BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: NASDAQ:MULN), an electric vehicle manufacturer, has announced the launch of POWER BOOST, a battery exchange program that allows Class 1 EV cargo van customers to upgrade their lithium-ion battery packs to solid-state polymer battery packs. This advancement is expected to extend the driving range of these vehicles to over 200 miles.
The company's chairman and CEO, David Michery, emphasized the importance of supporting early adopters of their technology by sharing technological advancements through programs like POWER BOOST.
Mullen Automotive has made significant progress in integrating solid-state polymer battery packs into their Class 1 EV cargo van, the Mullen ONE, which has been undergoing road testing since February 2024.
The solid-state polymer battery pack is anticipated to more than double the range of the Mullen ONE, from its current 110 miles to over 200 miles. Mullen has identified lead suppliers for the development and components of this new battery technology and has issued initial purchase orders to support the program.
Production of the Mullen ONE equipped with the solid-state polymer battery pack is slated for the second half of 2025. Mullen Automotive operates two vehicle plants in the United States, and its commercial vehicles, including the Mullen ONE and Mullen THREE, have received certifications from the California Air Resource Board (CARB) and the Environmental Protection Agency (EPA).
The company has also expanded its commercial dealer network, enhancing sales and service coverage across various U.S. markets. Additionally, Mullen's Tunica, Mississippi manufacturing center has been granted Foreign Trade Zone status, offering benefits such as duty deferment and elimination on exported vehicles.
This announcement is based on a press release statement.
In other recent news, Mullen Automotive has made significant progress in the electric vehicle (EV) sector.
The company reported its first commercial EV sale in Massachusetts through dealership partner, Eco Auto. This sale marks the beginning of Mullen's commercial EV presence in the New England market. Mullen's commercial EV lineup, which includes the Mullen ONE and the Mullen THREE, has received certifications from the Environmental Protection Agency and the California Air Resources Board, reflecting their compliance with U.S. Federal Motor Vehicle Safety Standards.
Bollinger Motors, a subsidiary of Mullen Automotive, received EPA certification for its B4 Chassis Cab, a Class 4 electric commercial truck, and secured a deal to supply Momentum with 80 of these trucks. The Bollinger B4 Chassis Cab is expected to launch in the latter half of 2024. The Mullen THREE EV truck has become eligible for a $15,000 state rebate in Massachusetts, reducing the price for buyers.
Mullen Automotive has expanded its dealer network through partnerships with Eco Auto in New England, Ziegler Truck Group, and Range Truck Group, and has secured orders for commercial EVs. The company has also appointed Alain Van Munster as Vice President of Sales for Europe, the Middle East, and Africa, marking its expansion into the European EV market.
These are all recent developments in the company's operations.
InvestingPro Insights
As Mullen Automotive, Inc. (NASDAQ: MULN) makes strides with its POWER BOOST battery exchange program, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Mullen Automotive holds a market capitalization of 34.95 million USD. The Price to Book (P/B) ratio, which can indicate how the market values the company's net assets, stands at a low 0.37 as of the last twelve months up to Q2 2024. This could suggest that the stock is potentially undervalued relative to its book value.
Additionally, an InvestingPro Tip highlights that Mullen Automotive is trading near its 52-week low, with the price at 1.38% of its 52-week high, which might interest value investors looking for entry points in a potentially undervalued stock. Another relevant InvestingPro Tip for investors to consider is that the company's stock has experienced significant price volatility, which could be an important factor for risk assessment.
For those looking to delve deeper into Mullen Automotive's financial metrics and stock performance, there are 19 additional InvestingPro Tips available, which can be accessed through the dedicated InvestingPro page for Mullen Automotive. Interested readers and investors can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing a more comprehensive understanding of the company's investing potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.