Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today provided an update from CEO and chairman David Michery. According to the update, the company believes it has a strong foundation for future growth in EV sales based on the value of its total assets and cash position. Mullen highlighted the $250 million in new financing commitments it has secured to accelerate its growth plan, the expansion of its sales and distribution reach, the receipt of new orders, the delivery of vehicles, and negotiations to expand its customer base and market share. In addition, Mullen noted that it is developing technologies, such as solid-state polymer packs, to drive future growth.

“Despite challenging economic headwinds where many enterprises are capital-constrained, our balance sheet remains strong, and we have achieved meaningful accomplishments since our last update to shareholders in June 2024,” the update reads. “These achievements are a testament to the hard work and dedication of our team, and we are excited about the opportunities ahead. We remain focused on delivering value to our shareholders through innovation, operational excellence and strategic partnerships.”

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About Mullen Automotive Inc.

Mullen is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. For more information about the company, visit www.MullenUSA.com.

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