Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has provided an update on the testing and installation of Energy Management Modules (“EMM”) comprised of 40 Chevrolet Bolts within the Washington, DC, city government’s vehicle fleet. According to the update, Mullen Advanced Energy Operations (“MAEO”) has been collaborating on the testing; MAEO is a 51%-owned subsidiary of Mullen Automotive EV Technologies LLC and Global EV Technology Inc. as partners. The contract for the purchase and installation of EMM units on Chevrolet Bolts had been awarded to EV Technologies earlier, and initial phase of contract execution requires vehicle calibration testing on a dynamometer. A team of Mullen and EV Technologies engineers have been conducting the required tests, and the first wave of vehicles have completed the testing as planned. Phase two, which is slated for next week, includes the installation of the EMM units along with a second dyno test, and then the vehicles will start being used with the EMM installed. The update noted that testing indicates that EMM technology significantly increases the driving range and efficiency of EVs. “I am very pleased with the progress the team has made this week executing the D.C. plan on time,” said Mullen Automotive CEO and chair David Michery in the press release. “We are expecting next week to have EMM units installed and vehicles back in rotation for the D.C. city fleet.”
The company is also noted that it is taking affirmative steps in light of the “extraordinary trading volume and evidence of unusually high levels of failure to deliver on short sales” as reported to the U.S. Securities and Exchange Commission. In response, the company will be retaining outside counsel that will work closely with Shareholder Intelligence Services LLC (ShareIntel) to study and evaluate data gathered from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling. “As a fiduciary to its shareholders, the company will do everything in its power to address any evidence of improper trading in Mullen securities,” the company stated.
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two company-owned, United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen commercial class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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