NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Reports on 2023 Financial Results, Provides Business Update
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has released a report on its financial results for the 12-month period ended Sept. 30, 2023; the company also reported on its current business operations. In the report, the company noted key achievements throughout the year, including the company recording its first revenues of $366,000 and delivering vehicles valued at $652,200 to Randy Marion Automotive for resale in September; the production of Class 3 (the Mullen THREE) vehicles beginning in August 2023 and production Class 1 (the Mullen ONE) beginning in November 2023; and by year-end delivering 100 Class 1 vehicles and invoicing for $3.3 million to the Randy Marion Automotive Group and delivering 141 Class 3 vehicles and invoicing for $9.2 million to Randy Marion Automotive Group. The company also opened a battery module and pack development facility focused on scaling U.S.-made EV battery module and pack production and received federal EPA and NHTSA certification for its Class 1 and Class 3 vehicles; Mullen also received IRS approval as a “qualified manufacturer,” meaning that buyers of Mullen vehicles are eligible for up to $7,500 in federal EV tax credits per vehicle. In addition, the company announced that the New York Power Authority, British Airways, University of North Carolina and MGT Lease Company all purchased Mullen’s Campus Urban Delivery EV cargo vans during the year.
“Mullen has initiated production in Tunica and rolled out a significant number of vehicles in support of customer orders of Class 1 EV vans and Class 3 EV trucks and hurdled critical milestones of securing federal (‘NHTSA’ and ‘EPA’) certification and IRS approval for tax credits,” said Mullen CEO and chair David Micher in the press release. “We completed a strategic purchase of EV battery pack manufacturing assets and showcased our innovations across the U.S. on the second leg of the ‘Strikingly Different’ Test Drive Tour. Mullen is accelerating toward a promising future, both on the road and in the market.”
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Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has released a report on its financial results for the 12-month period ended Sept. 30, 2023; the company also reported on its current business operations. In the report, the company noted key achievements throughout the year, including the company recording its first revenues of $366,000 and delivering vehicles valued at $652,200 to Randy Marion Automotive for resale in September; the production of Class 3 (the Mullen THREE) vehicles beginning in August 2023 and production Class 1 (the Mullen ONE) beginning in November 2023; and by year-end delivering 100 Class 1 vehicles and invoicing for $3.3 million to the Randy Marion Automotive Group and delivering 141 Class 3 vehicles and invoicing for $9.2 million to Randy Marion Automotive Group. The company also opened a battery module and pack development facility focused on scaling U.S.-made EV battery module and pack production and received federal EPA and NHTSA certification for its Class 1 and Class 3 vehicles; Mullen also received IRS approval as a “qualified manufacturer,” meaning that buyers of Mullen vehicles are eligible for up to $7,500 in federal EV tax credits per vehicle. In addition, the company announced that the New York Power Authority, British Airways, University of North Carolina and MGT Lease Company all purchased Mullen’s Campus Urban Delivery EV cargo vans during the year.
“Mullen has initiated production in Tunica and rolled out a significant number of vehicles in support of customer orders of Class 1 EV vans and Class 3 EV trucks and hurdled critical milestones of securing federal (‘NHTSA’ and ‘EPA’) certification and IRS approval for tax credits,” said Mullen CEO and chair David Micher in the press release. “We completed a strategic purchase of EV battery pack manufacturing assets and showcased our innovations across the U.S. on the second leg of the ‘Strikingly Different’ Test Drive Tour. Mullen is accelerating toward a promising future, both on the road and in the market.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
