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Thursday, June 1, 2023

Lawrence Hardge Headed to Saudi Arabia Confirms Mullen Gets 50% of Saudi Deal

Mullen Automotive, Inc., (NASDAQ: MULN) – In late breaking news on Wednesday Mr. Lawrence Harge spoke to Cal from Financial Journey on YouTube during which he stated that Mullen will get half of the Saudi Deal (50/50 split under MAEO) and that he himself will be headed to Saudi Arabia next week. According to Mr. Hardge, who also confirmed there is a “major announcement” coming between Friday and Tuesday, his team has been in Saudi Arabia negotiating the final details of the $10B Saudi deal. Last word is they were just finalizing territories. Mr. Harge also stated that revenues from the Saudi deal would be 10 x what Mullen is currently making from its vehicles and commercial program including the $279 million in orders from Randy Marion, He also confirmed they will be building a new battery manufacturing facility under MAEO in the US probably in Indiana or Michigan near to where Mullen already has established facilities. 

There has long been doubt as to how exactly the Saudi deal would benefit Mullen. The fact that Mr. Hardge has now confirmed that Mullen gets 50% of the deal is a significant development. Lawrence Hardge burst on to the scene several months ago with his revolutionary black box EMM battery technology that significantly increases the range and efficiency of any EV battery at minimal cost. Mullen engineers have tested the technology for several months now and according to recent press releases the Company’s Class 1 EV Cargo Van at its Troy, Michigan, facility showed a 75% increase in range for the 42-kWh lithium-ion battery pack, which would be a calculated EPA estimated range of 186 miles. Vehicle testing of a high-volume OEM electric vehicle by Element also resulted in a calculated increase in range from 269 to 431 miles, representing a 60% increase in efficiency. The technology has also been installed on 40 chevy Bolts under MAEOs $680,000 contract with the DC Government where it was also thoroughly tested again. 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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There is little doubt why Saudi Arabia is so interested in MAEO EMM battery technology. Strategically located in close proximity to the rare earth minerals needed to make EV batteries such as lithium, nickel, cobalt, manganese, and graphite, the Saudi Kingdom has announced ambitious plans to be the EV battery hub of Asia. Now that we have ample proof that the EMM technology significantly increases the range and efficiency of any EV battery, Suadi Arabia is smart to team up with MAEO giving them an enormous edge. Saudi Arabia has announced plans to invest $50 billion in EVs over the next 10 years, they also recently launched their own EV vehicle, the CEER which will scale up to 500,000 EVs a year in the next few years. Lucid, whose biggest backers are the Saudis recently announced plans to build an electric vehicle (EV) assembly plant in Jeddah to manufacture 150,000 vehicles annually. 

David Michery has always said that Mullen is a technology Company that also makes really cool cars. What he means by that is Mullen, unlike many of its competitors in the EV space, is focused on creating its own superior battery technology and become a leader in the EV battery space. This is a smart move on Mullen’s part as it reduces dependency on third-party suppliers and reduces the risk associated with material and supply shortages, which currently plague the automotive industry. By taking battery pack production in-house, Mullen is able to lower costs and increase overall quality control in battery pack development. Mullen has been very successful so far and is on the cutting edge of EV battery Technoloy. Mullen engineers have already created solid-state polymer batteries that are 100% resistant to fire and when 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 1.7 seconds. Mullen Lithium-Sulfur batteries use the same manufacturing equipment as Lithium-Ion, but with simpler steps and a smaller factory footprint, resulting in less than half the cost to manufacture.  

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What has given Mullen such an edge in EV battery technology was the Company acquisition of Coda Automotive. CODA spent millions on EV battery technology back in the day when it was basically just them and Tesla. They also had a global joint-venture with Lishen Power Battery, a global battery cell supplier to Samsung, Motorola, and Apple, for the design, manufacture, and sale of battery systems. Together, CODA and Lishen developed lithium iron phosphate battery cells and now Mullen, as the new owner of CODA, had acquired this technology and all the patents associated with it. Mullen also took over CODAs high-voltage battery R&D facility, located in Monrovia, Calif. After acquiring the facility with the CODA assets, Mullen retrofitted the facility to accommodate the production of EV battery packs. According to Coda, its breakthrough battery technology would shift the industry. Besides the battery manufacturing facility in Monrovia, Mullen has also established a new EV Tech center in Pontiac, Michigan, also focused on developing EV technologies for Mullen’s portfolio of commercial vans. 

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Mullen has been in a significant downtrend for a while now and has fallen from over $10 post-split in February to recent levels around $0.80 per share. The rate of declines as well as the trading volume have increased significantly in recent days making Mullen a prime candidate for a major reversal northbound here. Currently trading at a $128 million market valuation based on the 170 million OS Mullen trades just a little over cash it has in the bank. The Company has $116 million in cash and will receive another $45 million on July 12 as they head into mass production of the M3 EV van in Tunica. Mullen also has over $400 million in assets and this is not a real reflection of the assets value. Mullen owns two state of the art vehicle manufacturing facilities in Indiana and in Mississippi. Mullens Indiana facility covers 650,000 sq. ft. of manufacturing space and previously produced General Motors Hummer H2 and the Mercedes-Benz R-Class vehicle. In the past the facility produced 100,000 vehicles per year and ELMS paid $145 million for the facility when they bought it. Michery has stated in numerous interviews that it would cost well over $1 billion USD to build the facility from the ground up. When Mullen reverses the move could be fast and furious as Mullen has done many times before. Last year after a significant drop as we have recently seen, Mullen reversed and ran 900% in 3 weeks, absolutely pulverizing the shorts.    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.

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