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BREA, Calif. - Mullen Automotive, Inc. (NASDAQ:MULN), an emerging manufacturer of electric vehicles (EVs), announced it will provide a video update for its shareholders on Tuesday, September 24, 2024. The update, delivered by CEO and Chairman David Michery, will cover the company's recent milestones and progress in expanding sales and distribution channels both domestically and internationally.
The video will showcase key achievements of Mullen and its partner, Bollinger Motors, and will be accessible on the MullenUSA.com website and the company's social media channels. Michery stated, "I look forward to providing our shareholders an update on our current Company efforts through September 20, 2024. Thank you everyone for the continued support."
Mullen Automotive has made significant strides in the EV industry, with two U.S.-based vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana. The company started producing commercial vehicles in Tunica in August 2023 and received IRS approval for federal EV tax credits in September 2023. These credits offer up to $7,500 per vehicle for customers, under the Qualified Manufacturer designation.
As of January 2024, Mullen's commercial vehicles, including the Mullen ONE and Mullen THREE, have received certification from the California Air Resource Board (CARB) and the Environmental Protection Agency (EPA). Additionally, the Mullen THREE has been approved for a cash voucher of up to $45,000 at the time of purchase through the CARB-issued Heavy-Duty Vehicle Incentive Project (HVIP).
The company has expanded its commercial dealer network with notable additions, enhancing its sales and service coverage across various U.S. markets. Furthermore, Mullen's Tunica manufacturing center has been granted Foreign Trade Zone (FTZ) status, offering benefits such as duty deferment and elimination on exported vehicles.
This announcement is based on a press release statement and should not be taken as an endorsement of Mullen Automotive's products or future performance. The forward-looking statements in the press release involve risks and uncertainties that could impact the company's actual results. Mullen does not undertake any obligation to update these forward-looking statements, except as required by law.
In other recent news, Mullen Automotive has seen a series of significant developments. The company's subsidiary, Bollinger Motors, has begun production of the Bollinger B4 electric truck, marking a notable advancement in the electric commercial vehicle market. Mullen has also started EV deliveries in the UAE, a major milestone in their $210 million contract with Volt Mobility. The Bollinger B4 Chassis Cab has been priced at $158,758, with customer deliveries anticipated to begin in October 2024.
Continuing the series of developments, Mullen Automotive has expanded its employee equity incentive program by 11 million shares and initiated a 1-for-100 reverse stock split to meet Nasdaq's minimum bid price requirement. The company has also issued over 13 million shares to Esousa Holdings LLC and over 3 million shares to Silverback Capital Corporation.
In addition to these developments, Mullen Automotive has expanded its dealer network through partnerships with Affinity Truck Center and TEC Equipment Inc. These recent developments reflect Mullen Automotive's continued efforts to enhance its market presence and meet the growing demand for electric commercial vehicles.
InvestingPro Insights
In light of Mullen Automotive's forthcoming shareholder update, a look at the company's financial health and stock performance may provide investors with a broader context. According to InvestingPro data, Mullen Automotive currently has a market capitalization of approximately $9.46 million. The company's stock has been trading at a low Price / Book multiple of 0.3, which might suggest the stock is undervalued relative to its book value. However, it is important to note that Mullen's revenue for the last twelve months as of Q3 2024 stood at a modest $0.16 million, with a significant decline in revenue growth of -49.17%.
InvestingPro Tips highlight several challenges Mullen faces, including a substantial cash burn rate and weak gross profit margins, which have resulted in a gross profit of -$2.14 million. These financial challenges are reflected in the stock's recent performance, with the price having fallen significantly over the last week, month, three months, and year. In particular, the stock has experienced a -43.58% price total return over the past week and an even more dramatic -80.09% over the past month. With short-term obligations exceeding liquid assets, Mullen may encounter difficulties in meeting its immediate financial obligations.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips that delve deeper into Mullen Automotive's financials and stock performance. Currently, there are 19 more InvestingPro Tips available, which can be accessed through the InvestingPro platform for those interested in a detailed assessment of Mullen's investment potential.
As Mullen Automotive continues to navigate the competitive electric vehicle market, these insights can be crucial for shareholders and potential investors to understand the risks and opportunities associated with the company. The next earnings date is set for January 17, 2025, which will be a key event for the company to potentially address some of the financial concerns and provide updates on its strategic initiatives.
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