Tag: Mullen Automotive Stock (Page 1 of 11)

Mullen Automotive (NASDAQ:MULN) announced on Wednesday that it has partnered with NRTC Automation for Class 3 assembly and production.

The Class 3 EV truck is scheduled to begin production sometime in July of this year at Mullen’s Manufacturing Center in Tunica, Mississippi.

Mullen’s manufacturing group has partnered with NRTC Automation (“NRTC”) out of Birmingham, Alabama, for Class 3 assembly line installation and integration, which includes all robotics and automation systems for vehicle production.

Recent capital expenditures in Tunica include addition of Automated Guided Vehicles to transport vehicles through assembly stations in the plant, installation of robotics, water test booth and end-of-line diagnostics.

NRTC will support Mullen’s Class 3 operation through launch and also provide ongoing support of the production as Mullen ramps up to meet the full market demand from its commercial customers.

The headcount at the Tunica facility has grown steadily in anticipation of vehicle production. Mullen recently announced the hiring of an additional 35 plant staff to support production start of the Class 3 vehicle program.

“Finalizing the infrastructure and capital assets to support the operation on time is a critical task,” said John Taylor, SVP of global manufacturing operations for Mullen Automotive. “I have been through many start-ups, and the support that we have received from NRTC to-date has been extraordinary.”

Mike Vagi, president of NRTC Automation, said, “Working with Mullen’s team from the beginning of this project, and to be a key team member responsible to bring the Mullen THREE to market is a role that we take very seriously.”

“It’s gratifying to see our Class 3 vehicle production line coming together in Tunica and even more validating to know we will have vehicles coming off the line and delivered to customers later this summer,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen’s Commercial Manufacturing Center is located in Tunica, Mississippi, and is in close proximity to all major rail lines, interstates, Mississippi river systems, and air logistics, placing it in a primary logistical center of North America.

Other Mullen Automotive News and Updates

Global EV Technology founder Lawrence Hardge has provided shareholders with a new update on the Mullen Saudi deal.

Hardge said Mullen Automotive has a $10 billion contract with Saudi Arabia early in May via Facebook live.

“This is not what somebody said or what you heard, this is reality.

$10 billion contract with Saudi Arabia.

And more to come … Mullen and Lawrence Hardge are here to assist them, they have countries like Yemen, Israel, all of them have joined in to take this technology, and they’re going to produce it in Saudi Arabia and they’re also paying for a manufacturing plant to come to Michigan.

That’s in black and white.

So, the SEC if you’re watching, that’s already agreed upon.”

Mullen Automotive has not officially confirmed the $10bn contract with Saudi Arabia, but investors are sharing Lawrence’s latest update on the Mullen Saudi deal on social media.

“Time to shut these naysayers down.

Representatives from my team have been in Saudi since last week Friday working on binging the Saudi Deal to fruition.

I represent facts, this is my story behind it.”

Lawrence recently deleted his post which begs the question whether this was leaked or confidential information.

Related: Analyst Predicts a MULN Short Squeeze This Week

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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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You can now read exclusive FrankNez articles for only $1/mo.

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• Become part of a private and safe Discord community, just for retail investors.
• Get drawn at the end of the year for holiday giveaways.

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