(WSBT) Mullen Automotive (NASDAQ:MULN) will now be the exclusive provider for a new class of electric cargo vans for the federal government.
It is also set to produce three types of electric vehicles at the former AM General site in St. Joseph County.
Potential success for Mullen Automotive is ahead, according to the South Bend Chamber of Commerce.
This comes as its new site in St. Joseph County looks to begin operation within a year.
Mullen Automotive will produce a new class of electric cargo vans for government use.
While those models will not be made in St. Joseph County, three other vehicles will.
That includes the Mullen 5 which is a Tesla Model 3-like competitor, the Bullinger B1 SUV and the B2 pick-up.
All will be made at the former AM General Plant, a site that has seen attempts of EV manufacturing in the past.
South Bend Regional Chamber of Commerce President Jeff Rea says the launch of a new partnership and product reflect the company’s success in a competitive market.
“Our hope is that they’re popular, that they get some good sales and some good traction, and then ultimately that leads to further sales and further production here in Mishawaka,” said Jeff Rea, South Bend Regional Chamber President and CEO.
Mullen Automotive Electric Vehicle Battery Plant?
Rea says Mullen is also developing technology for even more vehicles that will be produced in St. Joseph County.
He believes in Mullen’s chance for long-term success, as it has a broad focus with several different models set for production.
Adding the manufacturer could become a big asset for the county as it looks to become more competitive in the EV industry.
“We’ve wanted to be part of the jobs of the future, and the fact that we’re in this conversation for a potential large electric vehicle battery plant on the west side of the county for an allogenic expansion on the west side of the county, and the EV space now, Mullen on the east side of the county really solidifies us as part of this future economy, gives us this cluster if we can even work on developing a workforce and attracting other future users,” said Rea.
Although Mullen purchased the site months ago, production in St. Joseph County for Mullen vehicles is set for late this year or early 2024.
Latest MULN Stock News
Mullen Automotive (NASDAQ:MULN) just avoided getting delisted after it failed to meet its $1 per share requirement on March 6, 2023.
Nasdaq approved a 180-day extension for Mullen Automotive to meet the minimum $1 bid price per share.
On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule.
The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance.
If Mullen stock fails to trade above $1 for a minimum of 10 consecutive business days prior to Sept. 5, 2023, the Company will implement a reverse stock split to cure the Deficiency prior to the expiration of the additional 180-day compliance period.
In other words, it doesn’t seem like Mullen Automotive stock will get delisted.
“Consistent with my message to our shareholders, we will use our best efforts to regain compliance to meet Nasdaq’s requirement for a $1 minimum bid price,” said David Michery, CEO and chairman of Mullen Automotive.
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