Mullen Automotive, Inc (NASDAQ: MULN) – Since Mullen affected the 25 for 1 reverse stock split, the shorts have been increasing their short positions dramatically over the past week with now well over 22 million MULN Shares sold short according to Ortex. While some have criticized Mullen for the reverse split, the move was essential for the Company’s future growth and kept MULN listed on the Nasdaq and the Russel 2000® and 3000® Indexes. Mullen is now ready to move forward building a major US EV manufacturer soon entering mass production.   

Institutional investors have been increasing their positions. Bank of New York Mellon Corp has added to their position in Mullen and now has 4,375,931 shares of Mullen worth $6.1 million. Other institutions such as Thrive Capital Management, Cowan and Company, Private Advisors Group and Goldman Sachs Group have also increased their positions in Mullen. There are currently 220 funds and institutions reporting positions in Mullen Automotive. This is an increase of 15.79% in the last quarter. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

On Thursday Mullen announced it has received a purchase order from MGT Lease Company for 250 Class 3 Commercial EV Trucks in the amount of $15,755,000. MGT Lease Company is a growing commercial vehicle sales and leasing company with annual revenue projected to surpass $100 million in 2023. The vehicles are slated for delivery beginning in August 2023, with complete fulfillment of the purchase agreement occurring by December 2023 and will be fulfilled through Randy Marion Automotive Group.   

MGT will purchase Mullen’s all-electric Class 3 EV cab chassis truck, the Mullen THREE, for its short- and long-term fleet leasing portfolio focused on small, medium and enterprise businesses. MGT is a Mullen Automotive repeat customer, initially purchasing EV cargo vans from Mullen in March 2023 and now expanding into the larger class 3 cab chassis EV trucks with an initial order of 250 units, demonstrating the demand for this premium commercial truck. MGT’s order follows Randy Marion’s initial order for 1,000 units placed in early May 2023.   

According to Greg Striker, partner at MGT Lease Co. “We are very happy with the Mullen EV cargo van and have received great customer feedback and are now looking forward to expanding into Mullen’s commercial class 3 truck.” This repeat order from MGT leasing follows the recent repeat order from UNC Charlotte who is taking delivery of an additional 8 Mullen EV cargo vans following their initial order of 7 Mullen EV cargo vans.  

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$MULN $muln muln MULN #muln #MULN
Still have no idea why the stick isn't up… pic.twitter.com/OwJNfdNo5f

— Direct X (@divinci702) May 11, 2023

The Mullen ONE is the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment and it’s been a big ticket item for Mullen so far; the Southern California based EV maker 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. Last year, Mullen announced Randy Marion Automotive (“RMA”) as the first dealer group partner for Mullen’s commercial EV lineup.  

Mullen has an enormous global base of investors (NOBO LIST) and below we list the top countries where Mullen investors live: Number one is USA by far, then Spain/Germany/Canada all have a ton of Mullen investors. After that is Hong Kong, then Finland, South Korea, Chile, Singapore, UK, India, Saudi Arabia, Italy, Austria, Taiwan, France, Sweden, Japan, Switzerland, Portugal, Guam, Lithuania, Curacao, Thailand, Qatar, Mexico, Kuwait, Israel, Belgium, Australia, Ireland, Check Republic, Hungary, Croatia, Jordan, Malta, New Zeeland, Denmark, and UAE. (This is where the interest in Mullen is, it’s not exact though. Spain, Germany and Canada all have a ton of Mullen investors, after that it drops off.   

Mullen announces $15,755,000 vehicle purchase agreement with MGT Lease Company for 250 #Class3 #CommercialEV trucks. Vehicles slated for delivery commencing in August 2023, with complete fulfillment by December 2023. $MULN #MullenCommercial

Learn more— https://t.co/z612EChLbD pic.twitter.com/mFkkQyYU0i

— Mullen Automotive (@Mullen_USA) May 11, 2023

Mullen Automotive is a Southern California-based EV Company led by its CEO David Michery; an accomplished deal maker who was instrumental in launching the number #1 tv show Baywatch. As the CEO of Mullen, Michery has once again proved his deal making skills, growing the Company rapidly through the acquisitions of CODA, ELMS, and Bollinger. Mullen now has facilities in Brea, Monrovia, Pontiac, Michigan and its two massive manufacturing plants in Mishawaka and Tunica. Mullen is entering mass production later this year. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings.

Mullen's manufacturing facility in Mishawaka, IN previously produced the General Motors Hummer H2 and the Mercedes-Benz R-Class vehicles 💭

The 650,000 sq. ft. plant is a perfect fit for the production of Mullen's passenger vehicles, the FIVE SUV and the Bollinger B1 and B2 EVs pic.twitter.com/EYYX3aY6Hy

— Mullen Automotive (@Mullen_USA) May 11, 2023

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Mullen is distinguishing itself as a leader in EV battery technology and is actively developing the next generation of electric vehicle batteries, including advanced technology like Lithium-Sulfur and Solid State. The Company has a lot of irons in the fire including 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. Mullen was 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) and was recently awarded a $2.7 Billion Federal Fleet Vehicles IDIQ Contract.  We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.