Tag: update

Mullen Automotive Provides Fiscal Third Quarter Results and Current Business Update

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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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Asbury Automotive Group Reports All-Time Record EPS of $10.38, for First Quarter 2022, up 117% Over Prior Year, and Announces Update to Strategic Growth Plan

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DULUTH, Ga.–(BUSINESS WIRE)–Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported record first quarter 2022 net income of $237.7 million ($10.38 per diluted share), an increase of 156% from $92.8 million ($4.78 per diluted share) in the prior year quarter.

“In the first quarter, our legacy Asbury and recently acquired stores contributed to the Company generating all-time record adjusted EBITDA, which increased 139% to $336 million. We are excited about our expanded dealership portfolio and our team members, all of whom have done an outstanding job. The strategic fit of the acquisitions we made in 2021 is clear and we believe that we are now on pace to generate $16 billion in revenue in 2022, a 63% increase over 2021. We have updated our strategic growth plan to reflect our new target of $32 billion in revenue in 2025. Our first quarter results reaffirm our belief that we can achieve our updated 2025 plan,” said David Hult, Asbury’s President and Chief Executive Officer.

“We see tremendous opportunity ahead of us as we roll out Clicklane to our acquired dealerships and integrate Total Care Auto, Powered by Landcar, or TCA, into the legacy Asbury stores. We expect these actions, along with a more optimized dealership portfolio, will allow Asbury to expand its market share, increase productivity and improve the purchasing, servicing and ownership experience of our guests.”

The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see reconciliations for non-GAAP metrics included in the accompanying financial tables.

First quarter 2022 adjusted net income, a non-GAAP measure, increased 134% year-over-year to $212.2 million ($9.27 per diluted share) compared to adjusted net income of $90.7 million ($4.68 per diluted share) in first quarter 2021. Adjusted net income for first quarter 2022 excludes gains, net of tax, of $25.5 million ($1.11 per diluted share) related to a $33.1 million ($1.08 per diluted share) gain on the sale of four dealerships and a $0.9 million ($0.03 per diluted share) sale-leaseback real estate gain.

Net income for the first quarter 2021 was adjusted for the following pre-tax items: gain on legal settlements of $3.5 million ($0.14 per diluted share), gain on sale of real estate of $1.1 million ($0.03 per diluted share), and other real estate related charges of $1.8 million ($0.07 per diluted share).

First Quarter 2022 Operational Summary

Total company vs. 1st Quarter 2021:

  • Revenue of $3.9 billion, an increase of 78%
  • Gross profit increased 107%
  • Gross margin increased 270 bps to 20.2%
  • New vehicle unit volume increased 44%; new vehicle revenue increased 61%; gross profit increased 197%
  • Used vehicle retail unit volume increased 63%; used vehicle retail revenue increased 100%; gross profit increased 102%
  • Finance and insurance revenue increased 130%; gross profit increased 118%
  • Parts and service revenue increased 92%; gross profit increased 70%
  • SG&A as a percentage of gross profit fell to 57.5%, a decrease of 520 bps
  • Operating income increased 135%; adjusted
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Update & Outlook on the India Vehicle Parts Production Market

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GlobalAutoIndustry.com’s most current Audio Job interview “Update & Outlook 2022: The India Auto Pieces Manufacturing Marketplace,” functions Vinnie Mehta, director typical of ACMA, the Automotive Component Producers Affiliation of India. Its membership of more than 850 manufacturers contributes a lot more than 85% of the automobile element industry’s turnover in the arranged sector.

In the 14-moment audio job interview, Mehta discusses these concerns:

  • How are the automotive sector and the elements sectors in India accomplishing as the pandemic has almost receded?
  • How is the car marketplace in India transforming alone, as globally it transitions to EVs? Is the federal government supporting the industry in this direction?
  • With the Russia-Ukraine war and other supply chain issues, what does the potential of the industry search like?

Click right here to pay attention to the audio interview.

About Vinnie Mehta

Vinnie Mehta, director common, ACMA is an Electrical Engineer from IIT-BHU, an MBA from FMS, University of Delhi and a Masters in International Trade from the Indian Institute of Foreign Trade (IIFT).  He has been actively involved in promotion, advancement and advancement of the vehicle ingredient marketplace in India. Prior to signing up for ACMA, he headed the Manufacturers’ Affiliation for Information and facts Engineering (MAIT), the apex body of the IT hardware Sector in India.

About GlobalAutoIndustry.com

GlobalAutoIndustry.com is the top company intelligence supply for the throughout the world automotive marketplace, connecting OEMs, OE suppliers, aftermarket and automotive technological innovation corporations with the resources to effectively do small business internationally.

Publishing across multiple digital channels, www.GlobalAutoIndustry.com, produces useful information that can help sector executives uncover insights, remedies and methods focused on executing company in the world’s top rated automotive marketplaces.

Our flagship Audio Interview series and eJournal newsletters deal with significant enterprise and operational problems for business gurus. Released weekly and syndicated as a result of main industry media companions, our content material has a distribution viewers of about 1 million automotive gurus worldwide.  The Interviews are syndicated by WardsAuto (US), aftermarketNews (US), ETAuto (The Economic Occasions of India), TU Automotive (British isles), MEXICONOW, BORDERNOW, and HORSEPOWER (Mexico).

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New cyber security and software package update regulations in the automotive marketplace in 2022 | Hogan Lovells

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For organizations in the automotive and mobility marketplace, cyber protection and application updates are starting to be more and more critical. Principal drivers are specifically new automated/autonomous driving and connectivity functions in contemporary autos.

The time period ‘cyber security’ essentially implies that a vehicle’s electrical and/or digital parts have enough safety and resilience in opposition to so-called cyber-attacks/threats, i.e., blocking unauthorized individuals or techniques from accessing the car and/or its knowledge.

The time period ‘software update’ refers to the procedure of replacing an ‘old’ software package model with a ‘newer’ software model, e.g., to take care of programming faults (typically referred to as ‘bugs’ or ‘bugfix’), to make improvements to or take away current functionalities and/or to increase new functionalities. Software program updates are commonly either transferred to a motor vehicle by way of a community knowledge transfer link these as a cable involving the car and a computer (e.g., in a workshop by a assistance technician) or by way of so-known as around-the-air (“OTA“), i.e., wirelessly by using a cellular/radio details transfer link amongst the motor vehicle and a laptop or computer (commonly the OEM’s backend).

UN R155 and UN R156

The UNECE has adopted UN Regulation No. 155 on Cyber Security and Cyber Safety Administration Programs1 (“UN R155“) and UN Regulation No. 156 on Software package Updates and Application Updates Management Devices2 (“UN R156“):

UN R155

UN R155 is aiming at creating a type-acceptance framework for lowering cyber stability pitfalls in essence around an overall product or service lifestyle cycle (i.e., in the so-known as advancement section, output period and write-up-creation period) system together with the institution of a so-known as cyber protection management program (“CSMS“).

Pursuant to Paragraph 2.2. of UN R155, the time period “cyber stability” implies “the ailment in which highway vehicles and their features are shielded from cyber threats to electrical or electronic parts”.

Pursuant to Paragraph 2.3. of UN R155, CSMS usually means “a systematic risk-based approach defining organisational procedures, duties and governance to handle chance linked with cyber threats to cars and protect them from cyber-attacks”.

Pursuant to Paragraph 6 of UN R155, an OEM shall get a so-named Certificate of Compliance for its CSMS from a capable type-approval authority. A Certification of Compliance is commonly legitimate up to 3 a long time from the date of deliverance. OEMs shall use for a new or for the extension of the existing Certification of Compliance in because of time prior to the conclusion of the period of time of validity. A valid Certificate of Compliance for the CSMS is the most important foundation for a legitimate variety-acceptance.

UN R156

UN R156 is aiming at making a sort-acceptance framework for motor vehicle application updates including the establishment of a so-referred to as software update administration technique (“SUMS“).

Pursuant to Paragraph 2.3. of UN R156, the phrase “computer software update” signifies “a package deal utilised to up grade software package to a new

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