Mullen Automotive Provides Fiscal Third Quarter Results and Current Business Update

Mullen Automotive, Inc.

Mullen Automotive, Inc.

Mullen Automotive, Inc. Announces Major Milestones of Moving from Protype to Production for Class 3 Commercial Vehicles and Recording First Revenues

BREA, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) — Mullen Automotive, Inc. (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced financial results for its fiscal third quarter for the three and nine months ended June 30, 2023.

Recent Company Updates:

The Board of Directors of the Company has authorized a stock buyback program, pursuant to which the Company may, until December 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased, from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The authorization of the stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date.

The Company ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0 million on Sept 30, 2022, which represents an increase of 124%.

During the quarter ended June 30, 2023, the Company successfully secured $100 million in funding from its Series D preferred stock investors which completes all remaining investment obligations to the Series D holders. With this latest investment, the Company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering our liquidity and supporting our move from prototype to production for commercial vehicles.

During the quarter ended June 30, 2023, the Company recorded its first revenues on the sale of Campus EV Cargo Vans.

The Company will host a commercial EV production launch event on August 24, 2023. This event will commemorate the production of our first Class 3 commercial vehicles and showcase the Tunica, Mississippi commercial assembly plant. Select media, customers, dealers, suppliers, and local government leadership have indicated plans to attend.

Mullen will be resuming its Mullen “Strikingly Different” tour this summer, featuring additional EV vehicles, including the Mullen FIVE EV Crossover, FIVE RS High Performance EV Crossover, Mullen GT Electric Sports Car, Mullen ONE Commercial Class 1 EV Cargo Van, Mullen THREE Commercial Class 3 Electric Truck, and Bollinger B2 Pickup Truck. The second stage of the tour starts on August 20, 2023, in Austin, Texas and will span multiple U.S. cities, showcasing Mullen’s cutting-edge electric vehicles to a broad audience.

In July 2023, Mullen announced that Bollinger Motors, in which the Company holds a majority ownership, has received final approval for a $3 million grant from the state of Michigan. This grant aims to promote job creation and economic development, further solidifying Mullen’s commitment to driving progress and growth in the electric vehicle industry.

Mullen implemented a 1-for-9 reverse stock split (“Reverse Stock Split”) of its common stock on August 11, 2023, in an effort to regain compliance with Nasdaq’s $1.00 minimum

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Inside Car Components Current market Anticipated to Witness Sturdy

Interior Car Accessories Market Expected to Witness Strong

Around the projection interval, it is expected that the digital add-ons segment will proceed to have a significant current market share by products variety and develop at a price CAGR of 5.4% from 2016 to 2024. A CAGR of 6.8% is projected for the handles phase, which is envisioned to grow in price from US$ 36.46 billion in 2016 to US$ 61.59 billion by 2024.

Over the class of the forecast interval, the passenger cars section is expected to lead the world interior vehicle add-ons industry in conditions of worth. This industry segment is anticipated to have a 93.% benefit share in 2016 and a CAGR of 5.4% above the forecast interval. The pickup truck industry is expected to expand at a more rapidly CAGR than passenger cars and trucks throughout the projection interval, equally in conditions of benefit and quantity.

The aftermarket classification, which is very likely to show a CAGR of 5.2% from 2016 and 2024, is predicted to lead the world-wide interior car equipment market place in terms of value over the forecast period. In 2016, the OEM phase is anticipated to have a worth share of 25.2%.

The automotive market is witnessing a surge in demand from customers for inside auto equipment, as motorists more and more search for to personalize and elevate their driving encounters. Interior car extras not only add functionality but also inject a perception of design and style and comfort and ease into the car. With a extensive range of options available, drivers can now customize their vehicle interiors to replicate their person tastes and tastes.

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The inside car accessories industry has seasoned important development as drivers embrace the option to make a exclusive and customized place within their automobiles. From large-tech devices to magnificent upholstery, the market place delivers a plethora of selections to cater to every driver’s requirements. These extras not only greatly enhance the aesthetics of the motor vehicle but also make improvements to comfort and ease and comfort, transforming the driving practical experience into a a lot more satisfying one particular.

In addition to personalization, inside vehicle components serve useful purposes, making driving safer and much more efficient. Highly developed navigation programs, Bluetooth connectivity, and palms-cost-free calling possibilities assistance motorists remain connected while maintaining their target on the street. Organizational equipment like automobile organizers and storage methods aid maintain the interior clutter-no cost, making sure a neat and practical area for passengers and motorists alike.

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As the automotive industry continues to evolve, the interior automobile extras market place is envisioned to witness further more innovation and enlargement. From good technological know-how integration to sustainable elements, producers are constantly introducing new merchandise to cater to evolving client demands. As drivers prioritize ease and comfort, security, and private expression, interior motor vehicle add-ons play a pivotal position in transforming cars into individualized sanctuaries on wheels.

Providers Lined in This Report –

• Pioneer

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German motor vehicle current market falls in January as EV profits plunge

Profits of electrified automobiles plunged in Germany in January as governing administration incentives to stimulate consumers ended up scaled again. Tesla bucked the downward craze by boosting quantity through cost cuts.

Registrations of whole-electric cars and trucks were being down 13 percent to 18,136, according to knowledge from the KBA motor transportation authority. Income of plug-in hybrid cars and trucks fell by 53 percent to 8,850.

Registrations of gasoline vehicles have been up 3.5 per cent to 69,922 whilst diesels fell 1.2 % to 39,230.

The total German passenger automobile industry fell 2.6 % to 179,247 units in January, in comparison with the exact month previous 12 months.

Gasoline autos ongoing to have the best marketplace share at 39 per cent, followed by diesels at 21.9 percent. Total-electric cars and trucks experienced a 10.1 per cent share when the share of plug-in hybrids was 4.9 per cent

The modify in subsidies for electric powered autos at the starting of the calendar year had a immediate adverse outcome on new registrations, market affiliation VDA said in a assertion. Federal government incentives for plug-in hybrids had been dropped in January although individuals for total-electric vehicles were being substantially lessened.

Income of total-electric cars are predicted to increase by 8 p.c this year to 765,000 although plug-in hybrid sales will fall by 30 percent to 255,000, VDA President Hildegard Mueller instructed the German push.

Winners and losers

Tesla amplified sales immediately after cutting price ranges for its vehicles in mid-January by up to just about 17 p.c. The EV maker saw registrations of its autos increase by 912 p.c to 4,241 for 2.4 sector share.

Other winners very last month incorporated Chinese-owned MG, with registrations up 170 per cent to 483 cars Suzuki, up 112 % Land Rover, up 83 per cent and Nissan, up 50 %.

•    Download PDF listed here for German profits by manufacturer

Sector chief Volkswagen brand name noticed product sales rise 1.3 percent, while registrations of No. 2 Mercedes-Benz rose 15 p.c. Audi revenue slipped 1 percent, when BMW fell 25 percent.

Between automakers whose product sales fell ended up Seat, down 39 % Renault, down 36 per cent Opel, down 34 per cent and Hyundai, down 6.9 %.

The German passenger auto marketplace is still properly underneath the pre-pandemic degrees, the VDA stated. In January, 33 per cent fewer autos ended up registered than in January 2019.

Automakers are continuing to maximize creation of electrified cars in their German factories.

Last year, 585,000 entire-electrical automobiles and 299,600 plug-in hybrid cars and trucks have been created in Germany, the VDA said.

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Automotive Equipment Current market Analysis By Tendencies, Measurement, Share, Corporation Overview, Expansion And Forecast By 2031

Global Automotive Accessories Market

The World Automotive Equipment Market place report presents marketplace overview like definitions, programs, classifications, and chain structure. The report gives a extensive evaluation of the analyzed sector, together with crucial developments, historic information, recent marketplace circumstance, alternatives, growth motorists, potential roadmap, and tactics of the sector players. The report further more consists of regional examination to appraise the world wide existence of Baby Car Seat Current market.

In order to simplify the market analysis and forecast estimation for the Automotive Add-ons Current market, our investigation report provides nicely-described marketplace scope and systematically made analysis methodology.

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Worldwide Automotive Accessories Industry: Segment Assessment

Just about every phase of the researched industry is comprehensively evaluated in the exploration analyze. The segmentation analysis reviewed in the report provides key alternatives accessible in the current market via leading segments. Adhering to are the segments discussed in the report:

Regional Evaluation:

The world Automotive Extras Market place is segmented as The regional segmentation of the current market involves North The us (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Relaxation of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Relaxation of Latin The usa), Center East & Africa (GCC, North Africa, South Africa, and Rest of Middle East & Africa).

The Adhering to are the Essential Characteristics of Global Automotive Add-ons Sector Report:

  • Market place Overview, Market Growth, Market Maturity, PESTLE Assessment, Price Chain Assessment
  • Progress Motorists and Limitations, Sector Tendencies & Market place Chances
  • Porter’s Five Forces Examination & Trade Assessment
  • Marketplace Forecast Analysis for 2022-2030
  • Current market Segments by Geographies and Countries
  • Marketplace Section Trend and Forecast
  • Current market Analysis and Recommendations
  • Value Assessment
  • Vital Industry Driving Elements
  • Automotive Components Market Organization Investigation: Corporation Marketplace Share & Industry Positioning, Firm Profiling, Latest Marketplace Developments and so forth.

Key Players:

This section of the report involves a exact examination of key players with organization profile, current market value, and SWOT examination. The report also features producing price tag examination, raw supplies examination, critical suppliers of the product or service, mergers & acquisitions, expansion, etcetera. Subsequent providers are assessed in the report:

Robert Bosch, Delphi Automotive, Continental AG, Denso Company, Magna Worldwide, Aisin Seiki, Tenneco, Honda Motor, Keystone Automotive Industries, Nissan, Citic Dicastal, Lkq Taiwan Keeping, Ford Motor, Y.C.C. Components, U.S. Automobile Elements, Lloyd Mats, Covercraft, Car Mate, Basic Comfortable Trim, Star Automotive Extras, Hyundai Motor Business, Roush Performance, JCA Fleet Providers, Renault, Pioneer, Garmin, Pecca Group, O’Reilly Car Areas, H.I Motors, Momo, Federal Mogul Corp, Oakmore, Lund International, Truck Covers, Pep Boys, Thule Group

By Type– Exterior Automotive Accessories– Inside Automotive AccessoriesBy Application– Passenger Cars– LCV (Light-weight Industrial Automobiles)– HCV (Hefty Commercial Motor vehicles)

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Why Industry Experiences?

  • We use latest sector exploration instruments and approaches to authenticate the statistical figures
  • Availability of personalized reviews
  • Expert and skilled investigation analysts in terms of current market
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This Auto Current market Is Wild. Why Practically nothing Is as It Would seem.

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Vehicles sit on the great deal at the Joe Myers Toyota dealership in Houston.

Brandon Bell/Getty Pictures

Car or truck revenue enhanced in the 1st quarter, apart from they did not. New vehicle availability enhanced, but not really. Transaction charges eased a little bit, but no a person is having to pay sticker selling prices. Needless to say, the car current market these times is wild.

For buyers, the present backdrop signifies there is a ton to digest among now and the time vehicle makers and areas suppliers report initially-quarter earnings in coming weeks.

New auto product sales are ordinarily claimed as SAAR, which is small for seasonally adjusted annual rate. The new motor vehicle SAAR averaged about 14.1 million models in the very first quarter of the yr. That was up from less than 13 million reported in the fourth quarter of last yr. The fourth quarter was the weakest quarter documented in 2021, down about 4% from the 13.3 million amount for the third quarter of 2021.

The SAAR figures fluctuated, but practically nothing essentially adjusted. There were being about 3.3 million new light vehicles bought in every single of the past three quarters.

It boils down to seasonal changes. The fourth quarter is generally the strongest promoting quarter of the yr, the to start with quarter is the weakest. So with the seasonal changes, the quantities look how they search. But with constrained manufacturing due to the semiconductor shortage and automobile prospective buyers flush with dollars next the pandemic, the normal seasonal adjustments, for now, are meaningless.

The deficiency of production has led to incredibly minimal new-car or truck inventories. Production was a little better in the very first quarter which led to far better inventories. But not all of that stock attained vendor tons. A lot of it finished the quarter in transit, in accordance to Benchmark analyst Mike Ward.

With out the stock on web page, buyers cannot really browse a lot into how transaction charges are trending or how prices are impacting need. The regular transaction price for a new car or truck in March in fact dipped marginally from report stages set at the finish of 2021, in accordance to Deutsche Financial institution analyst Emmanuel Rosner.

However, desire continue to appears incredibly hot. Ward reported extra than half of the vehicles arriving at sellers are marketed in just 10 days. And Morgan Stanley analyst Adam Jonas not long ago spoke with a new motor vehicle seller in New York, learning, or confirming, what new automobile purchasers previously know: No one particular can get a new motor vehicle for the company instructed retail price, or MSRP. Jonas also figured out that hold out times for additional common vehicles are amazingly extensive. (For occasion, the wait around time now for a new


(TSLA) Product Y can be up to 10 months).

What all this suggests for automotive shares is anyone’s guess. It seems to signify volatility. Vehicle maker and sections shares have

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