Mullen Automotive (NASDAQ:MULN) has provided new business updates to shareholders on Monday.
The company has had many positive developments throughout the first quarter and now second quarter of 2023.
While its latest 1-for-25 reverse stock split might not have been what most investors wanted, it’s bought the company time and allowed it to continue trading per Nasdaq’s dollar bid compliance.
Still, Wall Street remains skeptical of the company’s future.
New data shows the cost to borrow shares to short the stock have risen to new highs.
In late April, Mullen announced a new illegal shorting investigation regarding the high rate of FTDs as reported to the Securities and Exchange Commission (SEC).
“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.”
While the company has not announced any updates on the latest shorting investigation, they have announced new business updates to shareholders.
Below are just a few of the latest developments happening with Mullen Automotive.
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Mullen Automotive 2023 Summary
MGT Lease Company, a national fleet sales and leasing provider, previously took delivery of Mullen EV Cargo Vans on March 30, 2023.
The Company subsequently signed a vehicle purchase agreement, as announced on May 11, 2023, for 250 all-electric commercial Class 3 Cab Chassis EV Trucks.
The contract is valued at $15.8 million and MGT expects to take possession of the vehicles between August and December of this year.
All vehicle orders will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs.
To date, the Company has received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group.
On April 18, 2023, the Company announced the formation of Mullen Advanced Energy Operations (“MAEO”), a collaboration with Global EV Technology, Inc. (“Global”), with initial development, focused on improving energy management technology in electric vehicles for greater range and vehicle performance.
Global EV Technology provided test results from Element Materials Technology that were purchased by Hardge Global Technologies, LLC, with a report date of May 14, 2021.
The results of this test on the Chevrolet Bolt electric vehicle showed an average increased battery capacity of 38.2%.
“We are pleased with the accomplishments and progress made to date,” said CEO David Michery.
“Mullen remains committed to delivering innovative and sustainable transportation solutions to our customers, and these achievements reflect our dedication to advancing the EV industry and driving meaningful growth for our Company,” Michery continued.
Mullen EV News and Latest Updates
Below are just a few of the new business updates from Mullen Automotive to shareholders relating to the production and developments of their models and current projects.
Mullen Consumer Vehicle Program – Irvine, CA
The Mullen FIVE Crossover
- Simultaneously developing three trim levels of the Mullen FIVE family of crossover vehicles, which includes the high-performance Mullen FIVE RS variant
- Virtual crash and aerodynamic simulations on track
- Finalizing key supplier selection and engagement
- Vehicle content and performance continue to be optimized in many areas, including the move to 800-volt architecture
- Vehicle styling freeze in December 2023, and production design of Mullen FIVE and FIVE RS planned for reveal at CES in January 2024
- Vehicle launch order will be RS performance variant first, with production in December 2025 and customer sales in mid-2026, followed by Touring Models
- 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, Mullen FIVE RS, Mullen Commercial Class 1, Mullen Commercial Class 3 as well as the new Mullen GT
Mullen Commercial Vehicle Program – Troy, MI
Class 1 and 3 Commercial Vehicles
- The Company has received approximately $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group, with expected initial revenues in August 2023
- Commercial Product Development focused on completing vehicle certifications
- Team successfully achieved major milestone in April, completing all required FMVSS tests for vehicle crashworthiness and occupant safety validation for Class 1 EV vans
- Successfully completed customer pilot with Menzies at Los Angeles International Airport (“LAX”) with over 1,500 miles driven and 100% uptime as expected
- First presentation of the portfolio at several large 2023 commercial fleet shows – NTEA Work Truck Show in Indianapolis, IN, NAFA in Baltimore, MD, and ACT Expo in Anaheim, CA
- Announced the availability of the Mullen Class 3 pilot program for customers wanting to test the vehicle in their specific use cases
- Initial vehicle shipments of Mullen Campus EV Cargo Van to The University of North Carolina at Charlotte and MGT Lease Company in March 2023
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