Summary by Moomoo AI
Mullen Automotive CEO David Michery delivered a comprehensive business update highlighting significant expansion in sales and production. The company secured a $210M order from Volt Mobility, with 300 vehicles scheduled for delivery in 2024 and 3,000 planned for 2025. Initial deliveries have commenced in Dubai, UAE.The company has expanded its U.S. dealer network to seven nationwide dealers and conducted over 80 vehicle demos across universities, local governments, and corporations. Bollinger Motors has begun production of its B4 electric trucks on September 20, 2024, partnering with Roush Industries in Michigan. Both Mullen ONE and THREE models have received EPA and CARB certifications.Financial developments include successful transition to revenue generation, with three vehicle lines in production generating positive margins. The company has secured financing through a $100M preferred instrument and $150M equity line to support growth. Additionally, Mullen's Tunica facility received Foreign Trade Zone status, offering benefits including duty deferment and elimination on exported vehicles.
