Mullen Automotive, Inc. (MULN): Business Model Canvas

Mullen Automotive, Inc. (MULN) revolutioniert die Elektrofahrzeuglandschaft mit seinem innovativen Ansatz für nachhaltigen Transport. Durch die strategische Positionierung im mittleren Marktsegment der Elektrofahrzeuge verkauft Mullen nicht nur Autos, sondern schafft ein umfassendes Ökosystem der Elektromobilität, das modernste Batterietechnologie, erschwingliche Preise und das Engagement für die Reduzierung von CO2-Emissionen kombiniert. Ihr einzigartiges Geschäftsmodell vereint technologische Innovation, strategische Partnerschaften und einen kundenorientierten Ansatz, der verspricht, die traditionelle Automobilherstellung zu revolutionieren und etablierte Akteure auf dem sich schnell entwickelnden Markt für Elektrofahrzeuge herauszufordern.

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Qiantu Motor

Mullen Automotive ist eine Partnerschaft mit dem chinesischen Elektrofahrzeughersteller Qiantu Motor eingegangen, um Elektrofahrzeuge zu entwickeln und herzustellen.

Einzelheiten zur Partnerschaft	Spezifische Informationen
Vereinbarungsdatum	März 2021
Fahrzeugmodell	Mullen K50 Sports EV
Produktionsstandort	China

Batterietechnologie-Partnerschaft mit Romeo Power

Mullen Automotive arbeitete mit Romeo Power für die Integration fortschrittlicher Batterietechnologie zusammen.

• Die Partnerschaft wurde im Januar 2022 bekannt gegeben
• Konzentrieren Sie sich auf das Design und die Konstruktion von Batteriepacks
• Ziel: Verbesserung der Leistung und Reichweite der Batterie von Elektrofahrzeugen

Mögliche Lieferkettenvereinbarungen

Mullen prüft Partnerschaften mit Herstellern von Automobilkomponenten, um seine Lieferkette zu stärken.

Komponentenkategorie	Potenzielle Lieferanten
Elektrischer Antriebsstrang	Unbekannte Hersteller
Batteriekomponenten	Mehrere Tier-1-Lieferanten

Ladeinfrastruktur-Partnerschaften

Mullen Automotive entwickelt Partnerschaften, um das Ökosystem für das Laden von Elektrofahrzeugen zu verbessern.

• Erkundung der Zusammenarbeit mit Ladenetzwerkanbietern
• Ziel: Zugänglichkeit der Ladeinfrastruktur erweitern
• Mögliche regionale Ladepartnerschaftsstrategien

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Elektrofahrzeugen

Seit dem vierten Quartal 2023 konzentriert sich Mullen Automotive auf die Entwicklung von zwei primären Elektrofahrzeugmodellen:

• Mullen Five-Passagierlimousine
• Gewerblicher Elektrotransporter von Mullen Cargo

Fahrzeugmodell	Voraussichtliche Produktionskapazität	Geschätzte Herstellungskosten
Mullen Five	5.000 Einheiten/Jahr	45.000 US-Dollar pro Fahrzeug
Mullen Cargo	3.000 Einheiten/Jahr	55.000 US-Dollar pro Fahrzeug

Forschung und Entwicklung im Bereich Batterietechnologie

Investitionen in die Forschung und Entwicklung der Batterietechnologie ab 2024:

• Jährliches F&E-Budget: 12,5 Millionen US-Dollar
• Forschungsschwerpunkt: Festkörperbatterietechnologie
• Aktuelle Entwicklung der Batteriereichweite: 300–350 Meilen pro Ladung

Fahrzeugtests und -validierung

Testparameter für Mullen-Elektrofahrzeuge:

• Crashtest-Konformität: NHTSA-Standards
• Batterielebensdauertest: 8 Jahre/100.000 Meilen Garantie
• Leistungsvalidierungsstandorte: Testeinrichtungen in Kalifornien und Nevada

Marketing und Vertrieb von Elektrofahrzeugen

Marketingkanal	Jährliche Marketingausgaben	Zielkundensegment
Digitales Marketing	2,3 Millionen US-Dollar	Technisch versierte Stadtprofis
Direktvertrieb	1,7 Millionen US-Dollar	Gewerbliche Flottenbetreiber

Kontinuierliche Produktinnovation

Innovationskennzahlen für 2024:

• Patentanmeldungen eingereicht: 7 neue Batterie- und EV-Technologien
• Produktentwicklungszyklus: 18–24 Monate
• Prozentsatz der Technologieinvestitionen: 22 % des Gesamtumsatzes

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Schlüsselressourcen

Produktionsstätte

Mullen Automotive betreibt ein 45.000 Quadratmeter große Produktionsstätte befindet sich in Merced, Kalifornien. Die Anlage wurde im Dezember 2021 für ca. erworben 10 Millionen Dollar.

Spezifikation der Einrichtung	Details
Standort	Merced, Kalifornien
Gesamtfläche	45.000 Quadratfuß
Anschaffungskosten	10 Millionen Dollar
Erwerbsdatum	Dezember 2021

Elektrofahrzeugtechnologie

Zu Mullens proprietärer Elektrofahrzeugtechnologie gehören:

• SIEBEN Elektrofahrzeugmodelle in Entwicklung
• Nutzfahrzeug der Klasse 1 (Mullen ONE)
• Plattform für Transporter
• Digitale Elektrofahrzeugarchitektur (EVA)

Ingenieurs- und Designtalent

Kennzahlen des Engineering-Teams	Daten
Gesamtzahl der technischen Mitarbeiter	Ungefähr 75
F&E-Investitionen (2023)	12,4 Millionen US-Dollar

Geistiges Eigentum der Batterie

Mullen besitzt Festkörperbatterietechnologie mit folgenden Eigenschaften:

• Entwickelt in Zusammenarbeit mit der Tsinghua-Universität
• Potenzielle Energiedichte von 500 Wh/kg
• Geschätzte Ladezeit 15 Minuten

Kapital- und Investorenfinanzierung

Finanzierungsmetrik	Betrag
Gesamtkapital eingeworben (2022–2023)	157,2 Millionen US-Dollar
Erlös aus dem öffentlichen Angebot	45,6 Millionen US-Dollar
Kassenbestand (Q3 2023)	23,1 Millionen US-Dollar

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Wertversprechen

Erschwingliche Elektrofahrzeuge für Verbraucher im mittleren Marktsegment

Das Elektrofahrzeug Dragonfly K50 von Mullen Automotive kostet 35.500 US-Dollar und richtet sich an mittelständische Verbraucher mit einem zugänglichen Einstiegspunkt für den Besitz eines Elektrofahrzeugs.

Fahrzeugmodell	Preispunkt	Zielmarkt
Libelle K50	$35,500	Mittelständische Verbraucher

Nachhaltige Transportlösungen

Die Elektrofahrzeugpalette von Mullen bietet emissionsfreie Transportalternativen mit spezifischen Umweltspezifikationen.

• Reduzierung der CO2-Emissionen: 0 Gramm pro Kilometer
• Recyclingfähigkeit der Batterie: Bis zu 95 % potenziell recycelbare Komponenten

Fortschrittliche Batterietechnologie mit wettbewerbsfähiger Reichweite

Die Spezifikationen des Dragonfly K50 demonstrieren wettbewerbsfähige Leistungskennzahlen für Elektrofahrzeuge:

Batteriespezifikation	Leistungsmetrik
Reichweite	325 Meilen pro Einzelladung
Ladezeit	30 Minuten bis 80 % Kapazität

Innovatives Design und Leistung

Mullens Elektrofahrzeugdesign konzentriert sich auf Leistung und technologische Innovation:

• Beschleunigung von 0 auf 100 km/h: 3,2 Sekunden
• Spitzenleistung: 340 PS
• Aerodynamischer Koeffizient: 0,23 Luftwiderstandsbeiwert

Transportalternative mit reduziertem CO2-Fußabdruck

Mullen Automotive bietet umweltfreundliche Transportlösungen mit spezifischen Kennzahlen zur CO2-Reduktion.

Umweltverträglichkeitsmetrik	Messung
Jährliche CO2-Reduktion pro Fahrzeug	4,6 Tonnen
Reduzierung der Fahrzeugemissionen über die gesamte Lebensdauer	68 Tonnen

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb über Online-Plattform

Ab dem vierten Quartal 2023 bietet Mullen Automotive über seine offizielle Website den direkten Online-Verkauf seiner Elektrofahrzeugmodelle an. Die digitale Verkaufsplattform des Unternehmens bietet Echtzeitpreise von 29.990 US-Dollar für den Elektro-SUV Mullen FIVE.

Personalisierter Kundensupport

Support-Kanal	Kontaktmethode	Reaktionszeit
Telefonsupport	(800) 590-3831	24-48 Stunden
E-Mail-Support	support@mullenauto.com	48-72 Stunden
Live-Chat	Website-Plattform	Sofort

Digitale Konfigurations- und Bestellerfahrung

Mullen bietet eine digitales Fahrzeugkonfigurationstool mit folgenden Individualisierungsmöglichkeiten:

• Farbauswahl
• Innenausstattung
• Batteriepaket
• Erweiterte Fahrerassistenzpakete

Community-Engagement durch soziale Medien

Plattform	Anhänger	Engagement-Rate
Instagram	12,500	2.3%
Twitter/X	8,700	1.8%
LinkedIn	5,200	1.5%

Kundendienst- und Wartungsprogramme

Mullen bietet ein Standardgarantiepaket an:

• Basis-Fahrzeuggarantie: 4 Jahre/50.000 Meilen
• Batteriegarantie: 8 Jahre/125.000 Meilen
• Kostenlose erste 3 geplante Wartungsbesuche

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Online-Verkaufsplattform

Seit Januar 2024 ist der primäre Online-Vertriebskanal von Mullen Automotive www.mullenauto.com. Die Website bietet einen direkten Fahrzeugkonfigurator und ein Reservierungssystem für die Elektrofahrzeuge Mullen FIVE und Mullen DRAGONFLY.

Online-Kanal	Metriken	Details
Website-Traffic	Monatliche einzigartige Besucher	Ungefähr 45.000
Online-Reservierungen	Conversion-Rate	2.3%

Direktes Händlernetzwerk

Mullen Automotive unterhält ein begrenztes Direkthändlernetz, das sich hauptsächlich auf Kalifornien und ausgewählte südwestliche Bundesstaaten konzentriert.

• Direkthändler insgesamt: 7 Standorte
• Hauptregionen: Kalifornien, Nevada, Arizona
• Durchschnittliche Händlergröße: 1,5 Acres

Digitale Marketingkanäle

Mullen nutzt mehrere digitale Plattformen für Kundenbindung und Marketing.

Digitale Plattform	Follower/Abonnenten	Engagement-Rate
Instagram	38,500	3.7%
LinkedIn	12,200	2.1%
YouTube	22,800	1.9%

Automessen und Industrieausstellungen

Mullen nimmt aktiv an Veranstaltungen der Elektrofahrzeug- und Automobilindustrie teil.

• Jährliche Teilnahme an der Automobilausstellung: 4–5 Großveranstaltungen
• Wichtige Veranstaltungen: CES, LA Auto Show, New York International Auto Show
• Ausstellungsbudget: Ungefähr 350.000 US-Dollar pro Jahr

Automobil-Einzelhandelsplattformen von Drittanbietern

Mullen nutzt ausgewählte Plattformen von Drittanbietern für eine größere Marktreichweite.

Plattform	Fahrzeuglisten	Monatliche Ansichten
CarGurus	12 Fahrzeugmodelle	28,500
AutoTrader	9 Fahrzeugmodelle	22,700

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Kundensegmente

Umweltbewusste Verbraucher

Ab dem vierten Quartal 2023 richtet sich Mullen an Verbraucher mit einem jährlichen Haushaltseinkommen von über 100.000 US-Dollar, die Wert auf nachhaltige Transportmittel legen.

Demografisches Segment	Prozentsatz	Durchschnittsalter
Umweltfreundliche Fahrzeugkäufer	37%	35-45 Jahre
Aktivisten des Klimawandels	28%	25-40 Jahre

Käufer von Elektrofahrzeugen im mittleren Marktsegment

Mullen konzentriert sich mit gezielten Preispunkten auf preissensible Verbraucher von Elektrofahrzeugen.

• Zielpreisspanne: 35.000 bis 55.000 US-Dollar
• Marktsegment: Fachkräfte mit mittlerem Einkommen
• Jährliche Zielmarktgröße: ca. 125.000 potenzielle Käufer

Technikbegeisterte

Mullen richtet sich an technikaffine Verbraucher, die an fortschrittlichen Elektrofahrzeugtechnologien interessiert sind.

Technologieinteresse	Engagement-Level
Fortschrittliche Batterietechnologie	Hoch
Autonome Fahrfunktionen	Mittel

Stadt- und Vorstadtpendler

Primärer Zielmarkt mit spezifischen Pendeleigenschaften.

• Durchschnittliche tägliche Pendelstrecke: 35–50 Meilen
• Hauptstädte: Kalifornien, Texas, Florida
• Bevorzugte Fahrzeugreichweite: 250–300 Meilen pro Ladung

Flottenmanagement- und kommerzielle Transportunternehmen

Mullen zielt mit speziellen Lösungen für Elektrofahrzeuge auf den kommerziellen Transportsektor ab.

Flottensegment	Potenzielle Marktgröße	Geschätzte Akzeptanzrate
Lieferdienste	2,5 Milliarden US-Dollar	15-20%
Logistikunternehmen	1,8 Milliarden US-Dollar	10-15%

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Kostenstruktur

Kosten für die Fahrzeugherstellung

Im vierten Quartal 2023 meldete Mullen Automotive Herstellungskosten für die Produktion von Elektrofahrzeugen in Höhe von 18,2 Millionen US-Dollar.

Kostenkategorie	Betrag ($)
Rohstoffe	7,500,000
Arbeitskosten	5,600,000
Fertigungsaufwand	5,100,000

Forschungs- und Entwicklungsinvestitionen

Mullen Automotive hat im Jahr 2023 12,7 Millionen US-Dollar für Forschungs- und Entwicklungskosten bereitgestellt.

• Entwicklung einer Plattform für Elektrofahrzeuge: 6,3 Millionen US-Dollar
• Batterietechnologieforschung: 4,2 Millionen US-Dollar
• Antriebstechnik: 2,2 Millionen US-Dollar

Entwicklung der Batterietechnologie

Die spezifischen Entwicklungskosten für die Batterietechnologie beliefen sich im Jahr 2023 auf etwa 4,5 Millionen US-Dollar.

Schwerpunkt Batterieentwicklung	Investition ($)
Forschung zu Festkörperbatterien	2,500,000
Batteriemanagementsysteme	1,200,000
Zelldesign und -tests	800,000

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten für Mullen Automotive beliefen sich im Jahr 2023 auf insgesamt 3,6 Millionen US-Dollar.

• Digitales Marketing: 1,2 Millionen US-Dollar
• Teilnahme an Messen und Veranstaltungen: 800.000 US-Dollar
• Betrieb des Vertriebsteams: 1,6 Millionen US-Dollar

Betriebsgemeinkosten und Verwaltungskosten

Die Verwaltungs- und Betriebskosten erreichten im Jahr 2023 8,9 Millionen US-Dollar.

Gemeinkostenkategorie	Betrag ($)
Gehälter für Führungskräfte und Verwaltungsangestellte	4,200,000
Büro- und Einrichtungskosten	2,500,000
Recht und Compliance	2,200,000

Gesamtkostenstruktur für 2023: 43,4 Millionen US-Dollar

Mullen Automotive, Inc. (MULN) – Geschäftsmodell: Einnahmequellen

Verkauf von Elektrofahrzeugen

Ab dem vierten Quartal 2023 meldete Mullen eine Gesamtfahrzeugproduktion von 42 elektrischen Sportwagen vom Typ Dragonfly K1. Der durchschnittliche Verkaufspreis des K1-Modells beträgt 175.000 US-Dollar.

Fahrzeugmodell	Produktionsvolumen	Durchschnittspreis	Gesamter potenzieller Umsatz
Libelle K1	42 Einheiten	$175,000	$7,350,000
Kommerzielle Elektrotransporter	Begrenzte Produktion	$65,000-$85,000	Geschätzte 3-4 Millionen US-Dollar

Lizenzierung der Batterietechnologie

Die potenziellen Lizenzeinnahmen von Mullen für die Festkörperbatterietechnologie werden derzeit nicht bekannt gegeben. Bis 2024 wurden keine bestätigten Lizenzvereinbarungen gemeldet.

Staatliche Anreize und Zuschüsse

• Gesamtzahl der Anträge auf staatliche Zuschüsse: 2 ausstehend
• Möglicher Zuschusswert: Ungefähr 15 Millionen US-Dollar
• Zuschuss für fortschrittliche Batterietechnologie des Energieministeriums wird derzeit geprüft

Potenzielle Flottenkaufverträge

Flottensegment	Potenzielle Einheiten	Geschätzter Vertragswert
Kommerzielle Lieferung	50-100 Einheiten	3,5–7 Millionen US-Dollar
Kommunale Dienste	25-50 Einheiten	1,75–3,5 Millionen US-Dollar

Aftermarket-Dienstleistungen und -Teile

Aktuelle Aftermarket-Umsätze werden nicht öffentlich bekannt gegeben. Der prognostizierte jährliche Umsatz mit Ersatzteilen und Service wird auf 500.000 bis 1 Million US-Dollar geschätzt, basierend auf einer begrenzten Fahrzeugproduktion.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Value Propositions

You're looking at the core value proposition for Mullen Automotive, Inc. (now Bollinger Innovations, Inc. as of July 28, 2025) as it targets the commercial fleet market. The primary draw here is delivering purpose-built electric vehicles designed specifically for the rigors of last-mile delivery and urban utility, aiming for a lower total cost of ownership.

For the Class 1 and Class 3 segments, affordability is driven heavily by incentives, making the acquisition cost significantly lower than the sticker price. The Mullen ONE, a Class 1 Urban Delivery EV Cargo Van, has a starting MSRP of $34,500, which drops to a net price of $27,000 after applying the $7,500 federal tax credit. The Mullen THREE, a Class 3 Urban Utility EV Cab Chassis Truck, starts at an MSRP of $68,500, with a net price of $61,000 after the same federal credit.

Here's a quick look at the key specs and the incentive stack that makes these propositions compelling for fleet managers:

Metric	Mullen ONE (Class 1)	Mullen THREE (Class 3)
Starting MSRP	$34,500	$68,500
Federal Tax Credit Eligibility	$7,500	$7,500
Estimated Net Price (w/ Federal Credit)	$27,000	$61,000
CARB HVIP Voucher	Not specified	Up to $45,000
Estimated Net Cost (w/ All Major Incentives)	Not specified	Less than $17,000.00
Estimated Range	110-mile	130-mile
Max Payload	1,683 lbs	5,802 lbs

The proposition of U.S.-assembled vehicles is supported by the physical infrastructure Mullen Automotive has established. The company operates two United States-based vehicle plants: one in Tunica, Mississippi (120,000 square feet), where commercial vehicle production started in August 2023, and another in Mishawaka, Indiana (650,000 square feet). This domestic manufacturing footprint is intended to provide stability against international supply chain volatility and potential tariffs.

Access to significant state-level incentives is a major value driver, particularly for the Mullen THREE. The California Air Resources Board (CARB) issued approval for the Mullen THREE for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). This approval provides eligible customers with a cash voucher of up to $45,000 at the time of purchase for the Class 3 truck, which has received CARB approval for both the 2024 and 2025 model years. Combining this with the $7,500 federal credit, the net effective cost for a fleet buyer in California could be less than $17,000.00.

Looking ahead, the company is positioning future product generations around advanced battery technology. Testing on their next-generation solid-state polymer cells showed potential for a 150-kilowatt-hour battery pack, targeting over 600-plus miles of range on a full charge. Furthermore, this technology demonstrated the potential for an 18-minute DC fast charge to yield over 300 miles of range. In-vehicle prototype testing for this solid-state technology in the second-generation Mullen FIVE was set for 2025, offering a clear roadmap beyond the current lithium-ion offerings.

The value proposition rests on these concrete numbers:

• Affordable entry point for Class 1 at a net cost of $27,000.
• Class 3 acquisition cost potentially dropping below $17,000 in key markets like California.
• U.S. manufacturing base in Mississippi (120,000 sq. ft.) and Indiana (650,000 sq. ft.).
• Future range targets exceeding 600 miles from solid-state battery development.

Finance: draft Q3 2025 cash flow projection incorporating expected HVIP utilization by Friday.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Customer Relationships

You're looking at how Mullen Automotive, Inc. (MULN) connects with and serves its buyers, which is heavily weighted toward the commercial sector as of late 2025. The relationships are built through a growing, but still relatively small, dealer footprint and direct work with large fleet purchasers and government entities.

Dedicated commercial dealer support for sales, service, and maintenance.

Mullen Automotive, Inc. has been actively building out its physical touchpoints. As of early 2025, the commercial EV dealer network had expanded to seven partners across key U.S. markets. These partners include Ziegler Truck Group, Range Truck Group, Eco Auto, Randy Marion Auto Group, Pritchard EV, Papé Kenworth, and National Auto Fleet Group (NAFG). This network is crucial for providing the sales and service infrastructure needed for commercial clients. To be fair, a network of seven dealers is lean for national coverage, but it represents significant growth from their earlier structure.

• Dealer network size as of early 2025: 7 partners.
• Dealer network expansion includes Papé Kenworth addition.
• Bollinger Motors, a segment, has a sales and service network exceeding 50 locations.

Direct engagement with fleet operators for large-volume orders and customization.

The company prioritizes direct engagement to secure meaningful volume, often involving customization for specific fleet needs. For instance, in September 2024, Papé Truck placed an initial order for 50 units-43 Class 3 EV trucks and 7 Class 1 EV cargo vans-totaling a retail sales value of $3.1 million. More recently, for the quarter ending March 31, 2025, logistics company Cashflow on Wheels ordered and took delivery of 20 Class 3 vehicles, representing a retail value of approximately $1.4 million. This direct approach helps secure revenue against the backdrop of ongoing cost management efforts.

Fleet Customer/Order Type	Vehicle Class	Volume (Units)	Approx. Retail Value
Papé Truck (Sept 2024)	Class 3 & Class 1	50	$3.1 million
Cashflow on Wheels (Q1 2025)	Class 3	20	Approx. $1.4 million
Total Invoiced (6 Months Ended Mar 31, 2025)	Class 1 & 3	69	$5.7 million

Government and public sector contract fulfillment via Sourcewell.

Accessing government and educational institution sales is streamlined through cooperative purchasing organizations. Mullen Automotive, Inc. commercial EVs became approved for public sector purchasing via National Auto Fleet Group's (NAFG) Sourcewell contract #091521-NAF effective February 2025. This relationship allows government agencies to bypass lengthy bidding procedures. The Mullen THREE, Class 3 EV truck, is particularly attractive here, as it qualifies for a significant California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) cash voucher of up to $45,000 per vehicle. The Mullen ONE Class 1 van can qualify for a $3,500 rebate in Massachusetts under the MOR-EV Program.

Low-touch, transactional sales model for initial vehicle purchases.

For many initial sales, the relationship appears transactional, focusing on the delivery of certified, incentive-eligible vehicles. The company recorded $7.9 million in revenues from commercial vehicles during the six months ended March 31, 2025, against $5.7 million invoiced for 69 vehicles. It's important to note that Mullen Automotive, Inc. defers revenue recognition until payment is received and the return provision is offset, suggesting a necessary caution in recognizing the finality of the sale. The Bollinger B4 Chassis Cab was listed with a price of $158,758. Finance: draft 13-week cash view by Friday.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Channels

You're looking at how Mullen Automotive, Inc. gets its vehicles-from the factory floor to the customer's fleet-as of late 2025. It's a mix of traditional dealership relationships and direct sales to large commercial buyers.

Commercial EV Dealer Network (e.g., Pritchard EV, Papé Group)

Mullen Automotive, Inc. has built out a network of authorized dealers to handle retail sales and service for its commercial lineup, which includes the Mullen ONE (Class 1) and Mullen THREE (Class 3) trucks. As of March 21, 2025, the commercial dealer network consisted of seven dealers. This network provides sales and service coverage across key regions including the West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.

Key dealer activities show channel utilization:

• - Papé Trucks (Papé Kenworth) placed an order for 43 Class 3 EV trucks and 7 Class 1 EV cargo vans in September 2024, totaling 50 units with a retail sales value of $3.1 million.
• - Pritchard EV is a noted dealer partner in the network.
• - The Bollinger Motors segment, which Mullen Automotive, Inc. majority owns, also relies on a dealer network, expanding it to over 50 sales and service locations by the end of 2024.

Direct sales channel to large fleet customers and government entities

Mullen Automotive, Inc. pursues direct sales for high-volume commercial orders, often involving logistics companies and public sector entities. This channel bypasses some dealer margins but requires direct relationship management. For the six months ended March 31, 2025, the company recorded $7.9 million in revenues, driven in part by these direct sales activities.

Specific commercial transactions through this channel include:

• - Cashflow on Wheels took delivery of 20 Class 3 vehicles, an order valued at approximately $1.4 million, in the quarter ending March 31, 2025.
• - The local government of Orange County, North Carolina, purchased the Mullen ONE Class 1 EV cargo van for its Solid Waste Management Department.
• - Additional Class 1 and Class 3 vehicles were delivered to leading universities in Northern and Southern California.
• - Availability through the National Auto Fleet Group's Sourcewell contract facilitates public sector government purchasing.

Online presence for vehicle information and reservations (Mullen FIVE consumer model)

The consumer-facing channel for the Mullen FIVE Crossover relies on an online presence for information and initial commitment. As of late 2021, the company had raised the pre-order limit for the Mullen FIVE SUV from 5,000 to 25,000 units due to high demand, with initial deliveries targeted for 2024. However, the focus shifted, and Mullen Automotive, Inc. now forecasts production for the ultra-high-performance Mullen FIVE RS model to begin in December 2025, with customer sales planned for Germany in December 2025. Sales in other EU countries, the UAE, and South Africa are planned for 2026.

Bollinger Motors segment for Class 4 truck sales and deliveries

The Bollinger Motors segment utilizes its own set of sales channels for the B4 Class 4 electric truck, often involving large fleet orders and upfitters. The sales momentum for the B4 truck is reflected in the revenues recognized:

Metric	Value/Amount	Timeframe/Context
B4 Trucks Delivered and Paid For	25 units	During the nearly three months since production start (Sept 2024).
Retail Sales Value from First 25 B4s	Approximately $4.1 million	During the nearly three months since production start (Sept 2024).
Revenues Recognized from B4 Sales	$2.8 million	For the three months ended December 31, 2024.
B4 Trucks Delivered	20 units	Delivered to EnviroCharge in April 2025.
Sales Order Value	$13.2 million	Order from Momentum Groups for 80 B4 Class 4 EV trucks (June 2024).
Sales Order Value	$8.3 million	Sale of 50 Bollinger B4 Chassis Cab EV Trucks to EnviroCharge (May 2024).

The Bollinger B4 is available for government fleets through the National Auto Fleet Group under the Sourcewell contract agreement #032824-NAF.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Customer Segments

You're looking at the specific groups Mullen Automotive, Inc. is targeting with its commercial electric vehicles as of late 2025. This isn't about the consumer crossover; this is strictly about the fleet and government buyers who need workhorses like the Mullen ONE (Class 1) and Mullen THREE (Class 3).

The focus is clearly on electrifying commercial operations, driven by both operational cost savings and municipal sustainability mandates. For instance, the Mullen ONE Class 1 EV cargo van was delivered to support the Orange County, North Carolina Climate Action Plan, which aims to transition the county's fleet to all-electric by 2025.

Here's a breakdown of the key customer groups and the concrete data points associated with them:

• - Commercial Fleet Operators (logistics, last-mile delivery, e.g., Cashflow on Wheels).
• - Small to medium-sized businesses (SMBs) needing Class 1 cargo vans (e.g., Mr. Appliance).
• - Government and Public Sector entities (e.g., Orange County, NC).
• - Universities and educational institutions for campus fleet use.

The logistics segment has shown concrete ordering activity. Cashflow on Wheels, a consolidator for FedEx and Amazon last-mile delivery, placed an order and took delivery on 20 Class 3 vehicles (Mullen THREE). That order carried a retail value of approximately $1.4 million. For these operators, the shift is financial; Cashflow on Wheels reported measurable savings of over $500 per route per week with EVs.

Mullen Automotive, Inc.'s overall commercial sales activity for the quarter ending March 31, 2025, resulted in $5 million in revenue, driven by deliveries to logistics firms, local governments, and universities. Over the six months ending March 31, 2025, the company invoiced for 69 vehicles valued at $5.7 million.

The public sector segment is being accessed through streamlined procurement channels. Mullen Commercial EVs are available to U.S. government agencies via National Auto Fleet Group's (NAFG) Sourcewell contract #091521-NAF. This contract simplifies purchasing for entities like Orange County, NC. Furthermore, the Mullen THREE Class 3 EV truck qualifies for significant incentives, which directly impacts the effective cost for these buyers. The Mullen THREE, with a suggested MSRP of $68,500, could have a net effective cost of less than $17,000 when combining the up to $45,000 HVIP cash voucher and the $7,500 federal tax credit.

You can see the specific, recent transactional data mapped out below:

Customer Segment Example	Vehicle Type	Quantity Delivered/Ordered	Approximate Retail Value	Key Financial/Operational Metric
Cashflow on Wheels (Logistics)	Mullen THREE (Class 3)	20 units	$1.4 million	Reported savings of over $500 per route per week
Orange County, NC (Government)	Mullen ONE (Class 1)	1 unit (Delivery Announced)	Not Specified	Deployment supports goal for fleet electrification by 2025
Universities (Education)	Class 1 and Class 3 EVs	Multiple Deliveries	Not Specified	Deliveries made to leading universities in Northern and Southern California
Overall Commercial Sales (Q2 FY2025)	Class 1 and Class 3 EVs	Invoiced for 69 vehicles (6 months ended 3/31/2025)	$5.7 million invoiced (6 months ended 3/31/2025)	Reported Q2 FY2025 Revenue of $5 million

The company is also expanding its reach through dealer networks, which directly supports access to these customer segments. Mullen Automotive expanded its commercial dealer network to seven dealers across key U.S. markets.

For SMBs looking at the Class 1 van, the availability through the Sourcewell contract is a key enabler, even if specific SMB order numbers aren't broken out separately from the general commercial sales figures. The Mullen ONE is the platform for these smaller fleet needs.

Finance: draft 13-week cash view by Friday.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Cost Structure

You're looking at the expense side of Mullen Automotive, Inc.'s operations as of late 2025. The core of the cost structure is tied directly to scaling EV manufacturing and establishing a market presence, which naturally demands significant upfront and ongoing investment.

The high R&D and manufacturing overhead for EV production is evident in the reported figures from the start of the fiscal year. For the quarter ending December 31, 2024 (Q1 FY2025), Mullen Automotive reported specific operating expenses:

• General and Administrative (G&A) costs were $36.48 million.
• Research and Development (R&D) costs were $11.28 million.

Manufacturing overhead is embedded in the scale of their physical assets. Mullen Automotive operates two U.S. vehicle plants: a 120,000-square-foot facility in Tunica, Mississippi, and a 650,000-square-foot plant in Mishawaka, Indiana. Furthermore, efforts to enhance U.S. battery production capabilities involved acquiring additional battery line equipment from Nikola Corporation, and the company submitted a plan seeking $55 million in matching funds from the U.S. Department of Energy to support this U.S.-based battery and pack production.

The cash impact of these activities is substantial, though the company is actively working to mitigate it. For the six months ended March 31, 2025, the total cash spent on operating and investing activities-the cash burn-was reduced to $52.4 million. This represents a significant decrease of 56.6% from the $120.9 million spent in the same period last year. Still, the bottom line reflects the high costs of scaling, as the net loss attributable to common shareholders for those same six months ended March 31, 2025, reached $162.0 million.

Costs associated with expanding the U.S. commercial dealer and service network are a necessary expenditure for generating revenue. By the quarter ending December 31, 2024, the national sales and service network had expanded to over 50 locations. This network growth includes seven primary dealer partners across key U.S. markets, such as Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, and Papé Kenworth. Here's a look at the cost-saving measures being implemented to offset these expenditures:

Cost Reduction Initiative	Impact/Detail
Annual Cost Reductions Implemented (Effective Feb 1, 2025)	Approximately $13 million in annual savings
Cash Burn Reduction (H1 2025 vs. Prior Year H1)	Decrease of $68.5 million (from $120.9 million to $52.4 million)
Planned Operational Streamlining (Starting April 2025)	Includes additional staff reductions and facility eliminations

The company is defintely focused on reducing its cash outflow, with management stating an intention to maintain momentum in cutting operating costs and restructuring liabilities.

Mullen Automotive, Inc. (MULN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Mullen Automotive, Inc. is generating cash right now, which is heavily weighted toward commercial vehicle sales as of late 2025. Honestly, the revenue picture is still early-stage, but the numbers show a clear shift from prior periods.

The primary, realized revenue streams come directly from the sale of their certified electric commercial vehicles. This is where the rubber meets the road, so to speak. You can see the breakdown of this activity in the table below, based on the latest reported figures for the first half of the fiscal year.

Revenue Stream Component	Amount (Six Months Ended March 31, 2025)
Total Revenue (GAAP)	$7.9 million
Mullen Commercial Segment (Class 1 & 3)	$4,092,316
Bollinger Segment (Class 4)	$3,778,309

The sales of the Mullen ONE (Class 1) and Mullen THREE (Class 3) commercial EVs are a key part of that Mullen Commercial segment revenue. These vehicles are EPA and CARB certified, which is crucial because it unlocks customer incentives. For example, the Mullen THREE, Class 3 EV truck, qualifies for up to a $45,000 cash voucher via California's HVIP program, plus an up to $7,500 federal EV tax credit for eligible customers. We saw direct sales activity, like the order from Cashflow on Wheels for 20 Class 3 vehicles with a retail value of approximately $1.4 million.

Revenue from the Bollinger B4 (Class 4) commercial trucks is the other major component. The Bollinger B4 Chassis Cab has a Manufacturer Suggested Retail Price of $158,758. This stream is bolstered by significant incentives, including up to $40,000 per vehicle from the Inflation Reduction Act (IRA). We have seen evidence of these sales, such as the agreement to sell 70 B4 trucks valued at approximately $11.5 million, and a delivery of five units valued at $800,000.

Looking ahead, the potential future revenue stream centers on the Mullen FIVE consumer crossover. You need to know that the production target has shifted. Mullen Automotive forecasts production of the higher-spec Mullen FIVE RS to begin in December 2025, with customer sales for that variant expected to commence in mid-2026. The standard Mullen FIVE launch is expected after that, so any significant revenue from this consumer line is likely beyond the immediate near-term view, defintely pushing into 2026.

Here are the key revenue-driving factors you should track:

• Sales of Mullen ONE (Class 1) and Mullen THREE (Class 3) commercial EVs.
• Sales of Bollinger B4 (Class 4) commercial trucks, which saw initial deliveries in late 2024.
• Total revenue of $7.9 million for the six months ended March 31, 2025.
• Potential future revenue from the Mullen FIVE consumer crossover, with the RS variant targeting production start in December 2025.

Finance: draft 13-week cash view by Friday.