- A recent Facts & Factors study reported that the global EV market is expected to pass $980 billion by 2028
- Mullen posted the strongest balance sheet in company history for the quarter ended June 30, 2022
- The company noted several key milestones in its journey to becoming a major presence in the EV world
If Mullen Automotive (NASDAQ: MULN) latest financial report is any indication, the double-digit growth projected for the electric vehicle (“EV”) industry is right on the money. The emerging electric vehicle manufacturer posted a record balance sheet for the quarter ended June 30, 2022 (https://ibn.fm/RmJq8).
A recent Facts & Factors study noted that, according to the latest research study, global electric vehicle market size and share were valued at roughly USD $185 billion in 2021 and are expected to reach USD $980 billion by 2028 at a compound annual growth rate (“CAGR”) of 24.5% during the forecast period (2022–2028). The report analyzes various factors and their implications on the electric vehicle market’s growth (https://ibn.fm/dwT2e).
The article further noted that “the electric vehicle was developed primarily to replace polluting traditional ways of transportation. As a result of various technological developments, it has gained in popularity.
“[The electric vehicle] outperforms traditional automobiles in terms of fuel efficiency, carbon emissions and maintenance, as well as ease of charging at home, a smoother ride, and less engine noise,” the article continued. “Pure, hybrid and plug-in hybrid batteries are the three primary types of electric car batteries.”
Mullen Automotive’s financial report for the latest quarter, which ended June 30, 2022, stated that the company has more than $61 million in cash and cash equivalents, after having significantly strengthened its balance sheet throughout the quarter. The company recently paid off a secured convertible promissory note executed in July 2020 with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC. As part of this announcement, the company noted that an existing Mullen shareholder acquired the note and entered into an agreement with Mullen to extend its maturity date by two years.
In addition, Mullen has reached an agreement to secure $275 million in additional funding for the company, pending approval by company shareholders.
“We’ve made solid progress over the past quarter,” said Mullen CEO and chair David Michery. “The company’s balance sheet is the strongest it has ever been in our history.”
Financial numbers aren’t the only highlight on Mullen’s report. The company has previously noted several key milestones in its journey to becoming a major presence in the EV world. In May, the company delivered its first EV van through a pilot program with a U.S. telecommunications provider. This van is currently being modified to fit the specs required by the customer in anticipation of a purchase order.
Mullen was recently added to the U.S. small-cap Russell 2000(R) Index. Membership in this index, which remains in place for one year, is based on membership in the broad-market Russell 3000(R) Index. As part of membership, the stock is automatically added to the appropriate growth and value indexes.
Mullen is a Southern California–based automotive company that owns and partners with key businesses working toward the goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the company is working diligently to provide exciting EV options built entirely in the United States that fit perfectly into the American consumer’s life.
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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