NetworkNewsBreaks — Mullen Automotive Inc. (NASD
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Posted On: 02/15/2023 4:19:25 PM
NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Releases Q1 2023 Fiscal, Business Report
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is reporting on its fiscal first quarter for the period ending Dec. 31, 2022. Highlights of the report include the following: acquiring the assets of Electric Last Mile Solutions (“ELMS”) in a $105 million acquisition move; $100 million in cash being available for operations and investment at the end of Q1 2023; 31, 2022; securing the rights for exclusive sales, distribution and branding for the new compact electric vehicle, the Mullen-GO (formerly I-GO), and initial delivery of the vehicle to the distribution agent; receiving a $200 million purchase order from the Randy Marion Automotive Group for 6,000 Class 1 EV Cargo Vans; and the successful completion of the company’s “Strikingly Different” U.S. Test Drive Tour of the Mullen FIVE EV Crossover. The report noted that, looking forward, the company is focused on moving its commercial vehicles from product development to production, including the necessary steps of completing certification, with retail production of the Mullen FIVE and the Bollinger B1 and B2 taking place in the Indiana facility and commercial vehicles assembled and manufactured in the Mississippi facility. “In a very short period of time, we have built Mullen into an emerging leader in the electric vehicle (EV) industry, accomplishing a number of synergistic acquisitions, forging key partnerships and achieving important milestones,’” said Mullen Automotive CEO and chair David Michery in the press release. “With the launch of the Mullen Five Tour and our acquisitions, we are in a unique position among new electric vehicle producers, with both retail and commercial vehicles coming to market. With the recent addition of Bollinger and ELMS, we now have the portfolio in place from class 1 through 6, allowing us to drive the company toward production of our industry-leading electric vehicles.”
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, is reporting on its fiscal first quarter for the period ending Dec. 31, 2022. Highlights of the report include the following: acquiring the assets of Electric Last Mile Solutions (“ELMS”) in a $105 million acquisition move; $100 million in cash being available for operations and investment at the end of Q1 2023; 31, 2022; securing the rights for exclusive sales, distribution and branding for the new compact electric vehicle, the Mullen-GO (formerly I-GO), and initial delivery of the vehicle to the distribution agent; receiving a $200 million purchase order from the Randy Marion Automotive Group for 6,000 Class 1 EV Cargo Vans; and the successful completion of the company’s “Strikingly Different” U.S. Test Drive Tour of the Mullen FIVE EV Crossover. The report noted that, looking forward, the company is focused on moving its commercial vehicles from product development to production, including the necessary steps of completing certification, with retail production of the Mullen FIVE and the Bollinger B1 and B2 taking place in the Indiana facility and commercial vehicles assembled and manufactured in the Mississippi facility. “In a very short period of time, we have built Mullen into an emerging leader in the electric vehicle (EV) industry, accomplishing a number of synergistic acquisitions, forging key partnerships and achieving important milestones,’” said Mullen Automotive CEO and chair David Michery in the press release. “With the launch of the Mullen Five Tour and our acquisitions, we are in a unique position among new electric vehicle producers, with both retail and commercial vehicles coming to market. With the recent addition of Bollinger and ELMS, we now have the portfolio in place from class 1 through 6, allowing us to drive the company toward production of our industry-leading electric vehicles.”
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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