What's Going On With Mullen Automotive Stock?

Mullen Automotive Inc MULN is trending Thursday. Here's a look at what's going on.

What To Know: Thursday morning, Mullen announced that it delivered 38 additional Class 3 vehicles to Randy Marion Automotive Group and sent the company an invoice for $2.5 million. 

Randy Marion has committed to ordering 1,000 Class 3 vehicles for a total of $63 million. Mullen expects to deliver a majority of the vehicles in 2024. 

"I am pleased to see additional Class 3s are on their way to Randy Marion. Class 3 production has ramped up significantly and I am confident we will achieve our 2023 production volumes," said David Michery, chairman and CEO of Mullen Automotive.

The news comes a day after the company announced that the Mullen ONE received certification from the California Air Resources Board (CARB) as a zero-emission vehicle in California, certifying the vehicles for sale in all 15 CARB states, as well as the District of Columbia.

"The CARB certification is an important milestone for Mullen as sales in the CARB compliant states represents over two thirds of all EVs sold in the U.S.," Michery said.

See Also: 18 EV, Battery Startups Trying To Rival Tesla Likely To Run Out Of Cash Next Year: WSJ

MULN Price Action: Mullen shares were down 6.37% at $7.49 at the time of publication, according to Benzinga Pro.

Photo: Pexels from Pixabay.