Mullen Automotive (NASDAQ:MULN) has kept busy in the last few weeks, announcing major news such as the $92 million bankruptcy acquisition of Electric Last Mile Solutions (NASDAQ:ELMSQ) and purchasing a majority stake in Bollinger Motors. The acquisition of ELMS’s manufacturing facility in Mishawaka, Indiana, will help the electric vehicle (EV) company speed up the release of the Bollinger B1 and B2 by at least 12 months. The facility will have a production capacity of up to 50,000 vehicles per year. Still, another MULN stock catalyst set for Oct. 27 is quickly approaching.
In about a week’s time, Mullen will host its “Strikingly Different” test-drive tour. It will take place across 19 cities in the U.S., starting with the Rose Bowl in Pasadena, California. Each event will last for two days and feature the unreleased Mullen Five SUV Crossover. The second city on the tour is Las Vegas, Nevada, which will take place on Nov. 10 and 11.
During the second leg of the tour, Mullen expects to showcase the Five RS as well, which boasts around 1,100 horsepower and speeds up to 200 miles per hour. In addition, the company hinted that there will be “other exciting features available” at the events. Both legs of the tour are already at full capacity.
What MULN Stock Fans Can Expect
At “Strikingly Different,” test-drives of the Five will be completed on closed circuits or racetracks, so only a limited number of drivers will be able to get behind the wheel. Reservation holders of the Five will have first priority to access the test-drives, while the general public will have second priority.
CEO David Michery added:
“We’ve had a great response from everyone who had an opportunity to experience the Five in person at the 2021 LA Auto Show. Thousands of people across the country will now have the opportunity to test drive the Mullen FIVE on our national tour.”
Reservations for the Five require a $100 refundable deposit, while the full price currently sits at $55,000. The reservation page notes that “production validation” is set to begin during the fourth quarter of 2023, while the ELMS press release states production will begin during 2024. The company estimates the first deliveries of the vehicle will begin during Q2 of 2024.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.