Shares of Mullen Automotive (NASDAQ:MULN) stock are in the green after the electric vehicle (EV) company announced that it had delivered its Class 3 THREE EV to NRTC Automation. Back in August, Mullen announced that NRTC had placed a purchase order for three THREEs with an expected delivery date during the fourth quarter of 2023. Neither party revealed the financial details of the purchase.
“NRTC has a great working relationship with the Mullen Team, and we are thankful to have been a part of all that’s been achieved in getting the Mullen THREE build operation to the finish line,” said NRTC Chief Operations Officer Dan Hill. “We are excited to receive our first Mullen THREE for use in our South Carolina location and feel it will work perfectly for the shuttle runs from NRTC to local customer locations.”
NRTC operates as a service parts manufacturing and decommissioning firm with a focus on automation. NRTC will add the THREE to its fleet for a “variety of applications.”
MULN Stock: Mullen Delivers Its THREE to NRTC Automation
Mullen and NRTC have previously conducted business, so the delivery is a related party transaction. In May, Mullen announced that it would partner with NRTC for assistance in its THREE assembly line installation and integration.
“NRTC will support Mullen’s Class 3 operation through launch and also provide ongoing support of the production as Mullen ramps up to meet the full market demand from its commercial customers,” said Mullen.
Earlier this month, Mullen announced additional THREE deliveries to Randy Marion Automotive Group (RMA) after previously delivering 10 THREEs to the company. The delivery is part of RMA’s purchase order for 1,000 THREEs worth $63 million. Mullen plans to deliver 150 THREEs to RMA before the end of the year, with the remaining 850 vehicles to be delivered next year.
In total, Mullen expects to deliver 150 THREEs and 300 Class 1 ONEs this year. Next year, it expects to deliver 6,000 ONEs.
Meanwhile, Mullen will hold its special meeting of stockholders tomorrow, Dec. 15. Up for vote is a reverse stock split in a ratio between 1-for-2 and 1-for-100.
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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.
