Mullen Automotive secures $10M for B4 truck production

Mullen Automotive, Inc., based in the United States, is navigating significant changes as it seeks to ramp up the production of its B4 Class 4 electric vehicle truck. Recently, the company announced a $10 million non-dilutive debt financing from Robert Bollinger, the founder of Bollinger Motors. This financial injection is strategically aimed at bolstering production capabilities, as Bollinger Motors began full-scale production of its all-electric truck in September, with assembly taking place at Roush Industries in Livonia, Michigan. The B4 truck boasts over 70% U.S.-made content, emphasizing Mullen's commitment to local manufacturing. Mullen Automotive has set a target of reaching $75 million in GAAP revenue through commercial sales of its products, indicating a robust forecast for the company’s financial growth. The aim is to maintain a monthly average revenue of $12.5 million, crucial for sustaining operations and expansion efforts. Additionally, Mullen recently initiated steps to streamline operations by reducing headcount by 20% and cutting spending by $5.5 million, which also includes the discontinuation of the Mullen FIVE program. These measures reflect the company's strategy to adapt and optimize its financial resources amid a competitive market. To further enhance its dealership network, Mullen established the Mullen Credit Corporation (MCC), intended to support vehicle floor planning. This establishment represents a significant move to strengthen the company's infrastructure as it capitalizes on current market opportunities.