All eyes are on Mullen Automotive (NASDAQ:MULN) stock after the electric vehicle (EV) company reported its fiscal second-quarter earnings. For the period, Mullen reported zero dollars in revenue and a net loss before accrued preferred dividends and non-controlling interest of $116.9 million. However, another announcement has MULN stock investors concerned today.
In a recent company update, Mullen noted that it would produce the FIVE RS before the FIVE. Production of the FIVE RS is expected to begin in December 2025, with customer sales commencing in mid-2026.
The production date has now been pushed back several times. On the FIVE reservation page, it still says that production will begin during Q4 2023, with deliveries slated for Q2 2024.
MULN Stock: Mullen Delays FIVE Production to 2025
Following the acquisition of Electric Last Mile Solutions’ (OTCMKTS:ELMSQ) assets, including a manufacturing plant, Mullen noted that the deal would allow “acceleration of the path to production and market for Mullen FIVE and Bollinger B1, B2 retail vehicles by 12 plus months.” At the time, the company stated that production of the FIVE would begin in 2024. Now, it appears that the acquisition will actually not speed up the launch of the FIVE at all.
In a March 2022 interview with Benzinga, CEO David Michery blasted other vehicle manufacturers for pushing back production dates:
“When I hear a lot of these guys, my competitors in this space, talk about how […] they’re delivering vehicles in November, I know that they’re going to, you know, come out in November and say we meant next November.”
Michery went on to explain that production for the FIVE would begin during Q4 2024 and into 2025:
“Honesty is the best policy. We’ve never deviated. We’ve made it clear that our Mullen FIVE is going to start to hit fourth quarter of ’24 and into ’25. But that’s a real, real target date. Not a date that’ll get pushed.”
Michery has taken back his own statement by extending the release date. As a MULN stock shareholder, there isn’t much you can do except wait for the final production date that always seems to get pushed back.
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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.