Mullen Automotive Reports $263 Million In Outstanding Purchase Orders
Mullen Automotive (NASDAQ: MULN) this morning is claiming that it has over $263 million in outstanding purchase orders to fill for its Class 1 and Class 3 EV cargo vans and trucks. The figure follows the firm yesterday receiving another order pegged at $63 million.
The latest order, which was announced mid-day yesterday, is reportedly for a total of 1,000 of the Mullen THREE, which is a Class 3 low cab forward EV truck. Deliveries under the purchase order are currently slated to begin in August.
The major order follows Mullen and Randy Marion Automotive Group, a commercial EV dealer, entering a partnership last December, which saw Randy Marion become the firms first dealer group partner.
The Class 1 and Class 3 commercial vehicles are to be assembled in Tunica, MS. The production facility, which is currently still under development, is expected to become operational in July, with deliveries anticipated to begin in August and September. Mullen has recently added new trim and chassis assembly lines to accommodate new models, while hiring 35 team members ahead of production commencing. The company is at the same time focusing on commercial vehicle certifications, with FMVSS tests for vehicle crash test worthiness and occupant safety conducted just last month for its Class 1 EV van.
The company also indicated this morning that its Bollinger Motors division, based out of Oak Park, MI, currently is 90% complete with the chassis cab engineering of the B4 vehicle. Vehicle testing has reportedly started and is on schedule, while the B1 SUV program restarted in March. Additional employees have been added to support both initiatives.
As of April 30, Mullen is said to have had $116.1 million in available cash.
Mullen Automotive last traded at $0.08 on the Nasdaq.
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