Mullen Automotive (NASDAQ:MULN) just announced a new and improved EV truck development of a light-weight truck body for its Class 3 EV with Phenix Truck Bodies & Van Equipment.
The company said on Monday Phenix will develop a unique, lightweight body configuration designed to satisfy the needs of Class 3 service body truck fleets, with the goal of offering an EV alternative to ICE vehicles.
Upon upfit completion, the Class 3 vehicle will be made available to Phenix commercial fleet customers for evaluation and pilot programs.
Phenix Truck Bodies & Van Equipment, based in Southern California, is one of California’s largest work truck, van equipment and specialty truck body manufacturers.
For 45 years, Phenix has designed and manufactured custom work trucks and fire apparatus for the most selective customers.
Long-term customers include: Southern California Edison, Southern California Gas Company, Los Angeles County Fire Department, San Diego Gas & Electric, USDA-Forest Service and the cities of Los Angeles and San Diego. Phenix is a California Public Utilities Commission (“CPUC”) Clearinghouse Certified Minority Business Enterprise (“MBE”).
The Mullen THREE features a tight turning diameter of 38 ft. and excellent visibility for superior maneuverability on narrow city streets.
Its versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet in length and over 5,800 lbs. of payload.
In May, Mullen Automotive announced a successful 2023 commercial drive event at the Kay Bailey Hutchison Convention Center in Dallas, Texas for its class 3 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.
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Official Statements from Mullen Automotive
“Since revealing our Mullen THREE all-electric tilt cab in March, we have had very positive feedback and strong interest,” said John Schwegman, chief commercial officer, Mullen Automotive.
“With availability later this year, we are excited to have fleet customers begin piloting our Class 3 product and experience how an all-electric truck can work in their fleet of vehicles.”
“Phenix, in its 45-year history, has outfitted vehicles for some of the largest commercial public utility customers in the western U.S. with a focus on Southern California,” said David Michery, CEO and chairman of Mullen Automotive.
“Having the opportunity to add our commercial EVs into the mix with Phenix and their large fleet business is a great step forward for our commercial business.”
According to Mullen, pre-production units of the Mullen THREE are available nationally for customer demos and test drives.
Fleets, municipalities, and small businesses can request a demo of Mullen’s commercial vehicles here.
Production of the Mullen THREE will take place at Mullen’s manufacturing facility in Tunica, Mississippi, with deliveries expected in August and September 2023.
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Other Recent Mullen Automotive News
Mullen Automotive received $20 million from Acuitas Capital on June 1st.
In return, Mullen will provide Acuitas with 19.43 million shares of common stock and pre-funded warrants and warrants exercisable for 59.07 million shares.
Mullen Automotive announced that it had entered into a letter of agreement (LOA) with Acuitas Capital in connection with an existing securities purchase agreement (SPA).
The LOA stated that Acuitas provided Mullen with $20 million of capital on June 1.
The remaining $45 million of the SPA will be paid out on June 12.
However, instead of issuing and providing Acuitas with 27.56 million shares of Series D preferred stock as originally agreed upon, Mullen will instead provide Acuitas with 19.43 million shares of issued common stock and pre-funded warrants exercisable for 8.07 million shares of common stock.
“These warrants have an exercised price of $0.001 and are immediately exercisable.
Mullen also provided to Acuitas warrants exercisable for 50.99 million shares of common stock.
These warrants have an exercise price of 72.55 cents per share,” per IP.
Mullen Automotive stock is currently down more than -9% on Tuesday, despite several positive developments this year and more than -95% this year-to-date.
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Also Read: Mullen CEO Pays Homage to Tesla in New Interview
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Frank, while you do clearly state, “according to Mullen” – in your own text, and break up the piece with the “Official statements from Mullen Automotive disclaimer” – it could easily be intrepreted by a casual reader who trusts your opnion as an endorsement of Mullen. It certainly reads that way. Sure – there are disclaimers like…
“According to Mullen, pre-production units of the Mullen THREE are available nationally for customer demos and test drives.”
But of course, that is not accurate. There are not vehicles available for customer demos and test drives.
From a credibility standpoint – are you cool with that?
I’m not trying to harass you – and I totally get it that this kind of criticism may have a more appropriate forum. Nonetheless, I’m asking. I’m not someone with a social media presence – or an axe to grind.
I don’t like what is happening to EV reporting, and how it is impacting capital markets as well as consumer sentiment. I think you have a professional and moral responsibility to your audience to be more objective. Or to be more forthright about any other variables that may skew your reporting.
If you are a supporter, sharholder – or just a fan, that’s something the audience should hear. From you. Thoughts?
I’ll make it simple for you – I support retail investors, fair markets, and I report both the good and the bad news that comes out. Anything outside of that, such as investor decisions, is outside my control.
Leave your thoughts below.