Mullen Has Confirmed New Assembly of Its Class 1 EVs
Mullen Automotive (NASDAQ:MULN) has confirmed the new assembly of its Class 1 Cargo Van EVs.
The company announced on Friday the transfer of Class 1 EV cargo van vehicles between its plants in Mishawaka, Indiana, and Tunica, Mississippi, for final assembly pursuant to customer orders.
Activity on the class 1 vehicle program, including a showcase of the Mishawaka manufacturing facility, can be viewed in the video below.
Mullen says over 350 Class 1 EVs will be transferred to Tunica for final assembly.
“Our Tunica plant is in final stages for the production start and deliveries of class 1 and class 3 vehicles to customers between August and December 2023,” stated John Taylor, senior vice president of global manufacturing for Mullen Automotive.
“Exciting times as we are getting very close to delivering vehicles to awaiting customers, beginning in August 2023, which allows us to recognize continued revenue growth over the last six months of 2023,” said David Michery, CEO and chairman of Mullen Automotive.
Critics of the EV company have requested proof of manufacturing and Mullen has now published the following video of its assembly line in Mishawaka, IN.
On Thursday, Mullen announced the launch of a new pilot program in New York for the New York Power Authority where the Class 1 EVs will be used for utility.
The company also supplied Menzies Aviation with these EVs in its first pilot program of the year back in February.
Other Recent Mullen Automotive News
Mullen Automotive announced a new $25 million stock buyback program on July 6th.
Shares that day rose up to $0.32 per share at the market open before falling back down to a quarter.
On Wednesday, MULN stock surged from $0.10 to $0.17, up more than +69% while continuing to rise after hours an additional +11%.
The company said that the Board of Directors has authorized a stock buyback program, pursuant to which the Company may, until Dec. 31, 2023, purchase up to $25 million in shares of its outstanding common stock.
“We are initiating this buyback program as an attractive opportunity to deploy capital and return value to our shareholders,” said David Michery, CEO and chairman of Mullen Automotive.
MULN stock was up more than +70% during the first week of July but has recently come down to $0.16 again.
Based on reports Mullen has received from ShareIntel, the Company believes it may have been the target of a market manipulation scheme involving illegal naked short selling of its common stock and has decided to investigate and expose any potential wrongdoing, the company said last week.
The company said that it has retained Christian Attar, formally known as Christian Levine Law Group, and in partnership with Warshaw, Burstein, LLP, to combat naked short selling activities.
“Since our announcement on April 28, we have been actively investigating naked short selling and we now have enough intel to have the law firm actively investigate and, where justified, take action against any market manipulators using naked short selling, spoofing or other illegal acts,” stated David Michery, CEO and chairman of Mullen Automotive, Inc.
Naked shorting is the illegal practice of short selling shares that have not been affirmatively determined to exist.
The predatorial practice allows short sellers to short a stock and bypass the natural laws of supply and demand.
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Mr. Nez
There is a big possibility of this company becoming a major American EV company. An interview with David Michery would be awesome.
Would love that for the company. I think Mullen EVs are cool. I will reach out to David soon, I recently connected with him.