Mullen Automotive, Inc. (MULN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Mullen Automotive, Inc. (MULN) está revolucionando el panorama de los vehículos eléctricos con su enfoque innovador para el transporte sostenible. Al posicionarse estratégicamente en el segmento de EV del mercado medio, Mullen no solo vende autos, sino que elabora un ecosistema integral de movilidad eléctrica que combina tecnología de batería de vanguardia, precios asequibles y un compromiso para reducir las emisiones de carbono. Su modelo de negocio único combina la innovación tecnológica, las asociaciones estratégicas y un enfoque centrado en el cliente que promete interrumpir la fabricación automotriz tradicional y desafiar a los jugadores establecidos en el mercado de vehículos eléctricos en rápida evolución.

Mullen Automotive, Inc. (MULN) - Modelo de negocio: asociaciones clave

Colaboración estratégica con Qiantu Motor

Mullen Automotive estableció una asociación con el fabricante de EV chino Qiantu Motor para desarrollar y fabricar vehículos eléctricos.

Detalles de la asociación	Información específica
Fecha de acuerdo	Marzo de 2021
Modelo de vehículo	Mullen K50 Sports EV
Ubicación de fabricación	Porcelana

Asociación de tecnología de baterías con Romeo Power

Mullen Automotive colaboró ​​con Romeo Power para la integración avanzada de tecnología de baterías.

• Asociación anunciada en enero de 2022
• Concéntrese en el diseño e ingeniería del paquete de baterías
• Objetivo: Mejora del rendimiento y rango de la batería EV

Posibles acuerdos de la cadena de suministro

Mullen está explorando asociaciones con fabricantes de componentes automotrices para fortalecer su cadena de suministro.

Categoría de componentes	Proveedores potenciales
Transmisión eléctrica	Fabricantes no revelados
Componentes de la batería	Proveedores de nivel 1 múltiple

Asociaciones de infraestructura de carga

Mullen Automotive está desarrollando asociaciones para mejorar el ecosistema de carga EV.

• Explorando colaboraciones con proveedores de redes de carga
• Objetivo: expandir la accesibilidad de la infraestructura de carga
• Estrategias potenciales de asociación de carga regional

Mullen Automotive, Inc. (MULN) - Modelo de negocio: actividades clave

Diseño y fabricación de vehículos eléctricos

A partir del cuarto trimestre de 2023, Mullen Automotive se ha centrado en desarrollar dos modelos primarios de vehículos eléctricos:

• Sedán de cinco pasajeros mullen
• Camioneta comercial de carga de carga mullen

Modelo de vehículo	Capacidad de producción proyectada	Costo de fabricación estimado
Mullen cinco	5,000 unidades/año	$ 45,000 por vehículo
Carga mullen	3.000 unidades/año	$ 55,000 por vehículo

Investigación y desarrollo de tecnología de baterías

Inversión en I + D de tecnología de baterías a partir de 2024:

• Presupuesto anual de I + D: $ 12.5 millones
• Enfoque de investigación: tecnología de batería de estado sólido
• Desarrollo actual de rango de baterías: 300-350 millas por carga

Prueba y validación de vehículos

Parámetros de prueba para vehículos eléctricos Mullen:

• Cumplimiento de la prueba de choque: estándares NHTSA
• Prueba de durabilidad de la batería: garantía de 8 años/100,000 millas
• Sitios de validación de rendimiento: instalaciones de prueba de California y Nevada

Marketing y ventas de vehículos eléctricos

Canal de marketing	Gasto de marketing anual	Segmento de cliente objetivo
Marketing digital	$ 2.3 millones	Profesionales urbanos expertos en tecnología
Ventas directas	$ 1.7 millones	Operadores de flota comercial

Innovación continua de productos

Métricas de innovación para 2024:

• Solicitudes de patentes presentadas: 7 nuevas baterías y tecnologías EV
• Ciclo de desarrollo de productos: 18-24 meses
• Porcentaje de inversión tecnológica: 22% de los ingresos totales

Mullen Automotive, Inc. (MULN) - Modelo de negocio: recursos clave

Instalación de fabricación

Mullen Automotive opera un Instalación de fabricación de 45,000 pies cuadrados Ubicado en Merced, California. La instalación fue adquirida en diciembre de 2021 para aproximadamente $ 10 millones.

Especificación de la instalación	Detalles
Ubicación	Merced, California
Área total	45,000 pies cuadrados
Costo de adquisición	$ 10 millones
Fecha de adquisición	Diciembre de 2021

Tecnología de vehículos eléctricos

La tecnología de vehículos eléctricos patentados de Mullen incluye:

• Siete modelos de vehículos eléctricos en desarrollo
• Van comercial de clase 1 (Mullen One)
• Plataforma de furgoneta de carga
• Arquitectura de vehículos eléctricos digitales (EVA)

Talento de ingeniería y diseño

Métricas del equipo de ingeniería	Datos
Total de empleados de ingeniería	Aproximadamente 75
Inversión de I + D (2023)	$ 12.4 millones

Propiedad intelectual de la batería

Mullen posee Tecnología de batería de estado sólido Con las siguientes características:

• Desarrollado a través de la asociación con la Universidad de Tsinghua
• Densidad de energía potencial de 500 wh/kg
• Tiempo de carga estimado de 15 minutos

Financiación de la capital y los inversores

Métrico de financiación	Cantidad
Capital total recaudado (2022-2023)	$ 157.2 millones
Ganancias de oferta pública	$ 45.6 millones
Efectivo disponible (tercer trimestre 2023)	$ 23.1 millones

Mullen Automotive, Inc. (MULN) - Modelo de negocio: propuestas de valor

Vehículos eléctricos asequibles dirigidos a los consumidores del mercado medio

El vehículo eléctrico Dragonfly K50 de Mullen Automotive tiene un precio de $ 35,500, dirigido a los consumidores del mercado medio con un punto de entrada accesible para la propiedad del vehículo eléctrico.

Modelo de vehículo	Precio	Mercado objetivo
Dragonfly K50	$35,500	Consumidores del mercado medio

Soluciones de transporte sostenibles

La línea de vehículos eléctricos de Mullen ofrece alternativas de transporte de emisiones cero con especificaciones ambientales específicas.

• Reducción de emisiones de CO2: 0 gramos por kilómetro
• Reciclabilidad de la batería: hasta un 95% de componentes reciclables potenciales

Tecnología de batería avanzada con rango competitivo

Las especificaciones de Dragonfly K50 demuestran métricas de rendimiento de vehículos eléctricos competitivos:

Especificación de batería	Métrico de rendimiento
Rango	325 millas por carga única
Tiempo de carga	30 minutos a 80% de capacidad

Diseño y rendimiento innovadores

El diseño de vehículos eléctricos de Mullen se centra en el rendimiento y la innovación tecnológica:

• Aceleración de 0-60 mph: 3.2 segundos
• Peak Horsepower: 340 HP
• Coeficiente aerodinámico: 0.23 coeficiente de arrastre

Alternativa de transporte de huella de carbono reducida

Mullen Automotive proporciona una solución de transporte ambientalmente consciente con métricas específicas de reducción de carbono.

Métrica de impacto ambiental	Medición
Reducción anual de CO2 por vehículo	4.6 toneladas métricas
Reducción de emisiones de vehículos de por vida	68 toneladas métricas

Mullen Automotive, Inc. (MULN) - Modelo de negocios: relaciones con los clientes

Ventas directas a través de la plataforma en línea

A partir del cuarto trimestre de 2023, Mullen Automotive ofrece ventas en línea directas para sus modelos de vehículos eléctricos a través de su sitio web oficial. La plataforma de ventas digitales de la compañía proporciona precios en tiempo real de $ 29,990 para el Mullen Five Electric SUV.

Atención al cliente personalizada

Canal de soporte	Método de contacto	Tiempo de respuesta
Soporte telefónico	(800) 590-3831	24-48 horas
Soporte por correo electrónico	support@mullenauto.com	48-72 horas
Chat en vivo	Plataforma de sitio web	Inmediato

Experiencia de configuración digital y pedido

Mullen proporciona un Herramienta de configuración del vehículo digital Con las siguientes opciones de personalización:

• Selección de color
• Adornos interiores
• Paquete de batería
• Paquetes avanzados de asistencia al conductor

Participación comunitaria a través de las redes sociales

Plataforma	Seguidores	Tasa de compromiso
Instagram	12,500	2.3%
Twitter/X	8,700	1.8%
LinkedIn	5,200	1.5%

Programas de servicio y mantenimiento postventa

Mullen ofrece un paquete de garantía estándar:

• Garantía básica del vehículo: 4 años/50,000 millas
• Garantía de la batería: 8 años/125,000 millas
• Primeras visitas de mantenimiento programadas de cortesía

Mullen Automotive, Inc. (MULN) - Modelo de negocio: canales

Sitio web de la empresa y plataforma de ventas en línea

A partir de enero de 2024, el principal canal de ventas en línea de Mullen Automotive es www.mullenauto.com. El sitio web ofrece configurador de vehículos directos y sistema de reserva para vehículos eléctricos Mullen Five y Mullen Dragonfly.

Canal en línea	Métrica	Detalles
Tráfico del sitio web	Visitantes únicos mensuales	Aproximadamente 45,000
Reservas en línea	Tasa de conversión	2.3%

Red de concesionario directo

Mullen Automotive mantiene una red de concesionario directa limitada concentrada principalmente en California y los estados seleccionados del suroeste.

• Concesionarios directos totales: 7 ubicaciones
• Regiones primarias: California, Nevada, Arizona
• Tamaño promedio del concesionario: 1.5 acres

Canales de marketing digital

Mullen aprovecha múltiples plataformas digitales para el compromiso y el marketing del cliente.

Plataforma digital	Seguidores/suscriptores	Tasa de compromiso
Instagram	38,500	3.7%
LinkedIn	12,200	2.1%
YouTube	22,800	1.9%

Espectáculos automáticos y exhibiciones de la industria

Mullen participa activamente en eventos eléctricos de vehículos y automóviles automotrices.

• Participación anual de espectáculos de automóviles: 4-5 eventos importantes
• Eventos clave: CES, LA Auto Show, New York International Auto Show
• Presupuesto de exhibición: aproximadamente $ 350,000 anualmente

Plataformas minoristas automotrices de terceros

Mullen utiliza plataformas selectas de terceros para un alcance ampliado del mercado.

Plataforma	Listados de vehículos	Vistas mensuales
Carguero	12 modelos de vehículos	28,500
Autotradante	9 modelos de vehículos	22,700

Mullen Automotive, Inc. (MULN) - Modelo de negocio: segmentos de clientes

Consumidores conscientes del medio ambiente

A partir del cuarto trimestre de 2023, Mullen se dirige a los consumidores con ingresos familiares anuales de $ 100,000+ que priorizan el transporte sostenible.

Segmento demográfico	Porcentaje	Edad promedio
Compradores de vehículos ecológicos	37%	35-45 años
Activistas del cambio climático	28%	25-40 años

Compradores de vehículos eléctricos de mercado medio

Mullen se centra en los consumidores de vehículos eléctricos sensibles a los precios con precios de precio objetivo.

• Rango de precios del objetivo: $ 35,000 - $ 55,000
• Segmento de mercado: profesionales de ingresos medios
• Tamaño anual del mercado objetivo: aproximadamente 125,000 compradores potenciales

Entusiastas de la tecnología

Mullen apunta a los consumidores expertos en tecnología interesados ​​en tecnologías avanzadas de vehículos eléctricos.

Interés tecnológico	Nivel de compromiso
Tecnología de batería avanzada	Alto
Características de conducción autónoma	Medio

Los viajeros urbanos y suburbanos

Mercado objetivo primario con características de conmutación específicas.

• Distancia de viaje diario promedio: 35-50 millas
• Áreas metropolitanas primarias: California, Texas, Florida
• Rango de vehículos preferidos: 250-300 millas por carga

Compañías de gestión de flotas y transporte comercial

Mullen se dirige al sector de transporte comercial con soluciones especializadas de vehículos eléctricos.

Segmento de flota	Tamaño potencial del mercado	Tasa de adopción estimada
Servicios de entrega	$ 2.5 mil millones	15-20%
Compañías de logística	$ 1.8 mil millones	10-15%

Mullen Automotive, Inc. (MULN) - Modelo de negocio: Estructura de costos

Gastos de fabricación de vehículos

A partir del cuarto trimestre de 2023, Mullen Automotive informó costos de fabricación de $ 18.2 millones para su producción de vehículos eléctricos.

Categoría de costos	Monto ($)
Materia prima	7,500,000
Costos laborales	5,600,000
Sobrecarga de fabricación	5,100,000

Inversiones de investigación y desarrollo

Mullen Automotive asignó $ 12.7 millones a los gastos de I + D en 2023.

• Desarrollo de la plataforma de vehículos eléctricos: $ 6.3 millones
• Investigación de tecnología de baterías: $ 4.2 millones
• Ingeniería del tren motriz: $ 2.2 millones

Desarrollo de tecnología de baterías

Los costos específicos de desarrollo de tecnología de baterías fueron de aproximadamente $ 4.5 millones en 2023.

Enfoque de desarrollo de baterías	Inversión ($)
Investigación de baterías de estado sólido	2,500,000
Sistemas de gestión de baterías	1,200,000
Diseño y prueba de células	800,000

Gastos de marketing y ventas

Los costos de marketing y ventas para Mullen Automotive totalizaron $ 3.6 millones en 2023.

• Marketing digital: $ 1.2 millones
• Participación en la feria y eventos: $ 800,000
• Operaciones del equipo de ventas: $ 1.6 millones

Gastos generales operativos y costos administrativos

Los gastos administrativos y operativos alcanzaron los $ 8.9 millones en 2023.

Categoría de costos generales	Monto ($)
Salarios ejecutivos y administrativos	4,200,000
Gastos de oficina e instalaciones	2,500,000
Legal y cumplimiento	2,200,000

Estructura de costos totales para 2023: $ 43.4 millones

Mullen Automotive, Inc. (MULN) - Modelo de negocios: flujos de ingresos

Ventas de vehículos eléctricos

A partir del cuarto trimestre de 2023, Mullen informó la producción total de vehículos de 42 autos deportivos eléctricos de Dragonfly K1. El precio de venta promedio del modelo K1 es de $ 175,000.

Modelo de vehículo	Volumen de producción	Precio medio	Ingresos potenciales totales
Dragonfly K1	42 unidades	$175,000	$7,350,000
Camionetas comerciales de EV	Producción limitada	$65,000-$85,000	Estimado $ 3-4 millones

Licencias de tecnología de baterías

Los ingresos potenciales de licencias potenciales de tecnología de batería de estado sólido de Mullen actualmente no se revelan. No se informaron acuerdos de licencia confirmados a partir de 2024.

Incentivos y subvenciones gubernamentales

• Solicitudes totales de subvención del gobierno: 2 pendiente
• Valor de subvención potencial: aproximadamente $ 15 millones
• Subvención de tecnología de batería avanzada del Departamento de Energía en revisión

Contratos potenciales de venta de flotas

Segmento de flota	Unidades potenciales	Valor estimado del contrato
Entrega comercial	50-100 unidades	$ 3.5-7 millones
Servicios municipales	25-50 unidades	$ 1.75-3.5 millones

Servicios y piezas del mercado de accesorios

Los ingresos actuales del mercado de accesorios no se divulgan públicamente. Piezas anuales y ingresos de servicio proyectados estimados en $ 500,000- $ 1 millón basado en la producción limitada de vehículos.

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.