Mullen Automotive Inc Stock Price, News & Analysis

Mullen Automotive, an emerging electric vehicle manufacturer, announced that all proxy proposals were approved during its reconvened Special Meeting of Stockholders on January 25, 2023. The company currently has no plans for a reverse stock split but must meet the NASDAQ minimum bid price requirement of $1.00 by March 6, 2023. If it fails, Mullen may seek an extension or eventually implement a reverse split. Additionally, Mullen is part of the Russell 2000 Index and must maintain the $1.00 stock price for continued inclusion. The company will assess the impact of a reverse split if necessary.

Mullen Automotive has announced that its I-GO™ Commercial Urban Delivery EV has arrived in Europe, with sample vehicles en route to Newgate Motor Group in Ireland, expected for delivery in early January 2023. Initially delayed due to COVID shutdowns in China, these vehicles aim to meet the demand for quick deliveries in congested European cities. The I-GO is now EU certified and will be marketed in the U.K., Germany, Spain, France, and Ireland. Mullen also established a partnership with Newgate for sales, distribution, and servicing in these regions.

Mullen Automotive successfully concluded its 2022 Mullen FIVE 'Strikingly Different' Test Drive Tour on December 16 in Charlotte, North Carolina, after visiting nine U.S. cities. The tour showcased the Mullen FIVE EV Crossover, with all locations selling out and receiving positive feedback. A second leg of the tour is planned for spring 2023, focusing on the East Coast and featuring the high-performance Mullen FIVE RS. Mullen aims to deliver the Mullen FIVE in 2025 and has made significant acquisitions to enhance its EV portfolio.

Mullen Automotive (NASDAQ: MULN) has announced a significant purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Isuzu, LLC, valued at approximately $200 million.

This partnership marks the first commercial dealer relationship for Mullen, highlighting the growing demand for its electric vehicles. Deliveries are expected to commence in the First Quarter of 2023.

Mullen Automotive (NASDAQ: MULN) announced a firm purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Isuzu, valued at approximately $200 million. Deliveries are set to begin in the first quarter of 2023. RMA, a major commercial vehicle dealer, has become Mullen's first commercial dealer partner, indicating strong demand for Mullen's EV solutions. This partnership aligns with Mullen’s strategy to leverage their commercial EV portfolio, manufactured at their plant in Mississippi.

Mullen Automotive (NASDAQ: MULN) has announced a partnership with Loop Global to enhance EV charging infrastructure through a $300 million financing program. The collaboration aims to combine Mullen's vehicle engineering with Loop's charging solutions, offering a complete system for both public and private charging needs. This includes Level 2 and Level 3 DC fast charging capabilities and a unique financing model that allows customers to implement charging stations at no upfront cost. The partnership strives to accelerate the adoption of electric vehicles in the USA.

Mullen Automotive has partnered with Randy Marion Automotive, becoming the first commercial dealer group to offer sales, service, and parts for Mullen's Class 1-6 electric vehicle (EV) lineup, expected to launch in 2023. This collaboration aims to address the underserved commercial EV market, particularly in the Class 1 cargo van segment, as OEMs have exited this space. Randy Marion expressed confidence in Mullen's offerings, while Mullen's CEO highlighted the significance of this partnership for the company's growth.

Mullen Automotive has appointed Ronald Dixon as General Manager of Government Sales, targeting U.S. federal vehicle procurement programs. Dixon, with over 42 years in the automotive sector, will leverage his extensive experience from General Motors to facilitate Mullen's entry into this market. The Biden administration aims to convert the federal fleet of approximately 650,000 vehicles to electric, offering significant growth opportunities for Mullen, which specializes in electric vehicles. The move aligns with Mullen's vision for commercial EV sales success.

Mullen Automotive has appointed Donald Borthwick as Vice President of Commercial Sales, bringing over 25 years of experience from Ford. Borthwick's track record includes an 18% increase in commercial vehicle sales and strong relationships with key commercial accounts. His leadership is expected to enhance Mullen’s position in the commercial EV market. Mullen, which focuses on developing affordable electric vehicles entirely in the U.S., aims to deliver its first crossover, the Mullen FIVE, in 2024. This strategic hire is part of Mullen's broader efforts to expand its market presence.