Mullen Automotive Inc (NASDAQ: MULN) – Certainly has its detractors in the media, as well as online pundits and the enormous 17.9 million share short position that is betting that Mullen will fail. It’s built into the stock price which trades at a market valuation of just over $200 million – there are pink sheet stocks with higher market caps than that – Mullen is priced as if it will fail.
Mullen, however, is not failing, they are thriving. With over $100 million in cash in the treasury the Company’s strategy of assembling vehicles for offshore manufacturers to produce revenue and fund the company’s advance has been a striking success. Mullen has already received $263 million in purchase orders from Randy Marion Automotive including the original $200 million purchase order for 6,000 Class 1 EV cargo vans as well as the more recent $63 million purchase order for 1,000 Class 3 EV low cab forward trucks. 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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One thing the negative pundits are not considering is Mullen’s CEO David Michery a talented deal maker who honed his skills in Hollywood as a high-powered media executive who was instrumental in the creation of the number #1 show Baywatch. Michery who has been fascinated by “things that go fast” since he was a child, used his Baywatch money to build up an exotic sports car collection and planned on starting an Airline. Instead, he fell in love with Italian sports cars and acquired Mullen.
$MULN #MULN …. Most of the Important THINGS in the World have been ACCOMPLISHED By PEOPLE Who Kept On TRYING When there seemed to be NO HOPE At All……. -Dale Carnegie pic.twitter.com/DMpnO3PppJ
— maliburum67 (@malibu_rum67) May 9, 2023
Since taking over Mullen Michery has been focused on building a successful American made EV Company. His deal making skills are evident as he has rapidly grown Mullen through the acquisitions of Coda, Electric Last Mile and Bollinger. Mullen now has its executive offices in Brea, California, the Mullen automotive Tech center in Monrovia developing EV battery technology destined for Mullen’s EV vehicle lineup (this is the old CODA facility), and the Mullen Tech center in Pontiac, Michigan where the Company launched a new EV Technology team, also focusing on developing EV technologies for Mullen’s portfolio of commercial vans. Mullen also has its two massive manufacturing facilities in Mishawaka and Tunica. The Indiana facility is ready to produce 50,000 vehicles per year and Mullen is currently building out a 1.2 million square foot expansion at its Tunica facility.
$MULN #MULN updated Ortex @BoysPadre Thanks. pic.twitter.com/LBWxEX9mlY
— ChaCha 🏦🔋🏕💦⚡️🚚1️⃣🚗5️⃣⚡️7️⃣🇰🇷🇺🇸🏈🏀🍣 (@chacha72kobe4er) May 9, 2023
David Michery has always stated that Mullen is a “technology Company that also makes EV’s” Mullen is heavily invested in creating its own superior EV technology and due to the acquisition of CODA which was investing millions in EV technology for years they have been successful. Mullen has already created solid-state polymer batteries that are 100% resistant to fire and installed in the Company’s FIVE RS on an 800-volt architecture, the car has 1,100 horsepower and goes from 0 to 60 in a face melting 1.7 seconds. Mullen is actively developing the next generation of electric vehicle batteries, including advanced technology like Lithium-Sulfur and Solid State. Future Mullen EVs equipped with Lithium-Sulfur batteries will be lighter, more efficient, and have greater range than most EVs in the market. At its Detroit Tech Center Mullen recently brought on 20 new hires and expects to have upwards of 50 employees by the end of this year at this facility.
Michery has also diversified the Company and Mullen currently has many irons in the fire; the Menzies pilot program for the M1 vans at LAX, I-Go commercial EV’s in Europe, Bollinger Motors B1 and B2 electric SUV trucks, the $680,000 contact with the DC government and Lawrence’s $10 billion Saudi deal just to name a few. (there are many more and we will be putting out another article tomorrow on Lawrence Hardge and yesterday’s live stream)
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Mullen was also recently selected by Rapid Response Defense Systems (RRDS), a major government contractor to be its exclusive provider for class 1 EV Cargo Vans. Mullen and RRDS are now working together to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders. RRDS works primarily with the U.S. Department of Defense, U.S. Department of State, NATO, and the United Nations Office for Project Services (UNOPS). Recently RRDS was awarded a $2.7 Billion Federal Fleet Vehicles IDIQ Contract by the General Services Administration (GSA) (IDIQ Contract # 47QMCA22D000T). Lawrence Hardge has recently included RRDS logo in recent tweets where he said something big was coming. Obviously, a major federal contract for Mullen would send the stock on a wild ride. Notably, The Mullen ONE is the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment.
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
David Michery has been a winner all his life and my bet is on him that he wins this time too. Mullen is doing things the right way, for example the Company filed over 120 patents in 24 countries just for the Mullen FIVE and they have built up a valuable intellectual property portfolio through the acquisitions of ELMS, CODA, and Bollinger. There are a lot of believers in Mullen too, there are over 200 hedge funds invested in the Company that hold millions of shares of Mullen and there are the retail investors who have turned MULN into one of the most heavily traded stocks in small caps that trades $50 million in dollar volume on a slow day. Once Mullen goes into mass production and it’s coming this year, the market will be forced to reevaluate Mullen and stop valuating the Company as if it will fail, because it’s not going to fail. Mullen is a winner and it’s going to win.
Last week Mullen provided an update on mass production launches in both Tunica, Mississippi and Mishawaka, Indiana. Commercial vehicle equipment was recently transferred to Tunica, MS facility for the commercial Class 1 launch. 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 hired an additional 35 employees to support commercial vehicle production. Mullen also recently restarted Bollinger Motors’ B1 SUV program hiring an additional 30 employees, mostly engineers, in support of B1 restart and commercial truck programs. The much-anticipated Mullen FIVE luxury SUV crossover which includes two trim levels of the FIVE EV crossover, and the high-performance Mullen FIVE RS variant will be at the 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 to 25,000 vehicles.
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Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (EVs) that will be manufactured in two Company-owned United States-based assembly plants in Mississipa and Indiana. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. 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.