Mullen Automotive has provided shareholders with a new update on its vehicle production and deliveries for the year.
The company announced on Monday that it is on track to deliver 150 EVs to Randy Marion Automotive Group for the remainder of 2023.
According to Mullen, the first ten Class 3 vehicles were delivered to RMA on Sept. 28, 2023.
The company says it expects to deliver more than 150 Class 3 vehicles to Randy Marion this year and to fulfill the balance of the 1,000 Class 3 vehicle purchase order by 2024, where the production schedule has been set at 850 trucks.
Mullen Automotive has stated that Class 3 production capacity at the Tunica facility is currently planned at 3,000 annually per shift, allowing units to be added to the schedule as additional customers are confirmed.
“Class 1 EV cargo van production is on track to begin in Q4 2023 with the Company producing an estimated 300 vehicles.
The total Class 1 EV cargo van production for CY 2024 is planned for 6,000 vehicles allowing the RMA purchase order to be fulfilled.
Class 1 production capacity at the Tunica, Mississippi, facility is currently planned at 10,000 annually per shift.
As electric vehicle adoption rates increase, Mullen intends to add a second shift for Class 1 production, which will increase capacity to 20,000 total vehicles per year,” the company said on Monday.
“I am proud to say both our Class 3 production acceleration and our Class 1 manufacturing preparations are on track at our Tunica assembly plant.
We have firmed up our production schedules for 2024, which align with our existing customer orders and provide ample room for additional customer demand,” said David Michery, CEO and chairman of Mullen Automotive.
Other Mullen Automotive News Today
On Friday, Mullen Automotive shared an update on the company’s notice of delisting.
On October 3, 2023, the Company received an additional written notice from the Staff indicating that the Staff had concluded that the Company did not hold an annual meeting in the fiscal year ended September 30, 2023, that met the Nasdaq annual meeting standard.
While the Company held an annual meeting on August 3, 2023 and the proposals that were approved at the meeting including the election of directors are, and remain, valid, the Staff determined that such meeting did not satisfy the Annual Meeting Rule since the Company did not afford stockholders the opportunity to discuss Company affairs with management at the meeting as required under Nasdaq Listing Rule IM-5620.
The Company will present its plan to demonstrate compliance with the Annual Meeting Rule at the previously scheduled Bid Price Rule hearing and the Panel will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Capital Market.
CEO David Michery said in September that the company’s balance sheet is strong in a new update to shareholders.
MULN stock has now fallen more than -40% in the past month and is currently down more than -99% this year-to-date.
“I am very disappointed by the performance of our stock.
As I have previously publicly stated, I do not believe the trading price of our stock even closely resembles the Company’s actual value.
It is evident that, regardless of meeting significant corporate milestones, stock traders continue to place downward pressure on the stock, causing the price to fall.
I previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock,” the CEO said in August.
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