Mullen Achieves Manufacturing Milestone with 500th Commercial Vehicle Produced

BREA, Calif., April 18, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN), an emerging electric vehicle ("EV") manufacturer, today announces a manufacturing milestone achieved with the 500^th commercial vehicle recently produced out of its Tunica, Mississippi, commercial vehicle manufacturing and assembly facility.

Additional recent highlights include:

• The Company currently has 18 active commercial vehicle pilots with fleets, municipalities, universities and campuses underway.
• Expansion of its U.S. retail network with dealers located on the West Coast, Midwest and Mid-Atlantic regions expected to commence in June 2024.
• Expansion of commercial vehicle distribution in Europe with plans to sell 800 units expected to begin in 2024.

"We have increased requests for our vehicles internationally, and as result, we plan to launch an expansion into Europe next month," said David Michery, CEO and chairman of Mullen Automotive. "In addition to international growth, we plan to expand U.S. distribution, adding new dealer points to support commercial EV market penetration."

About Mullen

Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ("CARB") and EPA certified and available for sale in the U.S.

To learn more about the Company, visit www.MullenUSA.com.

Forward-Looking Statements

Certain statements in this press release that 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 (a) whether any of the active commercial vehicle pilots will result in sales; (b) the dates for the planned U.S. and European retail dealer network expansion; (c) whether the Company will meet its estimated sales of 800 vehicle units; (d) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (e) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (f) Mullen's ability to successfully expand in existing markets and enter new markets; (g) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (h) unanticipated operating costs, transaction costs and actual or contingent liabilities; (i) the ability to attract and retain qualified employees and key personnel; (j) adverse effects of increased competition on Mullen's business; (k) changes in government licensing and regulation that may adversely affect Mullen's business; (l) the risk that changes in consumer behavior could adversely affect Mullen's business; (m) Mullen's ability to protect its intellectual property; and (n) 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

Corporate Communications:
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
[email protected]