Mullen Automotive (NASDAQ ticker: MULN) is an electric vehicle manufacturer headquartered in Brea, California, USA, established in 2014. The company was founded by David Michery who serves as Chairman and CEO, focusing on the R&D and manufacturing of next-generation commercial and passenger electric vehicles.Currently, it has about 118 employees (2023 data), owning two full vehicle assembly plants in the US: a 120,000 sq ft plant in Tunica, Mississippi, and a 650,000 sq ft plant in Mishawaka, Indiana, capable of producing the full range of Class 1 to Class 6 electric commercial vehicles..
Mullen Automotive's positioning has undergone a significant evolution. The company started early on by "rebadging" Chinese imported vehicles, with product lines including the Mullen Campus, Mullen One, Mullen Three, and Mullen GT/GTRS models,but faced severe questioning by short-seller firm Hindenburg Research, with its technical autonomy under long-term doubt. Since 2022, Mullen has completed the full capability leap from a simple "rebadging merchant" to a self-developed commercial vehicle platform and localized solid-state battery manufacturing.
On July 28, 2025, Mullen Automotive underwent a major corporate restructuring, renaming the majority equity and operating department to Bollinger Innovations, and its commercial electric vehicle brands (Mullen ONE, Mullen THREE) will be unified to the Bollinger Motors logo for the 2026 model year.After the merger and restructuring, Bollinger's product line covers Class 1 to Class 6 full commercial vehicles and the B1/B2 electric trucks, thereby eliminating redundancies and optimizing operational efficiency.This restructuring means Mullen will no longer operate independently in the commercial vehicle sector under its own brand, but will complete deep coverage of the commercial vehicle market through Bollinger, in which it has increased its holding to 95%.
Parallel to the gradual divestiture of commercial vehicle business, the passenger vehicle business has become Mullen's next strategic focus. Mullen is fully promoting the ultra-high-performance electric crossover FIVE RS, planning to conduct European local certification and production through German engineering partner FPF, and launch in major global markets starting in 2026, with the timing of the US launch determined by overseas performance.
Mullen Automotive's development can be divided into three stages: the rebadging era (2014–2021), the transformation and M&A era (2022–2024), and the strategic restructuring and passenger vehicle push era (2025 to present).
Rebadging Era: In 2014, David Michery founded Mullen Technologies. The company's early plan was to introduce electric vehicles produced in China into the US market after "rebadging".The original plan was to launch the "Dragonfly K50" luxury sports car before 2021 (later renamed Mullen GT/GTRS),but as of March 2023, engineering was not yet finalized.In April 2022, Hindenburg Research published a short-seller report, claiming Mullen's models were actually Chinese-manufactured electric vehicles sold with changed identifiers, and the company did not have US EPA certificates at the time, leading to serious questioning of its technical self-research capabilities.
Transformation and M&A Era: Mullen accelerated its transformation towards autonomous manufacturing and technical self-research. In December 2022, Mullen completed the overall acquisition of Electric Last Mile Solutions assets, obtaining the 650,000 sq ft plant in Mishawaka, Indiana, and all intellectual property.In August 2023, the Tunica, Mississippi plant started large-scale commercial vehicle production, becoming the company's first full vehicle manufacturing plant to achieve mass operation.In September 2023, Mullen received IRS approval, and its commercial vehicles were recognized as qualified manufacturers, able to provide customers with a federal electric vehicle tax credit of up to $7,500 per vehicle.Later that month, Mullen received CARB HVIP program approval, where customers purchasing Class 3 electric trucks from Mullen could enjoy a cash subsidy of up to $45,000 at the time of purchase.At the dealership network end, Mullen rapidly expanded to seven dealers, including Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Randy Marion Auto Group, etc., covering major markets in the Midwest, West Coast, Pacific Northwest, New England, and Mid-Atlantic regions.
Restructuring and Passenger Vehicle Push Era: In 2025, Mullen completed its most strategically significant step: increasing Bollinger Motors shares to 95% and fully reorganizing into Bollinger Innovations; commercial vehicles (Mullen ONE, Mullen THREE) will be unified to the Bollinger brand after the 2026 model year.In June 2025, Mullen announced a partnership with German automotive engineering and manufacturing company FPF to produce FIVE RS locally in Europe, launching first in Germany in December 2025. The initial market scope includes the EU, UAE, and South Africa, with the US launch schedule decided based on overseas performance.
After restructuring, Mullen's product matrix formed a clear division of "passenger vehicles with FIVE RS as the flagship core, commercial vehicles all falling under the Bollinger brand".
FIVE RS is the core passenger product of the Mullen brand, positioned as an ultra-high-performance electric crossover SUV. The vehicle features an 800V high-voltage architecture, all-wheel drive system, and a two-speed transmission, with a system comprehensive power of over 1,100 horsepower, a top speed exceeding 200 mph (approx. 322 km/h), and a 0-60 mph acceleration time of less than 2 seconds, placing it at the top of the performance pyramid among current mass-produced pure electric SUVs.FIVE RS plans to launch first in the German market in December 2025, expand to other EU countries, UAE, and South Africa in 2026, and then formally return to the US market after achieving good sales performance overseas.FPF (Faissner Petermeier Fahrzeugtechnik AG) is Mullen's European manufacturing partner, fully responsible for the assembly and certification support of FIVE RS in Germany. As an engineering supplier for high-end brands such as BMW, Piech Automotive, and Gumpert, FPF strictly produces according to IATF standards and the German Federal Motor Transport Authority certification system.
The two core products operated under Bollinger Innovations after restructuring are Mullen ONE (Class 1 van) and Mullen THREE (Class 3 cab chassis truck). After restructuring, the suggested retail prices for these two products were adjusted to $27,000 and $61,000 respectively.In addition, Mullen also developed the mobile charging truck PowerUP based on the Mullen THREE chassis, integrating a DC fast charging system to provide emergency energy replenishment for broken-down or depleted electric vehicles, applicable for road administration rescue and commercial fleet fixed-point charging scenarios.
Vehicles developed by the company early on include the Mullen Campus, Mullen GO, Mullen GT, and GTRS, etc. All these models were based on Chinese imported vehicles with changed identifiers, and they are no longer part of the company's future product planning.
Mullen Automotive's financial status showed clear signs of recovery in fiscal year 2025. In the second quarter of 2025, the company achieved revenue of $5 million, an increase of over 143 times compared to the $33,000 in the same period last year.For the six months ended March 31, 2025, the company's cumulative revenue reached $7.9 million, net loss narrowed significantly from $132.4 million in the same period last year to $47.1 million, and cash expenditure also decreased from $120.9 million to $52.4 million.However, as of March 31, 2025, the company's book cash was only $2.3 million, and liquidity remains very tight.The 2025 interim report shows Mullen's earnings per share was -$3,338.65, net profit attributable to shareholders -$162 million; despite a year-over-year growth of 16.43%, the loss scale remains huge.Net loss in the second quarter of 2025 was approximately $47.1 million, far lower than the $132.4 million in the same period of fiscal year 2024.
Regarding commercial vehicle deliveries, Mullen received numerous order landings in the second quarter of 2025:
Cashflow on Wheels logistics company purchased and received 20 Class 3 trucks, with the total retail value of the order being approximately $1.4 million.
Global Expert Shipping in Glendale, California purchased Mullen ONE Class 1 electric vans and plans to place follow-up orders.
Orange County local government in North Carolina purchased Mullen ONE for daily delivery operations for the US Waste Management Department.
Universities in Northern and Southern California also received a batch of Mullen Class 1 and Class 3 electric vehicles for internal campus logistics transportation.
Regarding large overseas orders, Mullen signed a procurement agreement worth approximately $210 million with UAE commercial leasing company Volt Mobility in August 2024, involving 3,000 commercial electric vehicles and related charging equipment. The first batch of 300 vehicles required a prepayment of $3 million as a down payment after signing, with the remaining vehicles to be delivered in batches starting in 2025..
Mullen's technology strategy focuses on three core capabilities: semi-solid-state batteries, battery module autonomous manufacturing, and commercial vehicle electric platforms.
Semi-Solid-State Battery Technology is Mullen's most forward-looking core layout. In April 2025, Mullen signed a strategic partnership and supply agreement with global advanced lithium battery technology leader Enpower Greentech, planning to produce the SWIFT series semi-solid-state batteries locally in the US. The battery uses advanced silicon anode technology, used for commercial vehicles and various industrial scenarios such as drones, aviation, maritime, robotics, and medical equipment.Production will take place at the Mullen Battery Center located in Fullerton, California, with plans to start large-scale mass production in early 2026. The center has a total of three battery production lines, including a high-throughput standard chemical formula mass production line, a low-capacity standard chemical R&D line, and a low-capacity solid polymer R&D line.Mullen President John Taylor stated: "This cooperation will reduce supply chain loopholes, address cost increases caused by tariffs, and realize the vision of domestic battery solution production that Mullen has insisted on since its inception".
Solid Polymer Battery Integration Technology has also made significant progress. Mullen completed the full integration of solid polymer batteries from cell to battery pack, and Class 1 electric vans will be equipped with 72kWh solid polymer battery packs, with an estimated range of 190 miles.In terms of structural safety, the vehicle GVWR is 4,881 lbs, maximum payload 1,603 lbs, cargo volume 157 cubic feet, and turning radius is only 20 feet, suitable for last-mile delivery in compact urban environments.
Battery Module Assembly Capacity: Mullen acquired Nikola's battery production line in January 2025, obtaining modular battery pack production capacity. After deployment at the Fullerton, California factory, the theoretical annual capacity can reach 5,000 commercial electric vehicles, solving the capacity bottleneck often faced by small and medium-sized EV companies.
Commercial Vehicle Electric Platform: Mullen has also completed the full deployment from chassis integration to mass production. The Tunica, Mississippi plant also received Foreign Trade Zone status, implementing tariff deferral and exemption policies for exported vehicles, providing crucial cost competitive advantages for the large-scale export of overseas business..
Mullen's overseas expansion strategy is centered on "Europe as a jumping-off point, Middle East as an accelerator, and gradual global promotion". FIVE RS is chosen to launch first in Germany, fully utilizing FPF's engineering certification and local manufacturing advantages.After FIVE RS, Mullen plans to expand sales to other EU countries, UAE, and South Africa in 2026.
In the Middle East region, Mullen has already established market positioning with commercial vehicles in advance. The 3,000 vehicle order signed with UAE's Volt Mobility in August 2024 allowed Mullen commercial vehicles to occupy market awareness locally before passenger vehicles, and a fully operational service center will be built there.In November 2024, Mullen added Balkan Peninsula European distribution partner GAMA, covering multiple Southeast European countries such as Bosnia and Herzegovina, Serbia, Montenegro, Croatia, Slovenia, North Macedonia, Albania, Greece, and Bulgaria. GAMA has delivered over 300 electric vehicles in the past year and established a service network covering eight sub-dealers.
Leveraging the Foreign-Trade Zone status granted to its Mississippi plant, Mullen's exported vehicles qualify for tariff deferrals and exemptions, creating a significant competitive advantage for its large-scale complete vehicle exports to markets including the UAE, South Africa, and the EU starting in 2026.
Mullen's future strategy revolves around two main lines: Passenger vehicles rely on FIVE RS to establish a high-end electric sports car market position, while commercial vehicles achieve full product line scale expansion and group professional operation through the Bollinger brand.
In terms of products and technology, FIVE RS's global market performance will determine whether Mullen's passenger vehicle business can truly achieve a breakthrough. Mullen has selected Germany as the first stop, verifying product maturity through the highest standard certification system and consumption environment in the European market before deciding the best timing for FIVE RS to enter the US local market.The company also plans to introduce the model to the US market for sale after achieving good sales records in overseas markets.Semi-solid-state battery mass production will also commence in 2026. After the battery production line cooperating with Enpower Greentech starts production at the Fullerton, California factory, it will not only serve commercial models but also provide battery solutions with higher energy density and faster recharging speed for the next generation of passenger vehicles.
In terms of commercial vehicles and group architecture, Mullen has completed the system innovation from a "rebadging player" to a "self-owned technology and brand operator" by holding Bollinger Motors and renaming to Bollinger Innovations. Mullen ONE and Mullen THREE will completely fall into the Bollinger brand sequence after the 2026 model year; this integration will significantly reduce internal brand overlap, operational redundancy, and marketing costs.
In terms of financial and scale ramp-up, with the scaled sales of Bollinger product lines, the release of large orders from UAE Volt Mobility, and FIVE RS starting to generate revenue at the end of 2025, Mullen is expected to achieve the first positive gross margin quarterly performance since its establishment in 2026. If the mass production of semi-solid-state battery technology starts as planned in early 2026, it will further reduce BOM costs and bring higher profit margins to the commercial vehicle business.
The shadow of cumulative losses of hundreds of millions of dollars since listing is beginning to gradually dissipate. Mullen, through radical restructuring and technology localization construction, has transformed from an early controversial "rebadging merchant" into a comprehensive EV manufacturer with self-developed solid-state battery capabilities, commercial vehicle mass delivery, and global layout. In the coming years, whether Mullen can find a stable survival space in the fiercely competitive electric vehicle market will depend on FIVE RS overseas sales performance, the yield of semi-solid-state battery mass delivery, and whether Bollinger commercial vehicles can achieve scaled profitability.
© 2024 Bitauto.com. All Rights Reserved.
Bitauto (www.yiche.com and www.bitauto.com) is one of the most visited automotive websites in China. We provide detailed info on Chinese car brands available in your area. Please note that the information provided on this website is based on publicly available data and is for reference only. It may not be fully updated or accurate at all times.
