NetworkNewsBreaks — Mullen Automotive Inc. (NASD
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Posted On: 12/01/2022 3:51:37 PM
NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Closes on Acquisition of ELMS Plant, Assets and IP
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has officially closed on its previously announced acquisition of Electric Last Mile Solutions (“ELMS”) assets, including all IP and a factory located in Mishawaka, Indiana. The all-cash, $105 million transaction was completed on Nov. 30, 2022. According to the announcement, the ELMS acquisition allows Mullen to enter the commercial market much earlier than previously planned. In fact, the company plans to deliver class 1 product during the first quarter of 2023 and class 3 vehicles during the second quarter. The company noted that the factory, which previously produced General Motors’ Hummer H2 and Mercedes-Benz R-Class vehicles, is a “perfect fit” to manufacture the Mullen FIVE SUV and the Bollinger B1 and B2 platforms. “I have been working on this plan for many years, putting in place the strategic and critical enablers to be a dominant competitor in the EV market,” said Mullen CEO and chair David Michery in the press release. “Successfully completing this asset acquisition moves Mullen into an all-new position with IP, plants and product platforms that no other competitor can offer to both retail and commercial customers. We have everything we need to launch the Mullen and Bollinger EVs product lineup.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has officially closed on its previously announced acquisition of Electric Last Mile Solutions (“ELMS”) assets, including all IP and a factory located in Mishawaka, Indiana. The all-cash, $105 million transaction was completed on Nov. 30, 2022. According to the announcement, the ELMS acquisition allows Mullen to enter the commercial market much earlier than previously planned. In fact, the company plans to deliver class 1 product during the first quarter of 2023 and class 3 vehicles during the second quarter. The company noted that the factory, which previously produced General Motors’ Hummer H2 and Mercedes-Benz R-Class vehicles, is a “perfect fit” to manufacture the Mullen FIVE SUV and the Bollinger B1 and B2 platforms. “I have been working on this plan for many years, putting in place the strategic and critical enablers to be a dominant competitor in the EV market,” said Mullen CEO and chair David Michery in the press release. “Successfully completing this asset acquisition moves Mullen into an all-new position with IP, plants and product platforms that no other competitor can offer to both retail and commercial customers. We have everything we need to launch the Mullen and Bollinger EVs product lineup.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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