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BREA, Calif. - Mullen Automotive Inc. (NASDAQ: NASDAQ:MULN), an electric vehicle manufacturer with a market capitalization of $2.56 million and remarkable revenue growth of 997% in the last twelve months, has announced the sale and deployment of the Mullen ONE, a Class 1 EV cargo van, to the Solid Waste Management (NYSE:WM) Department of Orange County, North Carolina. The vehicle’s addition is part of the county’s Climate Action (WA:ACT) Plan aiming to transition to an all-electric fleet by 2025.
Orange County, nestled between the Research Triangle Park and the Triad cities of Greensboro, Winston-Salem, and High Point, is advancing its sustainability goals with this purchase. The Mullen ONE EV cargo van is expected to provide the necessary versatility and efficiency for the department’s operations while contributing to reduced carbon emissions. According to InvestingPro data, Mullen’s recent performance indicates significant operational challenges, with 16 additional key insights available to subscribers.
The Mullen ONE and the larger Mullen THREE, a Class 3 EV cab chassis truck, are both available for government agencies across the U.S. through the Sourcewell Contract #091521-NAF, managed by National Auto Fleet Group (NAFG), an authorized dealer of Mullen Commercial EVs.
Both vehicles are in full compliance with U.S. Federal Motor Vehicle Safety Standards, as well as with Environmental Protection Agency and California Air Resources Board certifications, which regulate adherence to clean air emissions standards.
David Michery, CEO and chairman of Mullen Automotive, expressed confidence in the Mullen ONE’s ability to enhance the efficiency of Orange County’s Solid Waste Management Department while minimizing environmental impact. The company reported revenue of $4.01 million in the last twelve months, though InvestingPro analysis shows a current ratio of 0.24, indicating potential liquidity challenges.
Mullen Automotive’s commercial EV lineup is designed to meet the demands of urban last-mile delivery and municipal operations, aligning with the sustainability targets of various government agencies.
The company, with vehicle plants in Mississippi and Indiana, started commercial vehicle production in August 2023. As of January 2024, both the Mullen ONE and Mullen THREE are available for sale in the U.S. and have a growing presence in the government and municipal sectors. The company’s overall financial health score stands at 0.5, rated as "WEAK" by InvestingPro analysts, highlighting the importance of monitoring its execution in this competitive market.
This news is based on a press release statement issued by Mullen Automotive Inc. on February 27, 2025.
In other recent news, Mullen Automotive has made significant strides in expanding its operations and partnerships. The company announced that its Mullen ONE and Mullen THREE commercial electric vehicles are now available through the Sourcewell purchasing program, simplifying procurement for government agencies and educational institutions. Additionally, Mullen has partnered with EO Charging to provide electrification solutions for Bollinger Motors’ commercial fleet customers, enhancing support for fleet managers transitioning to electric vehicles. In another development, Mullen Automotive has approved a reverse stock split at a recent Special Meeting of Stockholders, which could impact the stock’s market price and liquidity.
Furthermore, Mullen has expanded its battery production capabilities at its Fullerton, California facility by acquiring additional equipment from Nikola (OTC:NKLAQ) Corporation. This move aims to increase the production of American-made battery packs and reduce reliance on imports. The company also reported securing repeat orders for its Mullen ONE, Class 1 EV cargo vans from two California universities, highlighting the growing interest in electrifying fleets within educational institutions. These developments reflect Mullen’s ongoing efforts to enhance its market presence and support the adoption of electric vehicles in various sectors.
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