Shares of electric vehicle maker Mullen Automotive Inc. (NASDAQ:MULN) are surging in premarket on Friday.
The company said on Thursday that all of its existing commercial EV models, along with those produced by its subsidiary, Bollinger Motors are built entirely in the U.S.
As a result, they are not impacted by the newly imposed tariffs on overseas auto components.
These developments follow the introduction of fresh tariffs on imported electric vehicles and their parts. Last week, President Trump imposed a 25% tariff on all auto imports, with duties on auto parts set to follow in May.
Mullen stated that 67% of the components in its electric vans and trucks are sourced from U.S.-based suppliers. Bollinger Motors surpasses that mark with 71% of its parts originating domestically, insulating both from the auto tariffs.
“Our goal is to U.S.-source as much as we can for our commercial vehicles, ensuring a path to stable pricing while also offering a cost-effective solution for businesses looking to electrify their fleets,” said Chairman and CEO David Michery.
Auto giants, including Ford Motor and General Motors reportedly noted in an employee memo that the tariffs will have an impact on their manufacturing operations and supply chain.
Stellantis NV stated yesterday, that it plans to furlough approximately 900 employees across five of its U.S. locations. The automaker also intends to suspend operations temporarily at its assembly sites located in Mexico and Canada.
Wedbush analyst Dan Ives warned that the the tariff on auto import will immediately raise the price of a typical vehicle by $5,000 to $10,000, with some higher-end models seeing increases of up to $15,000.
Mullen’s commercial product offerings include the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 cab chassis truck.
On the other hand, Bollinger Motors is focused on heavier-duty models such as the B4, a Class 4 all-electric truck built on a rugged, purpose-engineered chassis.
The company emphasized that its architecture offers added safety for the vehicle’s 158-kWh battery and onboard systems. Bollinger began handing over units of the B4 to customers in October 2024.
On April 2, Trump announced reciprocal tariffs, including a 10% hike on all countries except Mexico and Canada, with higher rates for select nations with trade deficits.
Price Action: MULN shares traded higher by 43% at $0.1137 in premarket at last check Friday.
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