Mullen Automotive announced on Friday its preliminary financial results for the first quarter of 2022. The EV maker said that Mullen FIVE reservations increased substantially during Q1 and more than doubled the volume attained in the last quarter of 2021 which included the world debut of the Mullen FIVE at the LA Auto Show in late 2021. Reservation progress continues to build and shows strong consumer interest.By the end of Q1, Mullen’s cash and cash equivalents amounted to $65.2 million:
- $43.9 million from the issuance of 4,974,214 Series C Preferred Stock and 14,922,667 in associated warrants to the selling stockholders that were listed within the S-3 Registration Statement, declared effective on April 15, 2022.
- $29.6 million in net proceeds under the $30 million Esousa Equity Line, dated Sept. 1, 2021.
Total debt of $22.1 million continues its downward trend. Debt has decreased significantly from Sept. 30, 2021, due to principal paydowns, debt payoffs and conversion of convertible debt to equity. Tax liabilities decreased to $2.8 million from $4.2 million, which is comprised of IRS and other tax jurisdictions related to payroll taxes and sales and use taxes. On April 14, 2022, the Company signed an IRS installment agreement to pay the remaining balance for federal payroll-related liabilities via monthly payments of $45,000.
In May 2022, Mullen signed a proposal with Thurner Design for the vehicle development of the Mullen FIVE RS, a high-performance EV sport crossover vehicle featuring close to 1,100 HP, 0-60 mph in just 1.95 seconds, and 200 mph top speed. The proposal includes two phases: 1) design, surfacing and design support, and 2) visualization and high imaging.
The Thurner Design team is responsible for shaping and directing designs and brands like Rolls-Royce Motorcars, Bentley Motors, Bugatti, Porsche, Lamborghini, Aston Martin and Mullen Automotive, the company said.
“We have made significant progress during the second quarter and have demonstrated significant finance progress for moving forward,” said David Michery, CEO and chairman of Mullen Automotive. “Our balance sheet continues to improve and our EV programs are all moving forward, including the start of the Mullen FIVE RS program.”
Earlier this week, the company announced that Battery Innovation Center (BIC) in Indiana has completed the cell preconditioning in preparation for cell performance cycling. BIC will enter into high rate cycling as part of the performance-based cycling with those results forthcoming, the company added.
“I am pleased with the initial preconditioning results on our solid-state polymer battery cell and we’re progressing to the next stage of testing with BIC,” said David Michery, CEO and chairman of Mullen Automotive. “The battery has performed well and I’m looking forward to see finalized testing results from BIC later this month.”
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Last week, the EV maker announced that will add Mullen FIVE RS on the second leg of the “Strikingly Different” U.S. test-drive tour. The electric vehicle maker also announced that new tour stops have been added for spring 2023. The Mullen FIVE RS is a high-performance EV featuring close to 1,100 horsepower, 0-60 mph in just 1.95 seconds, and a top speed of almost 200 mph.
Mullen is now extending the “Strikingly Different” tour to spring 2023 in an effort to increase test drive capacity, with the addition of more FIVE variants, including multiple Mullen FIVE RS vehicles. Initially, Mullen will start the national tour in October 2022 and embark on a 19-city journey across the U.S. over six weeks.
Recently, Mullen had announced an upcoming 19-city national test drive tour for the Mullen FIVE starting in October. As part of its tour, Mullen will make stops across the U.S to provide FIVE reservation holders with the opportunity to test drive and experience the new Mullen FIVE EV Crossover in person.
The tour will start in Mullen’s home base, Southern California, and will cover major U.S. cities including: Los Angeles, San Diego, Las Vegas, Houston, Dallas, Memphis, Miami, Atlanta, Charlotte, Washington, Philadelphia, New York, Boston, Detroit, Chicago, Denver, Seattle, Portland, and San Francisco.
Mullen asks interested individuals who have not already done so to book their FIVE reservation here in order to secure a spot on the upcoming national tour. Further details and upcoming progress will be shared on Mullen’s social media platforms and with individuals who opt to stay connected here.