Mullen Automotive, Inc. MULN shares are trading higher after the company announced a commercial vehicle sales update.
Since September 30, Mullen said it has sold 100 Class 1 and Class 3 electric cargo vans and trucks, generating $5.5 million in total sales. This marks a significant milestone in the company's growing momentum in the commercial EV sector.
The vehicles sold include 57 Class 3 and 43 Class 1 EV cargo vans and trucks. However, these numbers exclude Bollinger Motors’ sales and expenses.
The company has also made significant strides in reducing its monthly burn rate. In August 2024, Mullen's burn rate was $16.8 million. By September, this had decreased to $11.8 million, and further reduced to $5.3 million for October and November 2024.
The demand for sustainable transportation solutions is driving strong sales across multiple industries, with Mullen in ongoing discussions with government agencies, universities, and large fleets to expand EV adoption across the U.S.
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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 of which meet the requirements of U.S. Federal Motor Vehicle Safety Standards and environmental regulations.
The Mullen THREE qualifies for significant incentives, including a $15,000 rebate through the Massachusetts MOR-EV program and a $45,000 voucher from California's HVIP program.
As Mullen expands its footprint both domestically and internationally, its focus remains on building traction for both Mullen and Bollinger Motors, the company said.
Price Action: MULN shares are trading higher by 3.70% to $1.276 at last check Wednesday.
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