Mullen To Accept Bitcoin, Trump Meme Coin For Vehicle Purchases

Southern California-based EV maker Mullen Automotive, Inc. (MULN) said on Wednesday that the company is accepting cryptocurrency, including Bitcoin and the $TRUMP meme coin, for the purchase of both Mullen and Bollinger commercial electric vehicles.

The company said that it is also looking to accept additional types of crypto, including other popular meme and stable coins.

Mullen’s commercial EV lineup includes the Mullen ONE, a cargo van, and the Mullen THREE, a cab chassis truck. It's majority-owned EV truck company, Bollinger Motors, makes the Bollinger B4 electric truck. Crypto can be used to purchase all three vehicles.

Mullen said that it is currently one of the only vehicle manufacturers to accept cryptocurrency as a payment form on vehicle purchases.

CEO David Michery said that the acceptance of cryptocurrency expands the company’s ability to deliver its product to a broader audience. 

Earlier this month, the company announced that it raised its stake in Bollinger Motors by acquiring an additional 21% of the latter, raising its total ownership to 95%, after resolving recent claims and debt that had led to a court-ordered receivership for the majority-owned company.

In May, Mullen also reported its first-quarter (Q1) earnings, with a net loss attributable to common shareholders of $47.08 million, down from the loss of $132.43 million recorded in the corresponding quarter of 2024.

While the company’s revenue from vehicle sales rose from $33,335 in the first quarter of 2024 to $4.95 million in the quarter through the end of March, the cost of revenues also ballooned from $13,440 to $7 million. The company’s net loss per share in Q1 was $489.24.

On Stocktwits, retail sentiment around MULN stayed unmoved within the ‘neutral’ territory over the past 24 hours while message volume rose from ‘extremely low’ to ‘low’ levels.

MULN stock is down by over 11% on Wednesday afternoon and has erased nearly all of its value this year.

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