Mullen Automotive Inc., an emerging electric vehicle manufacturer, reported on January 16, 2024, its financial results for the fiscal year ending September 30, 2023. The company announced significant milestones, including the commencement of production for Class 1 and Class 3 electric vehicles, the delivery of vehicles, and the recording of revenue. Mullen Automotive began production of Class 3 vehicles in August 2023 and Class 1 vehicles in November 2023 at its plant in Tunica, Mississippi. By the end of December 2023, the company had delivered 100 Class 1 vehicles and 141 Class 3 vehicles, invoicing over $12 million to Randy Marion Automotive Group. The company also opened a battery module and pack development facility in Fullerton, California, aiming to scale U.S.-made EV battery production and reduce reliance on foreign components. Mullen Automotive received federal...Show More

Mullen Automotive Inc., an emerging electric vehicle manufacturer, reported on January 16, 2024, its financial results for the fiscal year ending September 30, 2023. The company announced significant milestones, including the commencement of production for Class 1 and Class 3 electric vehicles, the delivery of vehicles, and the recording of revenue. Mullen Automotive began production of Class 3 vehicles in August 2023 and Class 1 vehicles in November 2023 at its plant in Tunica, Mississippi. By the end of December 2023, the company had delivered 100 Class 1 vehicles and 141 Class 3 vehicles, invoicing over $12 million to Randy Marion Automotive Group. The company also opened a battery module and pack development facility in Fullerton, California, aiming to scale U.S.-made EV battery production and reduce reliance on foreign components. Mullen Automotive received federal EPA and NHTSA certification for its vehicles, as well as IRS approval as a 'qualified manufacturer,' making its vehicles eligible for federal EV tax credits. The company recorded its first revenues of $366,000 and delivered vehicles worth $652,200. However, Mullen also faced significant non-cash write-downs due to market conditions, including a $64.0 million impairment of Bollinger goodwill and other asset write-downs totaling $20.7 million. The net loss attributable to common stockholders after preferred dividends was $964.9 million, or $1,574.14 per share. Despite the losses, Mullen Automotive ended the fiscal year with $155.7 million in cash and a positive net working capital of $58.5 million.