Mullen Automotive, Inc. (Muln): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Mullen Automotive, Inc. (Muln) está revolucionando a paisagem de veículos elétricos com sua abordagem inovadora ao transporte sustentável. Ao se posicionar estrategicamente no segmento EV do mercado intermediário, Mullen não está apenas vendendo carros, mas criando um ecossistema abrangente de mobilidade elétrica que combina tecnologia de bateria de ponta, preços acessíveis e um compromisso de reduzir as emissões de carbono. Seu modelo de negócios exclusivo combina a inovação tecnológica, as parcerias estratégicas e uma abordagem centrada no cliente que promete interromper a fabricação automotiva tradicional e desafiar players estabelecidos no mercado de veículos elétricos em rápida evolução.

Mullen Automotive, Inc. (Muln) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com o Qiantu Motor

A Mullen Automotive estabeleceu uma parceria com o fabricante chinês de EV Qiantu Motor para desenvolver e fabricar veículos elétricos.

Detalhes da parceria	Informações específicas
Data do acordo	Março de 2021
Modelo de veículo	Mullen K50 Sports EV
Local de fabricação	China

Battery Technology Partnership com Romeo Power

A Mullen Automotive colaborou com Romeo Power para integração avançada da tecnologia de baterias.

• Parceria anunciada em janeiro de 2022
• Concentre -se no design e engenharia da bateria
• Alvo: melhorando o desempenho e o alcance da bateria de EV

Acordos potenciais da cadeia de suprimentos

A Mullen está explorando parcerias com fabricantes de componentes automotivos para fortalecer sua cadeia de suprimentos.

Categoria de componente	Fornecedores em potencial
Train de transmissão elétrica	Fabricantes não divulgados
Componentes da bateria	Múltiplos fornecedores de Nível-1

Carregando parcerias de infraestrutura

A Mullen Automotive está desenvolvendo parcerias para aprimorar o ecossistema de carregamento de EV.

• Explorando colaborações com os provedores de rede de cobrança
• Objetivo: expandir a acessibilidade da infraestrutura de carregamento
• Potenciais estratégias de parceria de cobrança regional

Mullen Automotive, Inc. (Muln) - Modelo de negócios: Atividades -chave

Projeto e fabricação de veículos elétricos

A partir do quarto trimestre 2023, a Mullen Automotive se concentrou no desenvolvimento de dois modelos primários de veículos elétricos:

• Sedan de cinco passageiros Mullen
• Van elétrica comercial de carga Mullen

Modelo de veículo	Capacidade de produção projetada	Custo estimado de fabricação
Mullen Five	5.000 unidades/ano	US $ 45.000 por veículo
Carga Mullen	3.000 unidades/ano	US $ 55.000 por veículo

Pesquisa e desenvolvimento de tecnologia de bateria

Investimento em tecnologia de bateria em P&D a partir de 2024:

• Orçamento anual de P&D: US $ 12,5 milhões
• Foco na pesquisa: tecnologia de bateria de estado sólido
• Desenvolvimento atual da faixa de bateria: 300-350 milhas por carga

Teste e validação de veículos

Parâmetros de teste para veículos elétricos Mullen:

• Conformidade no teste de colisão: padrões NHTSA
• Teste de durabilidade da bateria: garantia de 8 anos/100.000 milhas
• Sites de validação de desempenho: instalações de teste da Califórnia e Nevada

Marketing e vendas de veículos elétricos

Canal de marketing	Gastos anuais de marketing	Segmento de cliente -alvo
Marketing digital	US $ 2,3 milhões	Profissionais urbanos com experiência em tecnologia
Vendas diretas	US $ 1,7 milhão	Operadores de frota comercial

Inovação contínua de produtos

Métricas de inovação para 2024:

• Pedidos de patentes arquivados: 7 tecnologias novas de bateria e EV
• Ciclo de desenvolvimento de produtos: 18-24 meses
• Porcentagem de investimento em tecnologia: 22% da receita total

Mullen Automotive, Inc. (Muln) - Modelo de negócios: Recursos -chave

Instalação de fabricação

Mullen Automotive opera um Instalação de fabricação de 45.000 pés quadrados Localizado em Merced, Califórnia. A instalação foi adquirida em dezembro de 2021 para aproximadamente US $ 10 milhões.

Especificação da instalação	Detalhes
Localização	Merced, Califórnia
Área total	45.000 pés quadrados
Custo de aquisição	US $ 10 milhões
Data de aquisição	Dezembro de 2021

Tecnologia de veículos elétricos

A tecnologia proprietária de veículos elétricos de Mullen inclui:

• Sete modelos de veículos elétricos em desenvolvimento
• Van Comercial de Classe 1 (Mullen One)
• Plataforma de van de carga
• Arquitetura de veículo elétrico digital (EVA)

Talento de engenharia e design

Métricas da equipe de engenharia	Dados
Total de funcionários de engenharia	Aproximadamente 75
Investimento em P&D (2023)	US $ 12,4 milhões

Propriedade intelectual da bateria

Mullen possui Tecnologia de bateria de estado sólido Com as seguintes características:

• Desenvolvido através da parceria com a Universidade Tsinghua
• Densidade potencial de energia de 500 wh/kg
• Tempo de carregamento estimado de 15 minutos

Financiamento de capital e investidor

Métrica de financiamento	Quantia
Capital total levantado (2022-2023)	US $ 157,2 milhões
Oferta pública receita	US $ 45,6 milhões
Dinheiro disponível (terceiro trimestre 2023)	US $ 23,1 milhões

Mullen Automotive, Inc. (Muln) - Modelo de negócios: proposições de valor

Veículos elétricos acessíveis visando consumidores no meio do mercado

O veículo elétrico da Dragonfly K50 da Mullen Automotive, ao preço de US $ 35.500, visando os consumidores no meio do mercado com um ponto de entrada acessível para a propriedade de veículos elétricos.

Modelo de veículo	Preço	Mercado -alvo
Dragonfly K50	$35,500	Consumidores do mercado intermediário

Soluções de transporte sustentáveis

A linha de veículos elétricos de Mullen oferece alternativas de transporte em emissão zero com especificações ambientais específicas.

• Redução de emissões de CO2: 0 gramas por quilômetro
• Reciclabilidade da bateria: até 95% potenciais componentes recicláveis

Tecnologia avançada de bateria com alcance competitivo

As especificações da Dragonfly K50 demonstram métricas competitivas de desempenho de veículos elétricos:

Especificação da bateria	Métrica de desempenho
Faixa	325 milhas por carga única
Tempo de carregamento	30 minutos a 80% de capacidade

Design e desempenho inovadores

O design de veículos elétricos de Mullen se concentra no desempenho e inovação tecnológica:

• Aceleração de 0-60 mph: 3,2 segundos
• Pico de potência: 340 hp
• Coeficiente aerodinâmico: 0,23 coeficiente de arrasto

Alternativa de transporte de pegada de carbono reduzida

A Mullen Automotive fornece solução de transporte ambientalmente consciente com métricas específicas de redução de carbono.

Métrica de Impacto Ambiental	Medição
Redução anual de CO2 por veículo	4,6 toneladas métricas
Redução de emissões de veículos vitalícias	68 toneladas métricas

Mullen Automotive, Inc. (Muln) - Modelo de negócios: Relacionamentos do cliente

Vendas diretas através da plataforma online

A partir do quarto trimestre 2023, a Mullen Automotive oferece vendas on -line diretas para seus modelos de veículos elétricos por meio de seu site oficial. A plataforma de vendas digitais da empresa fornece preços em tempo real de US $ 29.990 para o SUV elétrico Mullen Five.

Suporte personalizado ao cliente

Canal de suporte	Método de contato	Tempo de resposta
Suporte telefônico	(800) 590-3831	24-48 horas
Suporte por e -mail	support@mullenauto.com	48-72 horas
Bate -papo ao vivo	Plataforma do site	Imediato

Experiência de configuração e pedidos digitais

Mullen fornece a ferramenta de configuração de veículo digital Com as seguintes opções de personalização:

• Seleção de cores
• Enteamento interno
• Pacote de bateria
• Pacotes avançados de assistência ao motorista

Engajamento da comunidade através da mídia social

Plataforma	Seguidores	Taxa de engajamento
Instagram	12,500	2.3%
Twitter/x	8,700	1.8%
LinkedIn	5,200	1.5%

Programas de serviço e manutenção pós-venda

Mullen oferece um pacote de garantia padrão:

• Garantia básica de veículo: 4 anos/50.000 milhas
• Garantia da bateria: 8 anos/125.000 milhas
• Primeiros primeiros primeiros visitas de manutenção agendadas

Mullen Automotive, Inc. (Muln) - Modelo de negócios: canais

Site da empresa e plataforma de vendas on -line

Em janeiro de 2024, o principal canal de vendas on -line da Mullen Automotive é www.mullenauto.com. O site oferece configurador de veículos diretos e sistema de reserva para veículos elétricos Mullen Five e Mullen Dragonfly.

Canal online	Métricas	Detalhes
Tráfego do site	Visitantes únicos mensais	Aproximadamente 45.000
Reservas on -line	Taxa de conversão	2.3%

Rede de concessionária direta

A Mullen Automotive mantém uma rede limitada de concessionária direta concentrada principalmente na Califórnia e seleciona os estados do sudoeste.

• Total de concessionárias diretas: 7 locais
• Regiões primárias: Califórnia, Nevada, Arizona
• Tamanho médio da concessionária: 1,5 acres

Canais de marketing digital

Mullen aproveita várias plataformas digitais para envolvimento e marketing de clientes.

Plataforma digital	Seguidores/assinantes	Taxa de engajamento
Instagram	38,500	3.7%
LinkedIn	12,200	2.1%
YouTube	22,800	1.9%

Exposições de automóveis e exposições da indústria

Mullen participa ativamente de eventos da indústria de veículos elétricos e automotivos.

• Participação anual da exibição de automóveis: 4-5 grandes eventos
• Principais Eventos: CES, LA Auto Show, Salão Internacional de Automóvel de Nova York
• Orçamento da exposição: aproximadamente US $ 350.000 anualmente

Plataformas de varejo automotivas de terceiros

A Mullen utiliza plataformas selecionadas de terceiros para alcance expandido do mercado.

Plataforma	Listagens de veículos	Visualizações mensais
Cargurus	12 modelos de veículos	28,500
Autotrader	9 modelos de veículos	22,700

Mullen Automotive, Inc. (Muln) - Modelo de negócios: segmentos de clientes

Consumidores ambientalmente conscientes

No quarto trimestre 2023, a Mullen tem como alvo os consumidores com renda familiar anual de US $ 100.000+ que priorizam o transporte sustentável.

Segmento demográfico	Percentagem	Idade média
Compradores de veículos ecológicos	37%	35-45 anos
Ativistas da mudança climática	28%	25-40 anos

Compradores de veículos elétricos do mercado intermediário

Mullen se concentra nos consumidores de veículos elétricos sensíveis ao preço com preços direcionados.

• Faixa de preço -alvo: US $ 35.000 - US $ 55.000
• Segmento de mercado: profissionais de renda média
• Tamanho anual do mercado -alvo: aproximadamente 125.000 compradores em potencial

Entusiastas da tecnologia

A Mullen tem como alvo os consumidores com experiência em tecnologia interessados ​​em tecnologias avançadas de veículos elétricos.

Interesse tecnológico	Nível de engajamento
Tecnologia avançada de bateria	Alto
Recursos de direção autônomos	Médio

Passageiros urbanos e suburbanos

Mercado -alvo primário com características específicas de deslocamento.

• Distância média diária do trajeto: 35-50 milhas
• Áreas Metropolitanas Primárias: Califórnia, Texas, Flórida
• Faixa de veículos preferidos: 250-300 milhas por carga

Empresas de gerenciamento de frota e transporte comercial

Mullen tem como alvo o setor de transporte comercial com soluções especializadas em veículos elétricos.

Segmento de frota	Tamanho potencial de mercado	Taxa de adoção estimada
Serviços de entrega	US $ 2,5 bilhões	15-20%
Empresas de logística	US $ 1,8 bilhão	10-15%

Mullen Automotive, Inc. (Muln) - Modelo de negócios: estrutura de custos

Despesas de fabricação de veículos

No quarto trimestre 2023, a Mullen Automotive registrou custos de fabricação de US $ 18,2 milhões para sua produção de veículos elétricos.

Categoria de custo	Valor ($)
Matérias-primas	7,500,000
Custos de mão -de -obra	5,600,000
Manufatura de sobrecarga	5,100,000

Investimentos de pesquisa e desenvolvimento

A Mullen Automotive alocou US $ 12,7 milhões para despesas de P&D em 2023.

• Desenvolvimento da plataforma de veículos elétricos: US $ 6,3 milhões
• Pesquisa de tecnologia de bateria: US $ 4,2 milhões
• Engenharia do trem de força: US $ 2,2 milhões

Desenvolvimento da tecnologia de bateria

Os custos específicos da tecnologia da bateria foram de aproximadamente US $ 4,5 milhões em 2023.

Foco de desenvolvimento da bateria	Investimento ($)
Pesquisa de bateria em estado sólido	2,500,000
Sistemas de gerenciamento de bateria	1,200,000
Design e teste de células	800,000

Despesas de marketing e vendas

Os custos de marketing e vendas da Mullen Automotive totalizaram US $ 3,6 milhões em 2023.

• Marketing Digital: US $ 1,2 milhão
• Feira de feira e participação do evento: US $ 800.000
• Operações da equipe de vendas: US $ 1,6 milhão

Custos gerais operacionais e administrativos

As despesas administrativas e operacionais atingiram US $ 8,9 milhões em 2023.

Categoria de custo aéreo	Valor ($)
Salários executivos e administrativos	4,200,000
Despesas de escritório e instalação	2,500,000
Legal e conformidade	2,200,000

Estrutura de custo total para 2023: US $ 43,4 milhões

Mullen Automotive, Inc. (MULN) - Modelo de negócios: fluxos de receita

Vendas de veículos elétricos

A partir do quarto trimestre 2023, Mullen relatou a produção total de veículos de 42 carros esportivos elétricos da Dragonfly K1. O preço médio de venda do modelo K1 é de US $ 175.000.

Modelo de veículo	Volume de produção	Preço médio	Receita potencial total
Dragonfly K1	42 unidades	$175,000	$7,350,000
Vans comerciais de EV	Produção limitada	$65,000-$85,000	Estimado US $ 3-4 milhões

Licenciamento de tecnologia de bateria

Atualmente, a receita potencial de tecnologia de tecnologia de bateria de estado sólido de Mullen é não revelado. Nenhum contrato de licenciamento confirmado relatado em 2024.

Incentivos e subsídios do governo

• Total do governo Grant Aplicações: 2 pendentes
• Valor potencial de concessão: aproximadamente US $ 15 milhões
• Grant do Departamento de Energia Avançado Bateria em revisão

Contratos de vendas potenciais de frota

Segmento de frota	Unidades em potencial	Valor estimado do contrato
Entrega comercial	50-100 unidades	US $ 3,5-7 milhões
Serviços Municipais	25-50 unidades	US $ 1,75-3,5 milhão

Serviços e peças de pós -venda

A receita atual de pós -venda não divulgou publicamente. Receita anual de peças e serviços projetada estimada em US $ 500.000 a US $ 1 milhão com base na produção de veículos limitados.

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.