Despite an encouraging press release from Mullen Automotive (NASDAQ:MULN), MULN stock is currently down by more than 5%. Today, the emerging electric vehicle (EV) company announced it had made 11 new hires. The new hires will help support Mullen’s EV portfolio growth plans and have backgrounds from Ford (NYSE:F), Volkswagen (OTCMKTS:VWAGY), General Motors (NYSE:GM) and more.
In addition, Mullen confirmed it had hired Paul Loewer, who disclosed on social media last year that he had joined the company. Loewer has more than three decades of automotive experience at GM, with his last role as the product manager for Chevrolet’s Silverado and low cab forward (LCF) medium duty trucks. At Mullen, Loewer will take on the role of Senior Director, Product Planning and Product Marketing.
Mullen Adds Several Automotive Veterans to Its Workforce
Let’s take a look at the changes to Mullen’s product development team:
- Jerry Hu: President, Mullen Commercial Vehicles. Hu was formally the VP of Key Safety Systems.
- Dave Adkins: Chief of Class 3 Commercial Vehicles. Adkins was formally the Chief Engineer of Isuzu Motors (OTCMKTS:ISUZY).
- Raj Pai: Chief Engineer Commercial Vehicles. Pai was formally the VP of Mahindra.
- Steve Ilenich: Director of Commercial Vehicles Quality. Ilenich’s LinkedIn states his last role was the Executive Director of Quality at Electric Last Mile Solutions (OTCMKTS:ELMSQ). Mullen acquired ELMS last year through an all-cash purchase worth $105 million.
- Dongyeol Kang: Director of Vehicle Program Purchasing. Kang’s background is not available through LinkedIn.
- Mohamed Shaib: Director of Advanced Driver Assistance System (ADAS). Shaib’s background is not available through LinkedIn.
- Seungho Choi: Director of Program Management Commercial Vehicles. Choi’s background is not available through LinkedIn.
The company also made changes to its commercial sales and service and parts team:
- Paul Loewer: Senior Director, Product Planning and Product Marketing. Loewer previously worked at GM for more than 30 years.
- Matt Gostek: Director, Service and Parts. Gostek previously worked as the Warranty Manager for ELMS.
- Bob Sanseverino: Commercial Sales Director – West Region. Sanseverino previously worked as the National Accounts Manager, Commercial Fleet at Ford. In total, he boasts more than three decades of experience at the legacy automaker.
- Lance Buchanan: Commercial Sales Director – Southeast Region. A LinkedIn profile for Buchanan shows that he previously worked as the VP of Manufacturing Operations in Winston-Salem, North Carolina for Herbalife (NYSE:HLF).
The addition of these eleven executives should help move Mullen forward in producing the Five EV. The Five is expected to enter production in late 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.