Global EV Technology founder Lawrence Hardge confirms new and exclusive details on the Mullen Automotive (NASDAQ:MULN) Saudi Arabia deal.
Hardge, who was recently given the position of Senior Vice President of Technology to Mullen Automotive’s subsidiary Mullen Advanced Energy Operations (MAEO), says that the Saudi Arabia deal will be split 50/50 between both companies.
In early May, Lawrence teased about the deal stating the following on Facebook:
“This is not what somebody said or what you heard, this is reality.
$10 billion contract with Saudi Arabia.
And more to come … Mullen and Lawrence Hardge are here to assist them, they have countries like Yemen, Israel, all of them have joined in to take this technology, and they’re going to produce it in Saudi Arabia and they’re also paying for a manufacturing plant to come to Michigan.”
A second update emerged mid-May where the tech founder took it to Facebook once again and made the following announcement:
“Time to shut these naysayers down.
Representatives from my team have been in Saudi since last week Friday working on binging the Saudi Deal to fruition.
I represent facts, this is my story behind it.”
Here are the latest Mullen Automotive business news and updates.
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Latest Lawrence Hardge Mullen Saudi Deal Update
Mullen Automotive has not officially announced or confirmed Lawrence’s claims, but if backed by the company, this could be big news for the company.
Hardge says his team has been in Saudi Arabia negotiating the final details of the $10B Saudi deal and that they have been finalizing territories.
He also stated that revenues from the Saudi deal would be 10x what Mullen is currently making from its vehicles and commercial program including the $279 million in orders from Randy Marion, and also confirmed they will be building a new battery manufacturing facility under MAEO in the US probably in Indiana or Michigan near to where Mullen already has established facilities.
This sounds very familiar to what analysts are saying will trigger a ‘strong short squeeze’.
The chief investment analyst in a small family office registered in Singapore says that Mullen Automotive should only be seen as a speculative trade for the probability of a ‘short squeeze‘.
“In my opinion, MULN stock can only be a speculative instrument for short-term trading – the only serious risk to my Sell rating is the percentage of shares outstanding sold short.
If MULN experiences even the slightest positive news or the company’s CEO goes public again with a loud statement like the one about solid-state batteries, the stock will most likely experience a strong short squeeze.”
While there are some investors who remain skeptical of Hardge’s claims, an announcement directly from the company has the potential to be a gamechanger for both the company and its investors.
Latest Mullen Automotive Development
Last week, Mullen Automotive announced a successful 2023 commercial drive event at the Kay Bailey Hutchison Convention Center in Dallas, Texas.
The company said it had a successful completion of its inaugural participation at the Government Fleet Expo and Conference (“GFX”), the largest annual conference for public fleets in the nation.
The 2023 GFX was held from May 22 – 25 at the Kay Bailey Hutchison Convention Center in Dallas, Texas. Mullen showcased its commercial EVs, the Mullen ONE, all-electric Class 1 Cargo Van, and Mullen THREE, all-electric Class 3 Cab Chassis Truck.
Event participants had the opportunity to meet with technology, sales and product marketing team members from Mullen to discuss their fleet needs and sign up for a vehicle demo.
Mullen also had its first commercial drive event at GFX’s Block Party Ride and Drive on May 22.
The Block Party was a mix of ride and drives, hands-on overview, and a technology showcase.
Participants were able to engage with Mullen’s commercial team and test drive Mullen’s commercial product.
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