Mullen Automotive (NASDAQ: MULN) is doing things differently in the EV and clean energy sector. Most people wouldn't think that's necessary, believing that all companies in the sector are committed to bringing clean energy solutions to consumers and industry in a responsible manner. Truth be told, that's not always the case. Many in the sector are rushing to market without the infrastructure to bring safe, reliable, and eco-friendly products to market. Publicly-traded Mullen Automotive, Inc. is doing the opposite.
Mullen's EV and clean energy solutions rely on different principles that combine to accelerate a mission to manufacture best-in-class products in an environmentally friendly, socially responsible, and ethically governed way. While an impressive mantra, it's only a part of the MULN difference. The biggest attraction to MULN from a market, consumer, and investor perspective is that Mullen's EV and clean energy solutions are scalable, efficient, economical, easy to own, and simple to operate.
Those distinctions are more than marketplace differentiators; they're advantages. And they are helping MULN earn its share of positive consumer and industry attention.
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Contributing To A Global Cause
Thus, don't be misled by the share price. At best, it represents a lagging indicator and a tug of war sentiment not taking into account MULN's ability to earn a competitive share by capitalizing on a global initiative to reduce greenhouse gas emissions and the resulting carbon footprint. But it's not only MULN ambition attracting attention. People are also clued into MULN's best-in-class product lineup steered by an executive management team with extensive EV, OEM, and startup experience. In addition to that pedigree, they also bring over 18 years of battery modeling, algorithm development, and robust engineering in battery management systems (BMS). Considering where the EV sector is today, this team has been involved since the start.
That matters. Especially with EV demand surging with no expectations of a slowdown. And not just for passenger vehicles. Commercial fleet vehicle demand is also soaring, evidenced by last-mile delivery services EV needs expecting to grow by 78% by this decade's end. Those metrics bode well for MULN, noting it's targeting both markets. But they aren't the only ones. The company is also working to maximize its opportunities in the EV battery space, tapping into massive market opportunities as the urgency to find and utilize renewable energy resource solutions intensifies. Its solid-state polymer battery cell technology is the value driver there.
And by being quick to market, enjoying lower capital investment than other EV startups, and leveraging US-based manufacturing and operations to bring competitively priced products to market, Mullen is positioned to capitalize on opportunities quicker than most. That's their intent.
Mullen Is Ready To Surge
And they have an excellent start. In fact, Mullen may end up doing more than disrupt the EV landscape; its end-to-end ecosystem will make "going electric" more accessible than ever. And with millions of private and public-sector consumers wanting the types of products Mullen sells, this innovative EV and clean energy company could be, pun intended, ready to surge. They certainly have the products to make that happen.
Its Mullen FIVE is an excellent example. It's a strikingly different premium midsized electric-powered sport utility vehicle, stunningly designed, engineered, and manufactured entirely in the USA. That's only part of its attraction. In addition to its timeless design and intuitive functionality, it's fast, going from zero to sixty in 3.2 seconds, positioning it favorably against competing products. Being equipped with modern advancements like facial recognition technology, an integrated LED lighting system, voice command, and PERSONA, a personal vehicle assistant controlled via app managing preferences and security modes, strengthens that position. That's not all. Consumer opinions are solid too, placing MULN products among the best in the space, earning competitive respect compared to Ford's Mach E (NYSE: F) and the Tesla Model Y (NASDAQ: TSLA). The first fully functional demonstrator vehicles of the Mullen FIVE EV Crossover will begin arriving this October. That's still just a small part of the MULN consideration.
In addition to the Five's launch, they plan to bring its Mullen RS to market in Spring 2023 and a lineup of commercial fleet vehicles targeting all scales of delivery, intending to seize a substantial share of the last-mile delivery vehicle market. Its controlling interest in Bollinger Motors currently positions them ideally to capture share in that market as one of the few offering electric chassis cabs and platforms in several vehicle classes, including off-road designs,and immediately moves MULN into the medium-duty truck classes 3-6, along with the B1 and B2 sport utility trucks.
But Mullen isn't all about vehicles. They are also working intensively on developing innovative polymer solid-state battery cell technology.
A Better EV Products Solution
In the prototype stage, MULN believes it can improve electric battery solutions by replacing the liquid electrolyte currently used in lithium-ion EV batteries. They intend to show that swapping the liquid for a solid-state alternative will significantly improve performance, power, and safety. It's a multi-billion, longer-term trillion-dollar market opportunity where best-in-class can earn the lion's share of rewards. Mullen emphasised how solid-state batteries offered higher energy density, faster charging time, smaller size, and safety compared to traditional lithium-ion cells.Based on MULN's technology, it's an opportunity that should not be missing from its valuation appraisal.
Nor should the value of partnerships. MULN is engaged with Hofer Powertrain and DSA to facilitate the manufacturing of components for its electric drive systems and remote OTA capabilities. The company is also supported by ARRK, which provides computer-aided engineering, body in white, battery, closures, interior, chassis, thermal, and infotainment engineering for its EV lineup. There's more.
Mullen and automation company Comau joined forces to develop a state-of-the-art body shop and is also working with Dürr, supporting assembly and paint shop technologies. They all connect seamlessly with Mullen's fully equipped engineering facility in Tunica, Mississippi, which serves as the company's Advanced Manufacturing Engineering Center and Proving Grounds for manufacturing and engineering efforts. Near-term expansions at the facility include integrating general assembly and test track infrastructure.
Notable too, MULN is in the market to acquire an additional factory for Mullen FIVE production and various new programs, which, if consummated, could accelerate the entirety of the MULN growth initiative and strengthen the value proposition.
A Strengthened Infrastructure
Indeed, MULN can beneft from being in the right sector at the right time. But more importantly, it has products that check the right boxes from a customer perspective. But the better news is that in addition to those design and performance features mentioned, MULN is developing a robust supporting infrastructure to increase its competitive position.
That includes its Lounge Point retail locations that will feature total vehicle sales and service interaction, including test drives, reservations, purchases, trade-ins, finance, insurance, and vehicle delivery. By the way, those locations will be well integrated into everyday life, rather than an auto dealer row approach off highways. Thirty-two Lounge Point locations are planned across the US, with additional Service Points near those locations and further supported by mobile service technicians available for off-site vehicle repair and service.
Combining products, services, technology, and strategy with its infrastructure makes the Mullen proposition attractive on many levels. And while the industry looks crowded with aspiring players, it's fair to say that some companies, Mullen included, are successfully separating themselves from a field where substance matters more than conceptual ambition.
Buying Into EV Company Substance
And MULN's substance exposes a company in motion. Yes, the sector has been weak. But, the market rotation will come again, and those investors expecting the EV sector to lag may miss out on some extraordinary value-based opportunities. Mullen Automotive may be atop that list.
Not because its stock will likely rise with sector momentum or that a large short position could be squeezed, but because they are doing the right things to create, build, and sustain value. Its Mullen FIVE Crossover, commercial fleet vehicles to serve a massive last-mile delivery industry, and solutions to the growing urgency surrounding sustainability all contribute to that proposition.
Hence, sometimes a company's sum of its parts creates a consideration too good to ignore. And after earning impressive coverage and interest from the LA Auto Show, and with products, infrastructure, assets, and a strategy to grow bigger sooner, that may very well be the case for Mullen Automotive. More simply, MULN is worthy of consumer, industry, and investor attention.
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