- Global EV market projected to see 24.5% CAGR between 2022 and 2028
- MULN announces plans to modify high-voltage plant to produce packs used for company’s EVs
- Company anticipates using its own revolutionary solid-state battery technology in its second-generation Mullen FIVE EV Crossovers
- Strategic move reduces company’s reliance on third-party suppliers, reduces impact of supply and critical component shortages
Amid a growing global demand for electric vehicles (“EV”), smart companies operating in the space are looking for ways to differentiate themselves from the competition. That’s exactly what Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle manufacturer, has done with its recently announced plans to retrofit a high-voltage facility for production of EV battery packs to support its growing line of electric vehicles (https://ibn.fm/PqP6H). The company expects to also eventually begin the development of solid-state polymer battery packs, which will be a significant advancement over current lithium-ion battery packs (https://ibn.fm/ZdV37).
According to a recent Facts & Figures report, the “global electric vehicle (‘EV’) market size is estimated to cross USD $980 billion by 2028, at a CAGR of 24.5% between 2022 and 2028” (https://ibn.fm/VEK4I). The report, which looked at a variety of different factors and their projected impact on EV market growth, noted that “a variety of batteries are used in these vehicles.
“The electric vehicle was developed primarily to replace polluting traditional ways of transportation,” the report continued. “As a result of various technological developments, it has gained in popularity. [An EV] outperforms traditional automobiles in terms of fuel efficiency, carbon emissions, and maintenance, as well as ease of charging at home, a smoother ride, and less engine noise. Pure, hybrid, and plug-in hybrid batteries are the three primary types of electric car batteries.”
Mullen, an emerging electric vehicle manufacturer, recently announced that it plans to begin EV battery-pack production in its California-based high-voltage-battery research-and-development facility. In order to do so, the company is modifying an existing facility to house production of EV battery packs, which will be used in the company’s EVs, including the ONE EV Cargo Van, FIVE EV Crossover and DragonFLY EV Sportscar.
“Building our own battery packs makes sense as it reduces our reliance on third-party suppliers and lessens our risk of being subjected to the waves of supply and critical component shortages,” said Mullen CEO and chair David Michery. “The entire industry is struggling with supply chain issues, and the more control we have in-house, the better off our vehicle programs will be. Our Monrovia facility is already established for high-voltage applications, so retrofitting it for our battery-pack development makes good sense for our company and shareholders.” In addition to reducing third-party dependency, the move to bring battery-pack production in-house will lower costs and increase overall quality control, Michery noted.
For almost a decade, the facility was used for battery-pack research, development and production for CODA Automotive; Mullen purchased the assets from CODA in 2014 and took over plant production in 2017. The move to focus on battery production for Mullen-specific EVs makes sense as the company continues to expand its vehicle portfolio.
In addition, the company is testing its own solid-state polymer battery technology, which has the potential to deliver more than 600-plus miles of range and features an 18-minute DC fast charge that can yield more than 300 miles of range. The company anticipates using this new battery technology in its second-generation Mullen FIVE EV Crossovers (https://ibn.fm/62cfG).
According to the company, since its first quarter as a public company in 2021, Mullen has debuted two versions of the Mullen FIVE show cars, as well as continuing to focus on its development portfolio. The company also purchased a facility in Tunica, Mississippi, where it plans to start with the manufacturing of the Mullen ONE EV Cargo van program, which is slated for availability in Q2 2022. The company is capturing attention with its lineup of vehicles. The Mullen FIVE was named Top Zero Emission SUV as part of the ZEVA Awards at the Los Angeles International Auto Show in November 2021, and the company has filed more than 120 patents in 24 countries related to the vehicle.
Mullen is a Southern California–based 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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