GreenEnergyBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Reports FY2024 Results and Highlights Commercial EV Growth

Company: Mullen Automotive Inc. (MULN)
Category: News

Mullen Automotive (NASDAQ: MULN) reported a net loss of $471 million for the fiscal year ending Sept. 30, 2024, an improvement from the prior year’s $964.9 million loss. FY2024 revenues increased to $1.1 million, driven by invoicing 443 commercial vehicles valued at $21 million, up from 35 vehicles invoiced in FY2023. The company achieved significant milestones, including the production and certification of its Class 1 and Class 3 EVs, as well as Bollinger Motors’ Class 4 electric trucks, which generated $4.2 million in revenue since their September 2024 launch. CEO David Michery acknowledged challenges in the EV sector but emphasized progress in the commercial market, with expanded production facilities, dealer networks, and government incentives supporting growth. Mullen also announced cost-cutting measures and advancements in U.S.-based battery production as it focuses on scaling its commercial EV business.

To view the full press release, visit https://ibn.fm/2cMsB

About Mullen Automotive Inc.

Mullen Automotive 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. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. 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 CARB-issued HVIP approval on the Mullen THREE, Class 3 EV truck, provides up to a $45,000 cash voucher at time of vehicle purchase. The company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include 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 Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The company has also announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles. For more information about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

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