BINI | Market Cap: $706,887 (10/10/25)
Industry:
Automotive Manufacturing

DESCRIPTION

Mullen Automotive is a Southern California-based early-stage electric vehicle company focused on commercial trucks and vans for fleet operators. Mullen's lineup spans Class 1 through Class 4, including the Mullen ONE (a Class 1 cargo van for last-mile delivery), the Mullen THREE (a Class 3 tilt-cab truck with multiple cargo configurations), and the Bollinger B4 (a Class 4 chassis cab produced by Mullen's majority-owned subsidiary, Bollinger Motors). Mullen assembles Class 1 and Class 3 vehicles at its plant in Tunica, Mississippi, while Bollinger outsources B4 production to Roush Enterprises in Michigan to avoid heavy upfront capital costs. Mullen sells through a national network of roughly 67 commercial truck dealerships and through government procurement channels including GSA and Sourcewell. Bollinger runs its own separate dealer network. Mullen's customers are fleet operators — delivery companies, municipalities, and small businesses — who make purchasing decisions based on total cost of ownership relative to diesel, available EV incentives, and suitability for their specific duty cycles. Mullen also operates a battery business in Fullerton, California, built on assets acquired from Romeo Power, currently supplying packs to its own vehicles with potential to sell externally. Bollinger is developing Class 5 and Class 6 trucks for future launch, and Mullen is working on a semi-solid-state battery for the Class 3 vehicle as a longer-term differentiation play.

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