Mullen Automotive (NASDAQ:MULN) announced that it has now delivered its first vehicles to Randy Marion Automotive, part of its $63 million purchase order.
The company said in a press release on Thursday that it delivered the first ten Class 3 EV Cab Chassis Trucks, invoiced at $630,000, to RMA Group.
The order was originally placed in May 2023 with the company planning to deliver an additional 150 units by year’s end.
1,000 of the remaining vehicles are anticipated to be delivered throughout 2024.
“This first delivery marks a watershed moment in the Company’s history with the Mullen THREE, Class 3 EV Truck being the first vehicle produced, assembled and now delivered by the Company.
Mullen THREE production is based out of Tunica, Mississippi, which is home to Mullen’s commercial vehicle assembly for both Class 1 EV Cargo Vans and Class 3 EV Cab Chassis Trucks,” said the company.
Recently, the Company achieved key milestones, furthering Mullen’s Class 3 program to market, including commencing of vehicle deliveries. These milestones include:
- Received federal EPA certification on Sept. 22, 2023, approving Mullen’s Class 3 vehicles
- Received IRS approval as “qualified manufacturer” on Sept. 14, 2023, enabling and qualifying for up to $7,500 in federal EV tax credits on both the Mullen Class 3 EV Cab Chassis Truck and Class 1 EV Cargo Van
“This is a significant point in our evolution as we shift the Company from engineering development and engineering approvals to production and vehicle deliveries for our customers.
As the Class 3 line is fully operational, production will be increasing month-to-month throughout the next year,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen Automotive says it plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.
Mullen CEO Says Balance Sheet Is Strong in New Update
Mullen Automotive (NASDAQ:MULN) CEO David Michery says the company’s balance sheet is strong in a new update to shareholders.
Shares of the EV company have continued to fall despite Mullen Automotive’s recent developments.
On Wednesday, MULN stock fell nearly -9% with shares now down more than -99% this year-to-date.
“Despite a challenging economic environment where many enterprises are capital-constrained, our balance sheet remains strong, and we have achieved meaningful strides since our last update to shareholders on August 14, 2023.
Recent company highlights include:
Effective Sept. 22, 2023, Mullen received EPA certification for Class 3 EV commercial vehicles, which is a critical milestone to allow shipping to customers.
Mullen previously announced that it had requested a hearing before a Nasdaq Hearings Panel.
The hearing has been granted, and the hearing request stays any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing.
The Company has taken a firm stance against manipulative trading in its stock.
On Aug. 29, 2023, the Company and Ulysses Novoa (collectively “Plaintiffs”) filed a complaint in the United States District Court Southern District of New York against Defendants TD Ameritrade, Inc., Charles Schwab Co., Inc., National Financial Services, LLC, and John Does 1 through 10 (collectively “Defendants”), alleging that the Defendants engaged in a course of conduct that was intended to artificially affect market activity and manipulate the price of Mullen securities between May 4, 2023, and Aug. 25, 2023, in violation of Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Plaintiffs served Defendants with the Summons and Complaint on Aug. 31, 2023. On Sept. 13, 2023, Defendants filed a request for an extension of time to respond to the complaint.
The Court granted Defendants’ request. Accordingly, Defendants’ response is due filed on or before Oct. 19, 2023.“
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