Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Tuesday morning.
The company said it delivered 50 additional Class 1 EV cargo vans to Randy Marion Automotive Group, invoiced for $1.681 million.
Last week, the company revealed the delivery of 50 Class 1 EV Cargo Vans to Randy Marion Automotive Group for $1.680 million.
To date, the company has delivered 100 Mullen ONE, Class 1 cargo vans for a total invoiced amount of $3.36 million.
Mullen is on target to deliver a total of 285 Class 1 vehicles by Jan. 8, 2024.
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“We ended 2023 with an emphasis on delivering Class 1 and Class 3 vehicles and are now ramping up production to meet the commitments we have for the 2024 demands of our current and future customers,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen recently announced the completed development of its solid-state polymer cell to pack integration for Mullen One Class 1 EV cargo vans. The company remains on schedule to begin on-vehicle road testing of the solid-state polymer packs in the Class 1 EV cargo van in early 2024.
Meanwhile, on Dec. 19, the company announced a 1-for-100 reverse stock split, effective Dec. 21, 2023, at 12:01 a.m., Eastern Time.
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Price Action: MULN shares are trading lower by 8.05% to $13.14 on the last check Tuesday.
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