Mullen Announces Big EV Updates and New $263 Million Order

Mullen Automotive (NASDAQ:MULN) has announced big EV updates and a new $263 million purchase order from Randy Marion Automotive Group.

The company has reported that as of April 30, 2023, the cash available for Company operations was $116.1 million.

The $263 million PO from RMA group is for both Mullen’s Class 1 vans and Class 3 work trucks.

Yesterday the company announced it had received a purchase order of $63 million for 1,000 class 1 EV cargo vans, which may be part of the $263 million PO.

But despite these positive developments, Mullen Automotive stock continues to crash.

On Wednesday, volume soared to more than 1 billion with price plunging more than -21%.

Investors are outraged by the performance seen in the market.

In April, Mullen Automotive announced that it would be opening an investigation into the possibility of the manipulation and illegal shorting of MULN stock.

“These steps include retaining outside counsel, which is working with Shareholder Intelligence Services LLC (“ShareIntel”) to undertake a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling,” the company said.

Latest Mullen Developments

Mullen Automotive released a lengthy press release on Wednesday highlighting big EV updates.

Here are just but a few of these current updates:

Mishawaka, IN Manufacturing Plant

Home to Mullen FIVE and Bollinger B1 and B2.

• Commercial vehicle equipment transferred to Tunica, MS facility for commercial Class 1 launch
• Commissioning of e-coat and paint facility for readiness to paint early prototype builds
• Enterprise data infrastructure, including fiber optics, new servers, and security systems installed to support volume manufacturing

Tunica, MS Assembly Facility

Home to vehicle assembly for Commercial Class Vans and Trucks.

• Mullen Class 1 and Class 3 commercial vehicles are assembled in Tunica, MS
• In July 2023, the production line for Class 3 will become operational, with Class 3 trucks rolling off the line with anticipated deliveries and revenue in August and September 2023
• Addition of trim and chassis assembly lines to accommodate new models
• New capital expenditures including Automated Guided Vehicles to transport vehicles through plant, installation of robots, water test booth, and end-of-line diagnostics
• Enterprise data infrastructure, including fiber optics, new servers, and security systems installed to support volume manufacturing
• Hiring of 35 additional operational team members in support of commercial vehicle production

Mullen Consumer Vehicle Program – Irvine, CA

Mullen FIVE Crossover.

• Simultaneously developing the Mullen FIVE family of vehicles, which includes two trim levels of the FIVE EV crossover and the high-performance Mullen FIVE RS variant
• Vehicle styling freeze in Q4 2023 and production design of Mullen FIVE and FIVE RS planned for reveal at CES in January 2024
• Virtual crash and aerodynamic simulations on track
• Finalizing key supplier selection and engagement
• Preparations for August 2023 Strikingly Different EV Tour in the works with expanded vehicles joining the planned upcoming tour, including, but not limited to, the Mullen FIVE and FIVE RS and Mullen Commercial Class 1 and Class 3 vehicles
• Drivable demonstrator of the new Mullen GT will join the tour in September 2023

Investors, Tread Cautiously

Mullen Automotive stock has been a retail favorite, but new investors should tread cautiously.

The company stock seems to have a target on its back from Wall Street investors, and as we’ve seen with many other companies in the market, institutions have the leverage to create serious damage.

While these are all positive developments indeed for Mullen Automotive, the stock market is portraying a separate story.

But I’m curious to know your thoughts on Mullen’s current share price.

Leave your thoughts down below.

For more MULN stock news and updates, join the newsletter below.

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