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.


Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

Mullen Automotive Retains Outside Counsel To Analyze Recent Trading And “Illegal Short Selling”

Mullen Automotive (NASDAQ: MULN) has evidently gone full conspiracy theorist, announcing this morning that it...

Friday, April 28, 2023, 09:02:25 AM

Mullen Automotive To Conduct EV Battery Testing At Battery Innovation Center In Indiana

Mullen Automotive (NASDAQ: MULN) traded as high as US$1.73 this morning in pre-market trading off...

Thursday, April 21, 2022, 10:07:00 AM

Mullen Automotive Declares It Won’t Conduct Another Financing In 2023 To Calm Investors

Mullen Automotive (NASDAQ: MULN) is flailing in an attempt to bolster investor confidence, announcing this...

Wednesday, June 21, 2023, 09:09:42 AM

Mullen Automotive Delays 10-K Filing, Blaming Bollinger, ELMS Valuation Calculations

Mullen Automotive (NASDAQ: MULN) has formally filed for a delay in submitting its Form 10-K...

Sunday, December 31, 2023, 11:55:07 AM

Mullen Automotive Climbs 75% In Pre-Marketing Trading After Announcing Share Buybacks

Mullen Automotive (NASDAQ: MULN) appears to be just as focused on the price of its...

Thursday, July 6, 2023, 08:35:54 AM