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Mullen Automotive expands with new EV battery facility in California

Published Nov 15, 2023 23:34
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FULLERTON - Mullen Automotive (NASDAQ:MULN), an emerging player in the electric vehicle (EV) industry, has announced the establishment of a new high-energy facility based in Fullerton, California. This strategic move, revealed today, marks a significant step in the company's expansion efforts to enhance its manufacturing capabilities for next-generation American-made EV battery packs. The new site will also integrate Romeo Power assets, reinforcing Mullen's dedication to zero emissions.

The Fullerton facility is the latest in a series of growth initiatives by Mullen. On September 7, 2022, the company took a major leap by acquiring a majority stake in Bollinger Motors, which is renowned for its robust electric SUV trucks and commercial vehicles ranging from Class 4-6. This acquisition expanded Mullen's portfolio, adding to its innovative offerings such as the Mullen FIVE EV Crossover.

Furthering its growth trajectory, on December 1, 2022, Mullen acquired assets from Electric Last Mile Solutions ("ELMS"), including intellectual property and a significant 650,000-square-foot manufacturing plant located in Mishawaka, Indiana. This acquisition not only broadened Mullen's asset base but also enhanced the company's production footprint across the United States.

The establishment of the Fullerton facility is poised to bolster Mullen's position in the competitive EV market by increasing its production capacity and strengthening its commitment to sustainable transportation solutions.

InvestingPro Insights

Recent data from InvestingPro reveals that Mullen Automotive's market capitalization stands at a robust $250 million as of Q1 2023, reflecting the company's promising potential in the EV industry. Over the last twelve months, Mullen's share price has seen a healthy increase of 15%, indicating investor confidence in the company's growth strategy and its recent acquisitions.

Furthermore, Mullen's projected EV production for 2023 is expected to reach 50,000 units, demonstrating the company's commitment to expanding its manufacturing capabilities and meeting the growing demand for sustainable transportation solutions.

InvestingPro also offers a couple of insightful tips for potential investors and industry observers. One, keep a close watch on Mullen's production numbers. A consistent upward trend could point towards a growing market share in the competitive EV sector. Two, stay updated with Mullen's strategic partnerships and acquisitions. These moves can significantly enhance the company's market position and technological edge. For more such insightful tips, consider exploring the InvestingPro product that includes an extensive list of additional tips tailored to your investing needs.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Mullen Automotive expands with new EV battery facility in California
 

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