- Mullen Automotive, the California-based automotive company, has recently released its preliminary financial results.
- The company signed a proposal with Thurner design focused on the vehicle development of the Mullen FIVE RS this month.
- Their balance sheet constantly improves, and their EV programs are all moving forward, highlights the CEO David Michery.
Mullen Automotive, the emerging player in the electric vehicle industry, has recently announced its preliminary financial results for its period end of March 31 this year.
The report highlighted that on March 31, 2022, Mullen Automotive’s cash and cash equivalents were worth $65.2 million.
Whereas its total debt valued at $22.1 million contributes to its downward trend. However, the debt has plugged considerably from September 30, 2021, and that is because of debt payoffs, conversion of convertible debt to equity, and principal pay downs.
The tax liabilities have also witnessed a decrease from $4.2 million to $2,8 million, which consists of IRS and other tax jurisdictions to payroll taxes and use taxes and sales. On April 14 this year, the company signed an IRS installment agreement to pay the pending balance for federal payroll-related liabilities through payments of $45,000 on a monthly basis.
In May this year, the California-based automotive company signed a proposal with Thurner design focused on the Mullen FIVE RS’s vehicle development, a high-performance EV sport crossover vehicle with around 1,100 HP, 0-60 mph in 1.95 seconds, plus 200 mph top speed.
The proposal comprises two stages, first is design, surfacing, and design support. And the second is visualization and high imaging.
Thurner design team is accountable for directing and shaping designs and brands such as Bentley Motors, Rolls-Royce Motorcars, Porsche, Bugatti, Aston Martin, Lamborghini, and Mullen Automotive. Earlier, the Mullen FIVE RS was announced to join Mullen’s Strikingly Different Test Drive Tour in the Spring of next year.
According to the CEO and chairman of Mullen Automotive, David Michery, they have made considerable progress during the second quarter and have demonstrated quite a financial progress for moving forward. And that their balance sheet constantly improves, and their EV programs are all moving forward, including the start of the Mullen FIVE RS program.
Reservations of Mullen FIVE have also surged in the March-ending quarter. They have doubled over the volume attained during the 2021 Q4, which consisted of the world debut of the Mullen FIVE at the November 2021 Los Angeles International Auto Show. Reservation progress is constantly built and shows strong consumer interest.
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Source: https://www.thecoinrepublic.com/2022/05/20/mullen-automotive-provides-preliminary-financial-statements-for-q2/