MULN stock closed Wednesday 19, trading at $0.3400 as of 04:00 PM EDT
Electric Last Mile Solutions ( OTCMKTS:ELMS ), a failed electric vehicle (EV) manufacturer, sold its assets, including its manufacturing facility, inventory, and intellectual property, to Mullen Automotive ( NASDAQ:MULN ).
Mullenâ€™s retail and industrial EV production lines will be housed at the Mishawaka, Indiana factory. Up to 50,000 vehicles can be produced there each year. Additionally, by using the assets, Mullen will be able to cut the time it takes to produce and market its Mullen FIVE and Bollinger B1, B2 retail vehicles by a full year. In September, Mullen acquired its first electric vehicle (EV) by paying $148.2 million in cash and shares for a 60% controlling stake in Bollinger Motors, a maker of EV trucks. The most recent acquisition of ELMS assets will aid in the fusion of Bollingerâ€™s vehicle platforms.
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The Class 1 and Class 3 commercial delivery trucks from Mullen will be introduced in 2023 with the assistance of the ELMS assets. The commercial product platforms will be put together at Mullenâ€™s present EV assembly facility in Tunica, Mississippi. It also considerably lowers the automakerâ€™s anticipated cost for a larger production base. In 2024, Mullen FIVE is scheduled to go into production. The General Motors Hummer H2 and Mercedes-Benz R-Class automobiles were previously made in the Mishawaka facility.
All Mullen and Bollinger Class 1 to 6 commercial vehicles will be manufactured in Tunica, which will develop into a hub for the industry. Mullenâ€™s commercial portfolio will increase by more than 50%, and its retail portfolio will more than quadruple, thanks to the increased production capacity.
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The $92 million â€œstalking horseâ€ asset purchase bid by Mullen for the bankrupt EV firm pre…
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