🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Mullen to Retrofit Facility for EV Battery Pack Production

Published 18/04/2022, 12:42
© Reuters.
MULN
-

Electric vehicle manufacturer, Mullen Automotive (NASDAQ:MULN), announced today that the company plans to begin EV battery pack production out of its high voltage battery R&D facility located in Monrovia, California. The company plans to retrofit the facility to accommodate production.

“Building our own battery packs makes sense as it reduces our reliance on third-party suppliers and lessens our risk of being subjected to the waves of supply and critical component shortages,” says David Michery, CEO and chairman of Mullen Automotive. “The entire industry is struggling with supply chain issues and the more control we have in-house, the better off our vehicle programs will be. Our Monrovia facility is already established for high voltage applications so retrofitting it for our battery pack development makes good sense for our company and shareholders.”

Previously, CODA Automotive utilized the Monrovia facility (CODA Energy) for battery pack research, development, and production of its U.S. homologated EV sedan, which was sold in the U.S. from 2012-18. Mullen purchased the assets from CODA in 2014 and took over the Monrovia high voltage facility in 2017, renaming it Mullen Energy.

By taking battery pack production in-house, Mullen aims to lower costs and increase overall quality control in battery pack development.

By Michael Elkins

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.