Mullen Automotive Electric Vehicle Program Update

Mullen updates shareholders on key efforts for Mullen FIVE and Mullen EV Cargo Van Programs

Brea, California, UNITED STATES


BREA, Calif., Jan. 13, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today an update for Mullen Shareholders on the Mullen FIVE EV Crossover Program and the Mullen EV Cargo Van Program.

“I am excited to share updates about our vehicle programs for our valued shareholders.  The Mullen team has been working diligently on key initiatives both here in Southern California and outside Tunica, Mississippi, at our AMEC manufacturing facility for both our FIVE EV Crossover and EV Cargo Van programs,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen FIVE Program

The Mullen engineering team, along with our supplier partners, are making good progress to complete the first fully functional vehicles for both the Mullen FIVE Launch edition and Mullen FIVE RS, high performance edition.  Current work includes battery adaption, involving the cooling system and underbody protection.  The body-in-white (BIW) team is focusing on vehicle frame structural reinforcements and material selection.

The time frame for the first fully functional and drivable vehicles, including the FIVE RS, is currently on track for Q3 2022.  Mullen is planning for media and consumer events in late summer and early fall, where existing Mullen FIVE reservation holders and invited media will get to fully experience the vehicle, including test driving the FIVE in person.

Mullen EV Cargo Van Program

The Mullen EV Cargo Van program continues making solid progress at Mullen’s Advanced Manufacturing and Engineering Center (AMEC), located outside Tunica, Mississippi, with completion of the cargo van assembly process.  Despite the global issues with Covid and shipping delays, the company is on track to deliver first units to fleet order customers in Q2 2022. 

Mullen’s Class 1 EV cargo van (CarGO®) is based on a 120-inch wheelbase, 40-kilowatt-hour (kWh) battery pack, rear-wheel drive and modular 210 cubic feet cargo area. Vehicle range is estimated at 160 miles with a max payload of 2,249 pounds.  Mullen’s Class 2 EV van (ONE®) is based on a 144-inch wheelbase, 78.8-kWh battery pack, rear-wheel drive and modular 460 cubic feet cargo area. Vehicle range is estimated at over 200 miles with a max payload of 3,296 pounds. 

Mullen also recently announced a string of key partnerships with ARRK, Dürr and DSA Systems for automotive engineering, vehicle production systems, and Over the Air (OTA) and vehicle system diagnostics, respectively. The Company expects these strategic developments to play a crucial role in bringing the FIVE to market with the latest technology and in the least amount of time. The Mullen FIVE was also recently selected as the Top SUV as part of the ZEVA® Awards at the Los Angeles International Auto Show in November 2021.

The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is “Strikingly DifferentTM” and exciting to experience in person.  Learn more about the Mullen FIVE at MullenUSA.com.

About Mullen

Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.

Forward-Looking Statements

Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, whether the Company will achieve its objectives of launching its EV crossover, the FIVE,  FIVE RS, high performance edition and its EV Cargo Van within anticipated timelines, whether the contemplated media and consumer events referenced will occur, and if and when completed,  whether the FIVE and EV Cargo Van will be a success; and whether the Company’s partnerships with ARRK, Dürr and DSA Systems and relating to Over the Air (OTA) will result in expediting the rollout of the FIVE. Additional examples of such risks and uncertainties include, but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

Contact:

Mullen Automotive, Inc.

+1 (714) 613-1900

www.MullenUSA.com

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