Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has officially closed on its previously announced acquisition of Electric Last Mile Solutions (“ELMS”) assets, including all IP and a factory located in Mishawaka, Indiana. The all-cash, $105 million transaction was completed on Nov. 30, 2022. According to the announcement, the ELMS acquisition allows Mullen to enter the commercial market much earlier than previously planned. In fact, the company plans to deliver class 1 product during the first quarter of 2023 and class 3 vehicles during the second quarter. The company noted that the factory, which previously produced General Motors’ Hummer H2 and Mercedes-Benz R-Class vehicles, is a “perfect fit” to manufacture the Mullen FIVE SUV and the Bollinger B1 and B2 platforms. “I have been working on this plan for many years, putting in place the strategic and critical enablers to be a dominant competitor in the EV market,” said Mullen CEO and chair David Michery in the press release. “Successfully completing this asset acquisition moves Mullen into an all-new position with IP, plants and product platforms that no other competitor can offer to both retail and commercial customers. We have everything we need to launch the Mullen and Bollinger EVs product lineup.”
To view the full press release, visit https://ibn.fm/EFgo2
About Mullen Automotive Inc.
Mullen Automotive is a southern California-based automotive company building the next generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more 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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