Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher on Thursday. The company provided an update on its Fullerton, California battery facility, which is focused on manufacturing next-generation, American-made battery packs and modules.

Mullen Automotive expects battery production at its Fullerton, California, facility to begin in mid-2025.

The company has already installed three battery lines, which include a high-volume standard battery chemistry line, a high-precision low-volume standard chemistry R&D line, and a high-precision low-volume solid-state polymer R&D line.

Mullen has planned two additional lines. One is a high-volume standard chemistry battery line scheduled to be added in December 2024, while the other is a fully automated, high-volume wire bonding line designed for use with multiple chemistries, which will be installed by February 2025.

This initiative supports the company's zero-emission goals and reduces dependency on imported battery components.

CEO and Chairman David Michery emphasized Mullen's commitment to producing batteries domestically, reinforcing its focus on sustainable, U.S.-based manufacturing.

Last week, the company announced that the Bollinger Motors 2025 Bollinger B4 truck qualified for California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).

Under HVIP, the 2025 Bollinger B4 EV truck, with a suggested MSRP of $158,758, now qualifies for up to a $60,000 cash voucher. When added to the available $40,000 federal tax credit, the net effective cost of the B4 could be less than $59,000.

Price Action: MULN shares are up 10.6% at $2.98 at the last check Thursday.

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