Mullen Automotive Inc (NASDAQ: MULN) saw a significant reversal off $1.26 lows last week and has been moving steadily higher since, closing green on Friday and closing after hours at $1.57 a very positive indicator for next week. Investors sentiment is high that MULN will continue northbound here with earnings coming Tuesday – and we could see some real revenues on the books for the first time – a significant catalyst for Mullen. The stock was trading as high as $3 post split just 2 weeks ago and investors are looking for a return over these levels and a breakout northbound from there.
Shorts have continued to increase their positions to over 13.7 million shares and on Friday off exchange trading reached 5.7 million shares, with shorts now at 242% of the float and no more share available to short; something is in the works here. Another positive indicator is institutional investors currently in Mullen increasing their positions. The Vanguard Russell 2000 Index Fund Institutional shares recently increased their position by 6.52% and they were not alone. Currently there are 212 institutional investors in Mullen. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Mullen now has $263 million in purchase orders from Randy Marion Automotive including the original $200 million purchase order for 6,000 Class 1 EV cargo van as well as the more recent $63 million purchase order for 1,000 Class 3 EV low cab forward trucks. 19 EV Cargo Vans have already been delivered with an additional 20 deliveries expected in May as well there is an anticipated purchase order for another 200 Class 1 EV Vans also expected in May.
Mullen provided updates last week on its manufacturing facilities in Tunica, Mississippi and Mishawaka, Indiana. Commercial vehicle equipment transferred to Tunica, MS facility for commercial Class 1 launch. Mullen has also commissioned an e-coat and paint facility for readiness to paint early prototype builds. Enterprise data infrastructure, including fiber optics, servers, and security systems were installed in both plants to support volume manufacturing.
The production line for Class 3 EVs will become operational in July, with Class 3 trucks rolling off the line with anticipated deliveries and revenue in August and September 2023. Mullen has also upgraded its Tunica facility by purchasing and installing “Automated Guided Vehicles,” robots and a water test booth and end-of-line diagnostics. Mullen has also hired an additional 35 employees to support commercial vehicle production.
Mullen recently restarted Bollinger Motors’ B1 SUV program. B4 chassis cab engineering is now at 90% completion after the Company restarted the program in March meaning investors should be hearing additional news on Bollinger Motors soon. Bollinger recently showcased the B4 at a number of 2023 industry shows including NTEA Work Truck Show in Indianapolis, IN, and ACT Expo in Anaheim CA, last weekend. Bollinger has just hired an additional 30 employees, mostly engineers, in support of B1 restart and commercial truck programs. Between, Bollinger and Mullen, they have now hired 65 new employees to support the launch of production.
MULN$MULN Short Interest Float is at 242.29 % pic.twitter.com/zPDOBcu2DU
— Let me be Frank 🍿 (@StockSenseFrank) May 6, 2023
Mullen also released a much-anticipated update on its luxury SUV crossover the Mullen FIVE which includes two trim levels of the FIVE EV crossover and the high-performance Mullen FIVE RS variant which is expected to go from 0 to 60 in a face melting 1.9 seconds – faster than a Bugatti. The new production designs of Mullen FIVE and FIVE RS are planned for reveal at CES in January 2024. Mullen is also in preparations for the Strikingly Different EV Tour in August that will include expanded vehicles joining the tour, including the Mullen FIVE and FIVE RS and Mullen Commercial Class 1 and Class 3 vehicles. A drivable demonstrator of the new Mullen GT will join the tour in September 2023. Demand for the Mullen FIVE skyrocketed after the LA Auto Show prompting Mullen to increase its reservation limit for the FIVE from an initial 5,000 to 25,000 vehicles.
On Thursday of last week Mullen announced the pricing for the Class 1 EV Cargo Van with starting price of $34,500 and the Class 3 EV Cab Chassis Trucks at $68,500. Both vehicles qualify for the $7,500 federal tax credit, reducing the cost of the Class 1 EV Cargo Van to $27k and the Class 3 EV Cab Chassis Truck to $61k. 19 EV Cargo Vans have been delivered with an additional 20 deliveries expected in May as well there is an anticipated purchase order for another 200 Class 1 EV Vans also expected in May. Mullen also recently received a 1,000-unit purchase order, valued at $63M, for Class 3 EV trucks from Randy Marion Automotive Group and this follows the $200 million purchase order for 6,000 Class 1 EV cargo vans also from Randy Marion Isuzu.
The Mullen ONE is the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment. This van was designed for last-mile delivery, with best-in-class cargo volume, payload, and turning diameter to easily navigate through narrow urban streets and residential roads. The Mullen ONE has a range of about 110-miles featuring 157 cubic feet of cargo volume and 1,683 lbs. max payload. Rapid Response Defense Systems (RRDS) a major government contractor who was just awarded a $2.7 billion federal fleet vehicles IDIQ Contract by the General Services Administration has already chosen Mullen’s M1 EV as its exclusive provider for class 1 EV cargo vans.
The Mullen THREE is an efficient Class 3 low cab forward EV truck featuring a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets. This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload. In addition, the design of the LCF chassis allows more cargo volume within a given overall length. The Mullen THREE has a 130 mile range, with 5,802 lbs. max payload. View full vehicle specifications for the Mullen THREE here. There are also various state incentives, such as the California HVIP program, which offers up to $45,000 incentive for commercial Class 3 products like the Mullen THREE EV Cab Chassis Truck.
Rapid Response Defense Systems Selects Mullen Automotive as the Exclusive Provider for Class 1 EV Cargo Vanshttps://t.co/YIxfwQarB9
— Tech Australia (@ev_tech_stocks) May 7, 2023
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Mullen recently executed the $680,000 federal contract agreement with the District of Columbia to install the Company’s 51% EMM technology on 40 Bolts. Mullens own testing of Lawrence’s EMM technology showed more than a 75% increase in range for the 42-kWh lithium-ion battery pack on its Class 1 EV Cargo Van at its Troy, Michigan, facility, which would be a calculated EPA estimated range of 186 miles at a very low added cost and mass.
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Mullen’s solid-state cell battery technology could revolutionize the EV market. Mullen recently blew away the EV market when they reported that data collected from its solid-state cell testing shows impressive results, including a range of 600-plus miles on a full charge and over 300 miles of range delivered in 18 minutes with DC fast charging. Mullen is also conducting extensive research and development into other advanced battery technologies, including lithium-sulfur and lithium-iron-phosphate. Giving Mullen such a big advantage in EV battery technology is its acquisitions of Coda Automotive and Electric last mile Solutions. Coda invested millions in battery management systems, drivetrains, and other technology that makes EVs move effectively giving Mullen a significant advantage over everyone else’s.
Shareholders in Mullen continue to question why it is that Company’s such as Fisker (FSR) who is pre-production with 1 assembly plant trades at over a $1 billion market valuation while Mullen trades at a market valuation of just $125 million. Mullen recently announced it is taking certain affirmative steps in light of the extraordinary trading volume which is not surprising after this week and evidence of unusually high levels of failure to deliver (FTDs) on short sales as reported to the SEC. Mullen has retained outside counsel which will be working with Shareholder Intelligence Services LLC (ShareIntel) to conduct a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.
One of the best articles I’ve ever read!