Mullen Automotive (NASDAQ:MULN) stock opened higher by about 6% today following the release of a lengthy company update. The update covered several topics, such as progress of manufacturing facilities, commercial and consumer vehicle program updates, details on Mullen Advanced Energy Operations (MAEO) and more. The electric vehicle (EV) company also disclosed that it had $116.1 million of cash available for operations as of April 30.
Yesterday, Mullen announced it had received a 1,000 unit order of its Class 3 low cab forward (LCF) trucks. The order is worth $63 million and comes from Randy Marion Isuzu of Randy Marion Automotive Group (RMA). In today’s update, Mullen said it has received a total of $263 million in RMA purchase orders.
MULN Stock: 3 Key Takeaways From Mullen’s Company Update
Shareholders haven’t heard much about Bollinger Motors in recent months. Mullen disclosed that it restarted Bollinger’s B1 SUV program on March 1. Engineering for the B4 chassis cab is also 90% complete and testing of the cab has already been initiated. This means MULN stock shareholders may hear about the results soon. In the meantime, Mullen has hired 30 more employees to support the revival of the B1 and Bollinger’s other commercial truck opportunities.
Mullen also provided updates on its manufacturing facilities in Tunica, Mississippi and Mishawaka, Indiana. Commercial vehicle equipment was transferred to Mishawaka for “commercial Class 1 launch.” Mullen also installed “enterprise data infrastructure” in both its Mishawaka and Tunica facilities. The latter is a commercial EV assembly facility.
The production line for Class 3 vehicles will begin this July. After that, Mullen forecasts deliveries to begin in August and September. Mullen has also upgraded its Tunica facility by purchasing and installing “Automated Guided Vehicles,” robots and a water test booth. The company has hired 35 more employees to assist with commercial production as well.
Finally, Mullen released updates on its highly anticipated FIVE EV. Development is currently ongoing, with a vehicle styling freeze set to take place in the fourth quarter. After that, production design of the vehicle is slated to be unveiled at CES in January 2024. In addition, the FIVE will also make an appearance on the Strikingly Different EV Tour this August.
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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.
