Mullen Automotive Inc. (NASDAQ: MULN) Strengthens Position in Growing EV Market

• The market for EVs has grown rapidly in recent years and is expected to continue growing at a fast pace over the coming decade
• MULN’s two manufacturing facilities are gearing up for increased production volume
• The company is meeting noteworthy milestones with each of its EV brands

As the EV market steadily rises in the coming years, Mullen Automotive (NASDAQ: MULN) is positioning itself to be a strong player in the space. The Southern California–based automotive company recently released a corporate update outlining the impressive growth it has seen in the past few months (https://ibn.fm/nhIqM).

“The market for electric vehicles (‘EVs’) has grown rapidly in recent years and is expected to continue to grow at a fast pace over the coming decade,” reports the U.S. Bureau of Labor Statistics in its “Beyond the Numbers” February publication. “Electric car sales in the United States increased from a mere 0.2 percent of total car sales in 2011 to 4.6 percent in 2021.

“Although forecasts for the rate of EV adoption over the next decade vary widely given rapid changes in both government policies and the auto manufacturing industry in recent years, many forecasts expect a strong acceleration in EV adoption,” the article continued. “S&P Global Mobility forecasts electric vehicle sales in the United States could reach 40% of total passenger car sales by 2030, and more optimistic projections foresee electric vehicle sales surpassing 50 percent by 2030.”

Mullen Automotive is strengthening its presence in this growing market. The company has two manufacturing facilities — one in Mishawaka, Indiana, and one in Tunica, Mississippi — and offers an array of electric vehicles through Bollinger Motors and Mullen’s Commercial and Consumer Vehicle Programs. The company also created Mullen Advanced Energy Operations, in partnership with Global EV Technology and EV Technologies, to focus on improving energy-management technology in EVs in order to offer greater range and better vehicle performance.

The update noted that enterprise data infrastructure—including fiber optics, new servers, and security systems—has been installed in the Indiana facility, which produces its Mullen FIVE and Bollinger B1 and B2 vehicles. The updates are designed to support volume manufacturing. In Mississippi, the production line for Mullen’s Class 3 trucks will become operational in July 2023. The company anticipates delivering vehicles and generating revenue by August or September. Additional trim and chassis assembly lines are planned for the facility to accommodate new models.

In addition, the company is meeting noteworthy milestones with each of its brands, including the Bollinger B4 pick-up truck chassis cab engineering nearing 90% completion and vehicle testing of the B4 chassis cabs staying on schedule. The Randy Marion Automotive Group has placed $263 million in purchase orders for the Mullen Class 1 and Class 3 EV vans and trucks, and the company reported that all required RMVSS tests for vehicle crash worthiness and occupant safety validation for its Class 1 EV van have been completed. The company is planning on revealing the production design of its Mullen FIVE and FIVE RS at CES in January 2024, and a drivable version of the Mullen GT will be part of the company’s August 2023 Strikingly Different EV Tour, which will also feature the Mullen FIVE and FIVE RS and Mullen commercial Class 1 and Class 3 vehicles.

Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 Evs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.

For more information about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

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