On May 14, 2024, Mullen Automotive Inc., an electric vehicle manufacturer, reported its financial results for the first half of the fiscal year ending March 31, 2024. The company announced positive stockholders' equity of $117.4 million and additional capital commitments of $150 million to support the scaling of its commercial EV operations. CEO David Michery highlighted the company's growth and focus on expanding its commercial EV business despite challenging market conditions. Mullen Automotive also reported on several strategic developments, including the approval for Foreign Trade Zone status at its Mississippi facility, expansion of its commercial dealer network, and CARB approvals for its Class 3 EV truck. The company's financial results showed a net loss of $235.4 million for the six months, with non-cash adjustments and...Show More

On May 14, 2024, Mullen Automotive Inc., an electric vehicle manufacturer, reported its financial results for the first half of the fiscal year ending March 31, 2024. The company announced positive stockholders' equity of $117.4 million and additional capital commitments of $150 million to support the scaling of its commercial EV operations. CEO David Michery highlighted the company's growth and focus on expanding its commercial EV business despite challenging market conditions. Mullen Automotive also reported on several strategic developments, including the approval for Foreign Trade Zone status at its Mississippi facility, expansion of its commercial dealer network, and CARB approvals for its Class 3 EV truck. The company's financial results showed a net loss of $235.4 million for the six months, with non-cash adjustments and working capital investments detailed in the report. Mullen Automotive's balance sheet reflected a decrease in stockholders' equity due to impairment charges and operating losses, offset by warrant exercises and other equity adjustments. The company also noted that it now owns its Tunica and Mishawaka facilities debt-free. Looking ahead, Mullen Automotive is preparing for the launch of the high-performance Mullen FIVE RS in the European market in Q4 2025 and expects to begin deliveries of the B4, Class 4 vehicle in the second half of 2024.