BREA, Calif. - Mullen Automotive Inc. (NASDAQ: NASDAQ:MULN), an emerging manufacturer in the electric vehicle (EV) market, announced today that it has successfully commenced full commercial production of Class 1 and Class 3 EVs with positive gross margins reported for these vehicles.
The company also revealed that its subsidiary, Bollinger Motors, is set to begin production of Class 4-6 commercial vehicles in the latter half of 2024.
The positive gross margin per vehicle invoiced marks a significant milestone for Mullen, particularly given that many EV companies have faced substantial losses upon launching new vehicles.
David Michery, CEO and chairman of Mullen Automotive, attributed this achievement to strategic acquisitions and a focus on the commercial vehicle segment. The company acquired Bollinger Motors in September 2022 and Electric Last Mile Solutions' assets, including a large manufacturing facility in Mishawaka, Indiana, in December of the same year.
Mullen began delivering its Class 3 vehicles in September 2023 and followed with Class 1 vehicle deliveries starting in December 2023. The Mullen ONE Class 1 EV cargo van and Mullen THREE Class 3 low cab forward EV truck are designed for urban last-mile delivery and vocational services, meeting the demands of a growing commercial EV sector.
In addition to vehicle production, Mullen is investing in research and development, particularly in advanced battery solutions and AI-driven battery management systems, known as The Intelligent BMS. The company's focus on battery technology aims to enhance vehicle range and supply chain resilience in the EV sector.
Both the Class 1 and Class 3 vehicles have received Environmental Protection Agency (EPA) and CARB certifications, allowing sales across the United States. Mullen's EV development portfolio includes various models, from the Mullen FIVE EV Crossover to the Bollinger B1 and B2 electric SUV trucks.
The information in this article is based on a press release statement from Mullen Automotive.
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