Shares of Mullen Automotive (NASDAQ:MULN) stock are in the spotlight today. The electric vehicle company disclosed that it had booked $308,000 in revenue for the quarter ending June 30. The revenue, which is Mullen’s first recorded revenue, stems from the sale of 22 Class 1 EV cargo vans to Randy Marion Automotive Group (RMA). The vans are ready to be shipped, while the first van is set to be shipped today. Shares of MULN opened higher by about 9% on the news. However, they have since given up most of their gains.
“We continue to receive great interest from around the country for Mullen’s different commercial EVs and the campus van is proving to be a great fit with various different closed campus commercial applications,” said RMA Fleet Operations Vice President Brad Sigmon.
RMA is Mullen’s authorized commercial distributor in the U.S. To date, RMA has placed purchase orders worth $279 million for Mullen’s Class 1 and Class 3 EVs. Production of the Class 3 EV is set to begin next month. Meanwhile, deliveries will begin in August and September.
MULN Stock: Mullen Records First Ever Revenue
Mullen also announced that it is in the process of six Campus EV Pilot Programs across industries including aviation, pharmaceutical, public utility and universities. Future announcements should provide updates on these programs.
RMA is a major customer to Mullen. Last December, it was announced that RMA subsidiary Randy Marion Isuzu (RMI) had placed a purchase order for 6,000 Class 1 EV vans valued at $200 million. In May, RMI placed another purchase order for 1,000 Class 3 EV trucks worth $63 million.
The Class 1 EV van has an MSRP of $34,500 and an estimated range of 110 miles. Additionally, the van is customizable to fit the need of the customer. Meanwhile, the Class 3 EV truck has an MSRP of $68,500 with an estimated range of 130 miles. Both vehicles are eligible for a $7,500 federal tax credit.
Shareholders who are personally interested in viewing Mullen’s fleet of vehicles will soon be able to at the 2023 “Strikingly Different” U.S. tour, which is expected to start in August. Vehicles, such as the anticipated Mullen FIVE, GT Sports car, and Bollinger Motor’s B1, B2, and B4 models, will be showcased during the tour.
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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.
