help the company lower its carbon footprint while supporting its specific transportation needs. David Michery, CEO and chairman of Mullen Automotive. "Our commercial EVs not only meet the specific needs of shipping companies like Global Expert but also offer significant total cost of ownership (TCO) savings." This month, the company said it would implement a 1-for-100 reverse stock split of its common shares, effective April 11, 2025, just after midnight Eastern Time. The company stated that all of its existing commercial EV models, along with those produced by its subsidiary, Bollinger Motors, are built entirely in the U.S. Price Action: MULN shares are down 16.10% at $1.83 at the last check on Monday. Read Next:Photo via Mullen UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article What's Going On Mullen Automotive Stock On Monday? originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
