What's Going On With EV Manufacturer Mullen Automotive Shares Today?

Mullen Automotive, Inc. MULN shares are trading lower on Friday. The company’s stock has lost over 35% in the past five days.

The company announced Bollinger Motors has received vehicle orders for 40 B4, Class 4 EV trucks. Total orders are valued at approximately $6 million.

The Bollinger B4 chassis cab is an all-new, all-electric Class 4 commercial truck. These purpose-built electric trucks have been designed to be custom-configured by fleets to fit their exact duty cycle needs, making the transition to electric as seamless as possible with minimal downtime.

The company anticipates the Bollinger B4 chassis cab to begin production in mid-2024 and is expected to be eligible nationwide for a federal purchasing incentive of 30% of the cost of the vehicle, up to a total of $40,000, through the Inflation Reduction Act of 2022.

“The B4 has been very well received to date and it’s great to see our first 40 vehicle orders coming in well in advance of production start,” said Robert Bollinger, CEO of Bollinger Motors.

Every aspect of these trucks has been streamlined to be as versatile as possible, the company said.

During fiscal 2023, Mullen delivered 35 vehicles, generating a positive gross margin from sales to both dealer and end users. 

As of Dec. 31, 2023, Mullen delivered 141 Class 3 vehicles and invoiced for $9.2 million to Randy Marion Automotive Group.

During the fiscal year that ended Sept. 30, 2023, the company recorded first revenues of $366,000 and delivered vehicles worth $652,200 to Randy Marion Automotive for resale.

Price Action: MULN shares are trading lower by 11.6% to $7.94 on the last check Friday.