Mullen Automotive Inc. (NASDAQ: MULN) Releases FY2024 Report
Mullen Automotive (NASDAQ: MULN) recently released its fiscal year 2024 financial results, showing a net loss of $471 million, a significant improvement over the previous year’s loss of $964.9 million. The company reported revenues of $1.1 million for FY2024, driven by the invoicing of 443 commercial vehicles valued at $21 million, a notable increase from the 35 vehicles invoiced in FY2023. Mullen achieved key milestones during this period, including producing and certifying its Class 1 and Class 3 electric vehicles, as well as launching Bollinger Motors’ Class 4 electric trucks, which generated $4.2 million in revenue since their introduction in September 2024.
CEO David Michery acknowledged the challenges faced by the electric vehicle (EV) sector but emphasized the company’s progress in the commercial market. The company has expanded its production facilities, dealer networks, and benefited from government incentives to support its growth in the segment. Mullen has also implemented cost-cutting measures and made advancements in U.S.-based battery production to enhance its focus on scaling its commercial EV business.
The company’s efforts in this sector have been successful, and Mullen Automotive is recognized as a Southern California-based automotive entity that specializes in developing the next generation of commercial electric vehicles (EVs). The company operates two U.S.-based vehicle plants, one in Tunica, Mississippi, spanning 120,000 square feet, and the other in Mishawaka, Indiana, covering 650,000 square feet. Mullen commenced commercial vehicle production in Tunica in August 2023 and received IRS approval for federal EV tax credits on its commercial vehicles in September 2023, offering 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, have received certification from the California Air Resource Board (CARB) and the Environmental Protection Agency (EPA) and are available for purchase in the U.S. The CARB-issued Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) approval for the Mullen THREE provides a cash voucher of up to $45,000 at the time of vehicle purchase.
Mullen has strengthened its commercial dealer network to provide sales and service coverage in vital Midwest, West Coast, Pacific Northwest, New England, and Mid-Atlantic markets. The company’s receipt of Foreign Trade Zone (FTZ) status approval for its commercial vehicle manufacturing center in Tunica, Mississippi, has facilitated various benefits, including a deferment of duties owed and the elimination of duties on exported vehicles.
In conclusion, Mullen Automotive Inc. remains at the forefront of commercial EV innovation, leveraging its advancements in production facilities, battery technology, and distribution networks to stimulate growth and deliver cutting-edge electric vehicle solutions to the market.
