© Reuters. Mullen (MULN) Releases Statement Claiming To Be On Track For Deliveries; Stocks remain near 52-week low
by Michael Elkins
Mullen Automotive Inc (NASDAQ:) CEO David Michery issued a statement on Thursday addressing recent investor concerns. The company’s shares are down more than 50% year to date.
However, Michery assured investors that the automaker is ready to meet its Class 1 EV deliveries, including an order placed late last year by Randy Marion Isuzu for 6,000 Class 1 EV cargo vans. A valued transaction. at approximately $200 million. At the time, Mullen stated that deliveries would begin during the first quarter of 2023. The exact schedule for all deliveries was not disclosed. The statement released Thursday says the company anticipates making Class 1 EV deliveries before the end of March.
“I believe we have all the pieces in place between our product, factories and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, Mullen Automotive CEO and President. “In addition, we continue to invest and move quickly with the Mullen FIVE program, which will soon be nearing a vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”
By June 1, Mullen plans to receive another $110 million in firm commitments. Based on the current cash balance and the expected receipt of $110 million, the company estimates that it will have enough cash to operate the business for the next 12 months.
Despite the statement, shares of the company are still near a 52-week low of $0.14.
MULN shares rose 0.47% near the end of trading on Thursday.
