BREA, Calif. - Mullen Automotive, Inc. (NASDAQ:MULN), an emerging electric vehicle (EV) manufacturer, has announced a purchase by the City of Dublin, Ohio, for its Class 3 electric truck, the Mullen THREE. The acquisition aligns with Dublin's commitment to sustainable fleet solutions and is part of the city's broader initiative to become a leading sustainable and resilient global city.
The Mullen THREE, a low cab forward EV truck designed for urban last-mile delivery, boasts a 125-mile range and a versatile chassis to accommodate various vocational needs. It has recently qualified for significant incentives, including a $15,000 rebate through the State of Massachusetts MOR-EV program and a $45,000 cash rebate voucher through California's HVIP.
Dublin has been recognized for its green initiatives, ranking third in the 2022 National Fleet Management Association Awards and consistently placing among the top fleets by Government Fleet Magazine for 12 years. John Hyatt, Dublin's fleet operations manager, expressed confidence that the Mullen THREE is an ideal fit for the city's vision.
Mullen is in discussions with multiple government agencies to supply its Class One and Three vehicles, with further orders expected to be announced within the current fiscal quarter. These negotiations follow the company's recent commencement of commercial vehicle production in Tunica, Mississippi, and the attainment of EPA and CARB certifications for its commercial EVs.
The company's vehicles are now eligible for federal EV tax credits, providing customers with up to $7,500 per vehicle. Mullen has also expanded its commercial dealer network and achieved Foreign Trade Zone status for its Tunica manufacturing center, offering benefits such as duty deferment and elimination on exported vehicles.
This press release statement serves as the basis for the information provided. It is important to note that forward-looking statements from Mullen contain risks and uncertainties, and there is no guarantee of future orders from Dublin or other governmental agencies, nor the continued availability of incentives for electric vehicles.
In other recent news, Bollinger Motors has made significant leadership changes. James Taylor, a former GM executive, has been appointed as the new CEO, while Bryan Chambers has been promoted to President and Chief Operating Officer. Siva Kumar also joins the team as the Chief Strategy Officer and Senior Vice President of Finance. The company is preparing for the launch of the Bollinger B4 Chassis Cab, an all-electric commercial truck, in the latter half of 2024.
In related developments, Mullen Automotive has announced the POWER BOOST program, allowing customers to upgrade their lithium-ion battery packs to solid-state polymer battery packs for their Class 1 EV cargo vans. This is expected to extend their driving range to over 200 miles. Mullen Automotive has also made its first commercial EV sale in Massachusetts, marking its entry into the New England market.
Bollinger Motors, a subsidiary of Mullen Automotive, has received EPA certification for the B4 Chassis Cab, a Class 4 electric commercial truck. The company has also secured a deal to supply Momentum with 80 of these trucks. Mullen Automotive's Mullen THREE EV truck is now eligible for a $15,000 state rebate in Massachusetts.
In a move to expand its global footprint, Mullen Automotive has appointed Alain Van Munster as Vice President of Sales for Europe, Middle East, and Africa. These are all recent developments in the operations of both companies.
InvestingPro Insights
Mullen Automotive, Inc. (NASDAQ:MULN) has been making strategic moves in the electric vehicle space, a fact reflected in their recent deal with the City of Dublin, Ohio. To further understand the financial health and stock performance of Mullen Automotive, here are some key metrics from InvestingPro:
- Market Cap (Adjusted): As of the last twelve months, Mullen's market capitalization stands at 23.48 million USD, a figure that gives investors an idea of the company's size and market value.
- Price / Book LTM: The Price / Book ratio, which is a valuation metric that compares a company's current market price to its book value, is at 0.25. This suggests that the stock might be undervalued, considering the company's assets.
- 1 Year Price Total Return: Over the last year, the price total return has been -98.84%, indicating significant volatility and a downward trend in the stock's performance.
In light of these metrics, two InvestingPro Tips stand out:
1. Mullen holds more cash than debt on its balance sheet, which is a positive sign for investors looking for a financially stable company in the EV industry.
2. The stock is currently trading near its 52-week low, which could present a buying opportunity for investors who believe in the company's long-term growth potential despite recent performance.
For those interested in a deeper analysis, there are 21 additional InvestingPro Tips available for Mullen Automotive, which can provide further guidance on the company's stock performance and financial health. These tips can be accessed at https://www.investing.com/pro/MULN.
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