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Mullen reports net loss of over USD1bn in fiscal year 2022/23

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By Bradley Osborne - 14th February 2024

USA – New electric vehicle manufacturer Mullen Automotive Inc of Brea, California announced its financial results for the fiscal year 2022/23, ending on 30 September 2023, reporting a net loss of over USD1bn and working capital of USD58.5m.

In late 2022, Mullen bought the assets of ‘Electric Last Mile Solutions’ – including a Class 1 van and a Class 3 truck – and acquired a majority stake in Bollinger Motors. Production of the Class 1 and 3 vehicles commenced in November and August 2023 respectively. Mullen reports that on 30 September 2023, it had earned USD366,000 in sales of the Class 3, providing a gross margin of USD92,118.

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