Mullen Automotive provides shareholder update

Mullen Automotive provides a shareholder update from CEO and Chairman David Michery on various efforts and Company initiatives. “We continue to make solid progress across our commercial vehicle programs. We are also actively pursuing M&A discussions with other EV companies to increase our vehicle portfolio and market opportunity,” Michery said. “Additionally, we have obtained significant funding commitments of more than $250 million to further our continued progress and future.”…Mullen has made significant strides towards the integration of solid-state polymer battery packs into commercial Class 1 vehicles. The Company has identified lead suppliers for development and components and issued initial purchase orders to support this pivotal program. Mullen’s Class 1 EV cargo van with solid-state polymer pack with significant improvement to range will be fully certified for production and sale in second half of 2025….Mullen has been actively engaging with potential customers through pilot programs and ride-and-drive events. These events are aimed at allowing potential customers to experience the vehicles firsthand, which is a crucial gateway in influencing buying decisions. The Company’s current fleet customer pipeline includes Yale University, Princeton University, UCLA, Enterprise Fleet Services, DB Schenker and Mobile Road Service Solutions, a AAA provider. In additional to its U.S. activities, Mullen is preparing significant pilot programs in Europe and Canada and is actively deploying Class 1 and Class 3 EVs to Europe. The Company is also planning to deploy vehicles to Canada with key prospective partners including a major telecom company, which has already tested vehicle telematics with Mullen. Overall, the Company is actively focused on establishing the brand in new markets. In May 2024, the Company received approval from the Department of Commerce for Foreign Trade Zone status at its Tunica, Mississippi, commercial vehicle manufacturing facility. The addition of the FTZ is projected to provide an estimated $20 million in deferred working capital for FY2024 and FY2025. For international sales, the Company is now 100% exempt from duties and taxes owed on vehicles exported, returning a bottom-line pick-up of up to 27% on vehicle kits and 11% on vehicle batteries for a blended average of 20% on the full duty cost associated with both Class 1 EV cargo vans and Class 3 EV trucks.