Mullen Automotive Inc. (NASDAQ: MULN) Working to Alleviate Consumer Anxiety by Offering EVs with 600-Plus Mile Range

• J.D. Power survey reports range was factor most cited in deciding what EV to buy
• Mullen is making significant strides toward producing vehicles that feature some of the longest ranges available in the EV space
• Recognizing the critical role of battery and range in the success of an EV, Mullen is exploring other advanced battery technologies

One of the challenges preventing enthusiastic acceptance of electric vehicles is range anxiety, fear that an electric car will run out of battery or fuel before the driver can reach their destination or a charging station. The concern is valid — a January 2022 Energy.gov study reported that the median rage for EV last year was 234 miles (https://ibn.fm/tvIzU). Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle manufacturer, is focused on improving that number; the company is currently actively testing advanced battery technology which can provide a range of 600-plus miles on a full charge at the pack level (https://ibn.fm/4H957).

“When modern all-electric vehicles (‘EV’) were introduced in model year (‘MY’) 2011, there were four models available with ranges spanning from 63 to 94 miles with a median range of 68 miles,” reports Energy.gov. “Over time, the number of models and the ranges of EVs have increased. By MY 2021, the maximum range for an EV had more than quadrupled to 405 miles on a single charge, while the median range was 234.”

This range limitation is causing concern for consumers. Forbes Wheel reports that in a 2021 J.D. Power survey, range was the factor most cited in deciding what EV to buy (https://ibn.fm/qx4Yy), and a ScienceABC article noted that more than 80% of consumers were hesitant to buy an electric vehicle because of range anxiety, along with the higher purchase cost (https://ibn.fm/cl3Om). “We have grown accustomed to conventional internal combustion engine (‘ICE’) vehicles for more than a century,” the article states. “Thus, there is a robust network of gas stations in most countries. In the US, an average American is just four minutes away from a gas station. Meanwhile, an average American lives 30 minutes away, on average, from a Tesla charging station. Tesla accounts for nearly 80% of electric car sales in the US, so looking at the statistics, the development of range anxiety is unsurprising.”

Mullen is making significant strides toward producing vehicles that feature some of the longest ranges available in the EV space, thereby alleviating range anxiety for potential EV buyers. Earlier this year, the company announced an update on its next-generation solid-state polymer battery technology, which is a significant advancement over today’s current lithium-ion batteries. 

“Mullen’s testing of solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range and highlights an 18-minute DC fast charge which can yield over 300 miles of range,” the announcement says. “Mullen is working towards utilizing solid-state polymer battery packs in its second-generation Mullen FIVE EV Crossovers, with in-vehicle prototype testing set for 2025.”

Recognizing the importance of battery and range in the success of an EV, Mullen is also exploring other advanced battery technologies, including lithium-sulfur and lithium-iron-phosphate. The company is committed to do whatever is necessary to deliver EV batteries that will surpass today’s existing lithium-ion technology and offer a host of benefits, such as increased efficiency, energy density, and range, while also lowering the cost, weight, thermal and environmental risks.

“We’ve conducted successful testing and will begin pack level development next,” states Mullen CEO and chair David Michery. “The test data collected shows an impressive outcome and future for solid-state batteries. To sum up, we tested our 300 Ah (ampere-hour) cell, which yielded 343 Ah at 4.3 volts, and the results surpassed all expectations. We can say with almost certainty that this technology, once implemented on the Mullen FIVE, will deliver over 600 miles of range on a full charge. The future is bright for Mullen Automotive.” 

Mullen is a Southern Californian automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.

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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