BlackRock Inc. (NYSE:BLK) has increased their stake in Mullen Automotive (NASDAQ:MULN) stock by a whopping +178.96%.
BlackRock filed a 13F-HR form on Friday, May 12, 2023, revealing that it now owns 73,710,135 shares of Mullen Automotive Inc as of March 31, 2023.
EV Edition says “this is a significant increase of 178.96% in shares compared to its previous 13F-HR filed on February 13, 2023, where it disclosed ownership of 26,422,834 shares.”
The current value of BlackRock Inc.’s position is now $103,194,189 USD.
Media outlets are now publishing a “bull case” for Mullen Automotive, stating that MULN stock is a buy today.
“Some skeptics might assume that an EV startup like Mullen Automotive is a destitute “zombie” company. Yet, that’s actually not true at all. As of April 30, Mullen possessed $116.1 million of cash available for operations,” says an InvestorPlace contributor.
Whether MULN stock is a buy or not will depend highly on the conviction of individual investors.
Mullen Automotive might targeted by Wall Street short sellers, but the company has released several positive developments which could be enough to take a small position in the company.
Here are just but a few of the latest developments happening with Mullen Automotive.
Mullen Lands Another Federal Contract
Mullen Automotive has become an exclusive partner to a new federal contractor.
The company announced today teaming up with Rapid Response Defense Systems (“RRDS”) to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders.
RRDS, one of the country’s leading small business federal contractors, has executed over 2,500 federal government delivery orders since 2014.
The company currently holds a prime seat on 12 Indefinite Delivery/Indefinite Quantity (IDIQ) federal contracts with combined funding ceilings of $4 billion.
In 2021, U.S. Secretary of Labor Martin J. Walsh recognized RRDS as a recipient of the 2021 HIRE Vets Medallion Award during an award ceremony at the U.S. Department of Labor.
“RRDS is all about providing solutions to the federal government,” said Mullen’s Manager of Government Sales Ronald Dixon.
“Whether its designing products to meet Department of Defense mission requirements or enhancing supply chain logistics, they have a remarkable success record.
In addition, RRDS will be a key vehicle supplier to the General Service Administration in an awarded 5-year multibillion-dollar vehicle contract.
We are focused on selling our EV products to the federal government and view this relationship as a strategic step in accomplishing that goal.”
Latest Purchase Order News
Mullen Automotive also announced it received a new $15.7 million purchase order for 250 Class 3 Commercial EV trucks.
The company announced on Thursday the contract is valued at $15,755,000 for a full delivery date by December 2023.
Mullen announced the signing of a vehicle purchase agreement with MGT Lease Company (“MGT”), a national fleet leasing provider, to purchase 250 all-electric commercial class 3 cab chassis EV trucks.
The vehicles are slated for delivery beginning in August 2023, with complete fulfillment of the purchase agreement occurring by December 2023.
The vehicle orders will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs.
“We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business,” said John Schwegman, chief commercial officer Mullen Automotive.
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About The Author
Hey Frank, more of a question than a comment. Do you believe BlackRock purchased these shares as a long position on Mullen, or do you think they plan to loan out the shares to short sellers? If you have any facts pointing either way I’d love to hear them, but if no facts just your opinion would be cool. I like Mullen, and personally think the potential for growth in the EV sector is so large its almost unpredictable, but since we can use DMV databases to know how many registered cars are on the roads, well we can sort of predict the available growth based on how many cars are out there now, but only IF EV cars are made affordable to most people, as gasoline powered cars tend to be affordable for people with less money. If cheaper/easier ways are found to acquire the materials needed for high output batteries the switch from gas or diesel fuel to electric cars could happen incredibly fast. But, lots of factors contributing. Go Mullen, Go!
Leave your thoughts below.