Mullen Automotive, Inc. (Muln): Canvas de modèle d'entreprise [Jan-2025 Mis à jour]

Mullen Automotive, Inc. (Muln) révolutionne le paysage des véhicules électriques avec son approche innovante du transport durable. En se positionnant stratégiquement dans le segment des véhicules électriques du marché moyen, Mullen ne vend pas seulement des voitures, mais aussi de fabriquer un écosystème complet de mobilité électrique qui combine la technologie de batterie de pointe, des prix abordables et un engagement à réduire les émissions de carbone. Leur modèle commercial unique mélange l'innovation technologique, les partenariats stratégiques et une approche centrée sur le client qui promet de perturber la fabrication automobile traditionnelle et de défier les acteurs établis sur le marché des véhicules électriques en évolution rapide.

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Qiantu Motor

Mullen Automotive a établi un partenariat avec le fabricant chinois du Miantu Motor pour développer et fabriquer des véhicules électriques.

Détails du partenariat	Informations spécifiques
Date de l'accord	Mars 2021
Modèle de véhicule	Mullen K50 Sports EV
Emplacement de fabrication	Chine

Partnership technologique de la batterie avec Romeo Power

Mullen Automotive a collaboré avec Romeo Power pour l'intégration avancée de la technologie des batteries.

• Partenariat annoncé en janvier 2022
• Concentrez-vous sur la conception et l'ingénierie de la batterie
• Cible: amélioration des performances et de la gamme de la batterie EV

Accords potentiels de chaîne d'approvisionnement

Mullen explore les partenariats avec les fabricants de composants automobiles pour renforcer sa chaîne d'approvisionnement.

Catégorie de composants	Fournisseurs potentiels
Transmission électrique	Fabricants non divulgués
Composants de la batterie	Fournisseurs de niveau 1

Facturer des partenariats d'infrastructure

Mullen Automotive développe des partenariats pour améliorer l'écosystème de charge EV.

• Exploration des collaborations avec les fournisseurs de réseaux de charge
• Objectif: Développer l'accessibilité de l'infrastructure de charge
• Stratégies potentielles de partenariat de charge régionale

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: Activités clés

Conception et fabrication de véhicules électriques

Depuis le quatrième trimestre 2023, Mullen Automotive s'est concentrée sur le développement de deux modèles de véhicules électriques primaires:

• Mullen Five Passenger Sedan
• Van électrique commerciale de cargaison Mullen

Modèle de véhicule	Capacité de production projetée	Coût de fabrication estimé
Mullen cinq	5 000 unités / an	45 000 $ par véhicule
Cargaison Mullen	3 000 unités / an	55 000 $ par véhicule

Recherche et développement de la technologie des batteries

Investissement dans la technologie des batteries R&D à partir de 2024:

• Budget de R&D annuel: 12,5 millions de dollars
• Focus de la recherche: technologie de la batterie à semi-conducteurs
• Développement de la plage de batterie actuelle: 300 à 350 miles par charge

Test et validation des véhicules

Test des paramètres pour les véhicules électriques Mullen:

• Conformité au test de collision: normes de la NHTSA
• Test de durabilité des batteries: garantie de 8 ans / 100 000 milles
• Sites de validation des performances: Californie et Installations de tests du Nevada

Marketing et ventes de véhicules électriques

Canal de marketing	Dépenses marketing annuelles	Segment de clientèle cible
Marketing numérique	2,3 millions de dollars	Professionnels urbains avertis en technologie
Ventes directes	1,7 million de dollars	Opérateurs de flotte commerciale

Innovation continue des produits

Mesures d'innovation pour 2024:

• Applications de brevet déposées: 7 nouvelles technologies de batterie et EV
• Cycle de développement des produits: 18-24 mois
• Pourcentage d'investissement technologique: 22% du total des revenus

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: Ressources clés

Usine de fabrication

Mullen Automotive exploite un Installation de fabrication de 45 000 pieds carrés Situé à Merced, en Californie. L'installation a été acquise en décembre 2021 pour environ 10 millions de dollars.

Spécification de l'installation	Détails
Emplacement	Merced, Californie
Superficie totale	45 000 pieds carrés
Coût d'acquisition	10 millions de dollars
Date d'acquisition	Décembre 2021

Technologie des véhicules électriques

La technologie de véhicule électrique propriétaire de Mullen comprend:

• Sept modèles de véhicules électriques en développement
• Camionnette commerciale de classe 1 (Mullen One)
• Plate-forme de fourgonnette
• Architecture de véhicules électriques numériques (EVA)

Talent d'ingénierie et de conception

Métriques de l'équipe d'ingénierie	Données
Total des employés d'ingénierie	Environ 75
Investissement en R&D (2023)	12,4 millions de dollars

Propriété intellectuelle de batterie

Mullen possède Technologie de batterie à semi-conducteurs avec les caractéristiques suivantes:

• Développé par un partenariat avec l'Université Tsinghua
• Densité d'énergie potentielle de 500 wh / kg
• Temps de charge estimé de 15 minutes

Financement du capital et des investisseurs

Métrique de financement	Montant
Capital total levé (2022-2023)	157,2 millions de dollars
Procéds d'offre publique	45,6 millions de dollars
Cash On Hand (T1 2023)	23,1 millions de dollars

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: propositions de valeur

Véhicules électriques abordables ciblant les consommateurs de mi-parcours

Mullen Automotive's Dragonfly K50 Electric Vehicle au prix de 35 500 $, ciblant les consommateurs de marché intermédiaire avec un point d'entrée accessible pour la possession de véhicules électriques.

Modèle de véhicule	Prix	Marché cible
Dragonfly K50	$35,500	Consommateurs de mi-parcours

Solutions de transport durable

La gamme de véhicules électriques de Mullen propose des alternatives de transport à émission zéro avec des spécifications environnementales spécifiques.

• Réduction des émissions de CO2: 0 grammes par kilomètre
• Recyclabilité de la batterie: jusqu'à 95% de composants recyclables potentiels

Technologie avancée de la batterie avec une gamme compétitive

Les spécifications de la libellule K50 démontrent des mesures de performance de véhicule électrique compétitives:

Spécification de la batterie	Métrique de performance
Gamme	325 miles par charge unique
Temps de charge	30 minutes à 80% de capacité

Conception et performance innovantes

La conception des véhicules électriques de Mullen se concentre sur les performances et l'innovation technologique:

• 0-60 mph Accélération: 3,2 secondes
• Pive-puissance: 340 ch
• Coefficient aérodynamique: coefficient de traînée de 0,23

Alternative de transport d'empreinte carbone réduite

Mullen Automotive fournit une solution de transport soucieuse de l'environnement avec des mesures spécifiques de réduction du carbone.

Métrique d'impact environnemental	Mesures
Réduction annuelle de CO2 par véhicule	4,6 tonnes métriques
Réduction des émissions de véhicules à vie	68 tonnes métriques

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: relations avec les clients

Ventes directes via la plate-forme en ligne

Depuis le quatrième trimestre 2023, Mullen Automotive offre des ventes en ligne directes pour ses modèles de véhicules électriques via son site Web officiel. La plate-forme de vente numérique de l'entreprise fournit des prix en temps réel de 29 990 $ pour le Mullen Five Electric SUV.

Support client personnalisé

Canal de support	Méthode de contact	Temps de réponse
Support téléphonique	(800) 590-3831	24-48 heures
Assistance par e-mail	support@mullenauto.com	48-72 heures
Chat en direct	Plateforme de site Web	Immédiat

Configuration numérique et expérience de commande

Mullen fournit un outil de configuration du véhicule numérique avec les options de personnalisation suivantes:

• Sélection des couleurs
• Garniture intérieure
• Batterie
• Packages avancés d'assistance à la conduite

Engagement communautaire sur les réseaux sociaux

Plate-forme	Abonnés	Taux d'engagement
Instagram	12,500	2.3%
Twitter / x	8,700	1.8%
Liendin	5,200	1.5%

Programmes de service et de maintenance après-vente

Mullen propose un forfait de garantie standard:

• Garantie de base du véhicule: 4 ans / 50 000 miles
• Garantie de la batterie: 8 ans / 125 000 miles
• 3 premières visites de maintenance prévues gratuites

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: canaux

Site Web de l'entreprise et plateforme de vente en ligne

Depuis janvier 2024, le principal canal de vente en ligne de Mullen Automotive est www.mullenauto.com. Le site Web propose un configurateur de véhicules directs et un système de réservation pour les véhicules électriques Mullen Five et Mullen.

Canal en ligne	Métrique	Détails
Trafic	Visiteurs uniques mensuels	Environ 45 000
Réservations en ligne	Taux de conversion	2.3%

Réseau de concessionnaires directs

Mullen Automotive maintient un réseau de concessionnaires directs limité principalement concentré en Californie et certains États du sud-ouest.

• Concessionnaires directs totaux: 7 emplacements
• Régions primaires: Californie, Nevada, Arizona
• Taille moyenne du concessionnaire: 1,5 acres

Canaux de marketing numérique

Mullen exploite plusieurs plateformes numériques pour l'engagement et le marketing des clients.

Plate-forme numérique	Adeptes / abonnés	Taux d'engagement
Instagram	38,500	3.7%
Liendin	12,200	2.1%
Youtube	22,800	1.9%

Spectacles automobiles et expositions de l'industrie

Mullen participe activement aux événements de l'industrie des véhicules électriques et de l'industrie automobile.

• Participation annuelle du salon de l'auto: 4-5 événements majeurs
• Événements clés: CES, LA Auto Show, New York International Auto Show
• Budget d'exposition: environ 350 000 $ par an

Plates-formes de vente au détail automobile tierces

Mullen utilise des plates-formes tierces sélectionnées pour une portée de marché élargie.

Plate-forme	Listes de véhicules	Vues mensuelles
Cargurus	12 modèles de véhicules	28,500
Autotrade	9 modèles de véhicules	22,700

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: segments de clientèle

Consommateurs soucieux de l'environnement

Au quatrième trimestre 2023, Mullen cible les consommateurs avec un revenu annuel de 100 000 $ + qui privilégie le transport durable.

Segment démographique	Pourcentage	Âge moyen
Acheteurs de véhicules respectueux de l'environnement	37%	35 à 45 ans
Militants du changement climatique	28%	25-40 ans

Acheteurs de véhicules électriques de marché intermédiaire

Mullen se concentre sur les consommateurs de véhicules électriques sensibles aux prix avec des prix ciblés.

• Gamme de prix cible: 35 000 $ - 55 000 $
• Segment de marché: professionnels à revenu intermédiaire
• Taille du marché cible annuel: environ 125 000 acheteurs potentiels

Antariens technologiques

Mullen cible les consommateurs avertis en technologie intéressés par les technologies avancées de véhicules électriques.

Intérêt technologique	Niveau d'engagement
Technologie de batterie avancée	Haut
Caractéristiques de conduite autonomes	Moyen

Navetteurs urbains et suburbains

Marché cible principal avec des caractéristiques de navettage spécifiques.

• Distance quotidienne moyenne de trajet: 35-50 miles
• Primaires Metropolitan Areas: Californie, Texas, Floride
• Plage de véhicules préférés: 250-300 miles par charge

Sociétés de gestion de la flotte et de transport commercial

Mullen cible le secteur des transports commerciaux avec des solutions spécialisées de véhicules électriques.

Segment de la flotte	Taille du marché potentiel	Taux d'adoption estimé
Services de livraison	2,5 milliards de dollars	15-20%
Sociétés de logistique	1,8 milliard de dollars	10-15%

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: Structure des coûts

Frais de fabrication de véhicules

Au quatrième trimestre 2023, Mullen Automotive a déclaré des coûts de fabrication de 18,2 millions de dollars pour sa production de véhicules électriques.

Catégorie de coûts	Montant ($)
Matières premières	7,500,000
Coûts de main-d'œuvre	5,600,000
Fabrication des frais généraux	5,100,000

Investissements de recherche et développement

Mullen Automotive a alloué 12,7 millions de dollars aux dépenses de R&D en 2023.

• Développement de la plate-forme de véhicules électriques: 6,3 millions de dollars
• Recherche sur la technologie des batteries: 4,2 millions de dollars
• Ingénierie du groupe motopropulseur: 2,2 millions de dollars

Développement de la technologie des batteries

Les coûts spécifiques de développement de la technologie des batteries étaient d'environ 4,5 millions de dollars en 2023.

Focus de développement de la batterie	Investissement ($)
Recherche de batteries à semi-conducteurs	2,500,000
Systèmes de gestion des batteries	1,200,000
Conception et tests de cellules	800,000

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour Mullen Automotive ont totalisé 3,6 millions de dollars en 2023.

• Marketing numérique: 1,2 million de dollars
• Salon du commerce et participation des événements: 800 000 $
• Opérations de l'équipe de vente: 1,6 million de dollars

Frais généraux et frais administratifs opérationnels

Les frais administratifs et opérationnels ont atteint 8,9 millions de dollars en 2023.

Catégorie de coûts aériens	Montant ($)
Salaires exécutifs et administratifs	4,200,000
Frais de bureau et d'installation	2,500,000
Juridique et conformité	2,200,000

Structure totale des coûts pour 2023: 43,4 millions de dollars

Mullen Automotive, Inc. (Muln) - Modèle d'entreprise: Strots de revenus

Ventes de véhicules électriques

Depuis le quatrième trimestre 2023, Mullen a signalé une production totale de véhicules de 42 voitures de sport électriques K1. Le prix de vente moyen du modèle K1 est de 175 000 $.

Modèle de véhicule	Volume de production	Prix ​​moyen	Revenus potentiels totaux
Dragonfly K1	42 unités	$175,000	$7,350,000
Vans EV commerciaux	Production limitée	$65,000-$85,000	3 à 4 millions de dollars estimés

Licence de technologie de la batterie

La technologie des batteries à l'état solide de Mullen Les revenus potentiels de licences sont actuellement non divulgués. Aucun accord de licence confirmé signalé en 2024.

Incitations et subventions du gouvernement

• Demandes totales de subventions gouvernementales: 2 en attente
• Valeur de subvention potentielle: environ 15 millions de dollars
• GRANTION DE TECHNOLOGIE AVANCÉ DE BATTES AVANCÉS DE DÉPARTEMENT

Contrats potentiels de vente de flotte

Segment de la flotte	Unités potentielles	Valeur du contrat estimé
Livraison commerciale	50-100 unités	3,5 à 7 millions de dollars
Services municipaux	25-50 unités	1,75 à 3,5 millions de dollars

Services et pièces de rechange

Les revenus actuels du marché secondaire ne sont pas divulgués publiquement. Les revenus annuels des pièces et des services prévus estimé à 500 000 $ à 1 million de dollars en fonction de la production limitée de véhicules.

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.