Mullen Automotive to accept cryptocurrency for EV purchases

BREA, Calif. - Mullen Automotive Inc. (NASDAQ:MULN) announced Wednesday it will begin accepting cryptocurrency, including Bitcoin and $TRUMP meme coin, as payment for both Mullen and Bollinger commercial electric vehicles. The company, which generated $8.93 million in revenue over the last twelve months, is making this move amid challenging financial conditions, according to InvestingPro data.

The electric vehicle manufacturer stated it is currently one of the few vehicle manufacturers accepting cryptocurrency for vehicle purchases. The company is also exploring acceptance of additional cryptocurrencies, including other popular meme and stable coins. With a current ratio of 0.25, indicating potential liquidity challenges, the company appears to be exploring innovative payment solutions.

"The increasing acceptance of cryptocurrency as a form of payment expands Mullen’s ability to deliver its product to a broader audience at the commercial and consumer levels," said David Michery, CEO and chairman of Mullen Automotive.

Mullen’s commercial EV lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck. Both vehicles are available for sale and comply with U.S. Federal Motor Vehicle Safety Standards, Environmental Protection Agency requirements, and California Air Resources Board certifications.

The company also offers the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 185-mile range, 46-foot turning radius, and 7,325-pound payload capacity.

Mullen currently operates two U.S.-based vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana. The company began commercial vehicle production in Tunica in August 2023. Its commercial dealer network includes seven dealers providing sales and service coverage in key U.S. markets.

This information is based on a press release statement from Mullen Automotive. InvestingPro analysis reveals concerning metrics about the company’s financial health, with an overall score of 0.54 (labeled as WEAK) and a negative gross profit margin of -241%. For deeper insights into Mullen’s financial position and 14 additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools.

In other recent news, Mullen Automotive has settled a legal dispute with GEM, transferring its Mishawaka, Indiana manufacturing facility to the investment entities. This resolution allows Mullen to focus on its operational goals without pending legal encumbrances. Additionally, Mullen has increased its stake in Bollinger Motors to 95%, following the resolution of legal claims by Bollinger’s founder, Robert Bollinger. This move enables Bollinger Motors to continue operations as a subsidiary under Mullen’s ownership, with a focus on the Bollinger B4 all-electric commercial truck. In another development, Mullen’s commercial EVs are now eligible for rebates of up to $7,500 through the ComEd Business & Public Sector EV Rebate Program in Illinois, providing potential savings for customers. Furthermore, Mullen Automotive has announced the upcoming release of the Mullen FIVE RS, a high-performance EV crossover, with plans to launch in Germany in December 2025. The company is collaborating with Faissner Petermeier Fahrzeugtechnik AG to ensure the vehicle meets high standards. These recent developments highlight Mullen’s strategic efforts to enhance its position in the competitive EV market.

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