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BREA, Calif. - Mullen Automotive, Inc. (NASDAQ:MULN), an electric vehicle manufacturer, has announced the sale of its all-electric Mullen ONE Class 1 cargo van to Global Expert Shipping, a licensed freight forwarding company based in Glendale, California. The sale, which is the first of a planned series of orders, will be fulfilled by Pritchard Automotive, a nationally recognized EV dealer partner of Mullen. According to InvestingPro data, while the company has shown impressive revenue growth of nearly 997% in the last twelve months, it currently operates with challenging financial metrics.
Global Expert Shipping specializes in international shipments between the U.S. and Armenia, among other global destinations. The addition of the Mullen ONE to its fleet is part of the company’s strategy to reduce its carbon footprint while addressing specific transportation needs. InvestingPro analysis reveals the company faces significant operational challenges, with an EBITDA of -$242.28 million and a current ratio of 0.24, indicating potential liquidity constraints.
David Michery, CEO and chairman of Mullen Automotive, expressed pride in supporting logistics companies like Global Expert in their sustainable initiatives. He highlighted that Mullen’s commercial EVs not only cater to the specific needs of shipping companies but also provide significant total cost of ownership savings.
Mullen Automotive’s commercial EV lineup includes the Mullen ONE and the Mullen THREE, a Class 3 EV cab chassis truck, both designed for urban last-mile applications. Both vehicles are available for sale in the U.S. and comply with Federal Motor Vehicle Safety Standards, as well as the Environmental Protection Agency and California Air Resources Board certifications, ensuring adherence to clean air emissions standards.
Global Expert Shipping offers an array of international shipping services, including sea and air shipping of various cargo types, as well as door-to-door international parcel shipping.
Mullen Automotive, headquartered in Southern California, operates two vehicle plants in the United States and began commercial vehicle production in August 2023. The company’s dealer network spans key markets across the country, providing sales and service coverage.
The press release also mentioned Bollinger Motors, a majority-owned EV truck company of Mullen Automotive, which has launched its B4, Class 4 electric truck production and developed a dealer and service network with over 50 locations in the U.S.
Investors should note that this information is based on a press release statement and that forward-looking statements involve risks and uncertainties that could affect actual results, including the timing of delivery and additional orders from Global Expert Shipping, as well as the availability of governmental incentives for electric vehicles. InvestingPro has identified 18 additional key investment factors for Mullen Automotive, offering subscribers comprehensive insights into the company’s financial health and market position. Get access to detailed analysis and real-time updates with an InvestingPro subscription.
In other recent news, Mullen Automotive Inc. reported a record GAAP revenue of $3.18 million for the quarter ending March 31, 2025. This financial update accompanies plans for cost-cutting measures, including staff reductions and facility eliminations, aimed at reducing operating expenses and boosting near-term commercial revenue. The company has also announced a partnership with Enpower Greentech Inc. to produce SWIFT series semi-solid-state batteries, slated to begin production in early 2026 at Mullen’s Fullerton, California facility. In a strategic move to comply with Nasdaq’s requirements, Mullen has approved a 1-for-100 reverse stock split, reducing the number of outstanding shares significantly.
Additionally, Mullen’s commercial vehicles, including those from its majority-owned Bollinger Motors, are now fully assembled in the United States, with a significant portion of components sourced domestically. The company recently advanced in its lawsuit alleging stock manipulation, as a federal judge allowed the case to proceed to the discovery phase. This legal development comes as Mullen continues to grow its electric vehicle business with production facilities in Mississippi and Indiana. Mullen’s commitment to local sourcing and assembly aligns with its strategy to stabilize pricing and offer cost-effective solutions for businesses transitioning to electric fleets.
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