In 2023, Mullen Automotive (NASDAQ:MULN) built 154 Class 3 electric vehicle (EV) cab chassis THREE trucks and delivered 141 of them. These sales resulted in invoices for $9.19 million. The remaining undelivered 13 THREEs are “being utilized for engineering and marketing purposes.”
“I am proud of our team’s commitment in hitting our 2023 Class 3 delivery target with 154 Class 3’s built and 141 delivered to Randy Marion. 2024 is going to be a great year for us, and I am excited for the opportunities in front of us,” said CEO David Michery.
Mullen stated that its 141 deliveries had met its previously announced guidance target. However, the company had previously guided for 160 THREE deliveries back in September. In November, Michery stated that he expected to sell 150 THREEs in 2023. In July of 2023, Michery had stated that 930 THREEs would “leave the factory to customers.”
The company’s 2023 guidance for deliveries of the Mullen ONE was an even bigger miss.
MULN Stock: Mullen Announces 2023 THREE Deliveries
In July, Michery noted that 660 ONEs would “leave the factory.” Michery later lowered that guidance to 300 vehicles in a video interview.
On Dec. 28, Mullen announced that it had only delivered 50 ONEs during 2023. The company added that it expected to ship an additional 285 ONEs to Randy Marion Automotive Group (RMA) within the next five business days. On Jan. 2, the company disclosed that it had delivered another 50 ONEs to RMA. These 100 ONEs were invoiced for a total of $3.36 million. Mullen also stated that it would deliver 285 ONEs by Jan. 8.
It is unclear when the 50 ONEs mentioned in the Jan. 2 announcement were delivered, as in whether it was in 2023 or 2024. Still, if Mullen only delivered 50 ONEs in 2023, that means that it missed its target by 250 vehicles, or by about 83%. That isn’t a small miss.
In July of 2023, Michery guided for 368 Class 1 one-seaters, 11,000 Class 1 two-seaters, and 3,000 Class 3 vehicles in 2024. It’s not clear if these figures still stand.
Despite these misses, MULN stock is up about 3% today.
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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.
