BREA, Calif. - Mullen Automotive Inc. (NASDAQ:MULN), an emerging electric vehicle (EV) manufacturer with a current market capitalization of $9.44 million, has announced the completion of a purchase order for two Class 3 EV trucks from Westland Floral. According to InvestingPro data, the company generated revenue of just $0.16 million in the last twelve months, making this order potentially significant for its commercial momentum. The trucks, known as Mullen THREE, are equipped with upfits from Phenix Truck Bodies & Van Equipment and were facilitated by Pritchard Commercial. The deal also includes the California HVIP incentives, which offer substantial savings on the purchase of clean energy vehicles.
The Mullen THREE is designed with a 38-foot turning diameter and high visibility, which is ideal for navigating narrow city streets. Its adaptable chassis supports upfits with bodies up to 14 feet long and can handle payloads exceeding 5,800 pounds. The California HVIP incentive program, aimed at reducing operational costs and promoting environmental sustainability, has approved these vehicles for significant cash rebates.
David Michery, CEO and chairman of Mullen Automotive, expressed confidence in the performance and cost savings that the Class 3 trucks will provide to Westland. He emphasized the benefit of the California HVIP incentive, which encourages fleet operators in the state to adopt cleaner transportation solutions.
Mullen Automotive's commercial EV lineup includes both the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE. These vehicles comply with U.S. Federal Motor Vehicle Safety Standards, Environmental Protection Agency, and California Air Resources Board certifications, ensuring they meet strict emissions standards.
The company has recently expanded its commercial dealer network across key U.S. markets, providing comprehensive sales and service coverage. This expansion, coupled with the recent CARB HVIP approval and available federal EV tax credits, positions Mullen Automotive as a competitive player in the commercial EV space. InvestingPro analysis reveals some challenges ahead, with the company's financial health rated as "Weak" and a concerning current ratio of 0.53, indicating potential liquidity constraints. InvestingPro subscribers have access to 16 additional key insights about Mullen's financial position and market performance.
This announcement is based on a press release statement and does not constitute an endorsement of Mullen Automotive or its products. It is a factual report on the company's recent transaction with Westland Floral and the applicable incentives for the purchase of EVs.
In other recent news, Mullen Automotive, an emerging electric vehicle manufacturer, has taken significant strides in its operations. The company has bolstered its battery production plans in the United States, committing $12 million to battery development and manufacturing. Mullen Automotive has also reported a surge in EV sales, generating $5.5 million from selling 100 Class 1 and Class 3 EV cargo vans and trucks.
Additionally, the company has managed to secure $4.4 million in financing through the issuance of senior secured convertible notes and related warrants. This comes at a crucial time for Mullen Automotive, which has a current ratio of 0.53 and negative EBITDA of $267.71 million.
Mullen Automotive's subsidiary, Bollinger Motors, has expanded its national dealer network, extending its reach into the mid-Atlantic and Midwest regions. The company has also settled its outstanding liabilities totaling over $20 million by issuing common stock to creditors.
Furthermore, Mullen Automotive has received substantial orders for its electric commercial vehicles, with Associated Coffee ordering 10 Class 3 EV cab chassis trucks and TEC Equipment placing a repeat order for seven Bollinger B4 all-electric trucks. The company has also announced strategic partnerships with Emerald Transportation Solutions and the National Auto Fleet Group. These are the recent developments in Mullen Automotive's operations.
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