To say that the world of EV startups is a late-night, high-risk world would be an understatement. Mullen Automotive (NASDAQ: MULN) It’s been proven that not all EV companies are the same. The latest news is a purchase order from Randy Marion Auto Group that is not only a game-changing event, but validation of a string of good news announced since October. There are still risks with this company, but it has a growing chance of becoming one of the biggest winners in the EV startup market.
Randy Marion, CEO and Founder of RMA, said: “The customer demand that Mullen needs to meet is quite piling up. Many customers look to me to find products for them.”
Randy Marion Isuzu Buys 6,000 Class 1 Vans From Mullen
Mullen has received an order for 6,000 class 1 cargo vans from Randy Marion Isuzu. Deliveries are expected to begin soon in the first quarter of 2023. Randy Marion Auto Group is one of the Southeast’s largest dealer networks and one of the nation’s largest commercial vehicle suppliers. It is also Mullen Automotive’s first dealer partner.
The news follows the November acquisition of Electric Last Mile Solutions assets, which boosted the company’s van production capacity. The deal resulted in a functioning production plant capable of building Hummers and Mercedes, eventually producing Class 1 to Class 3 vehicles under the Mullen and Bollinger Motors brands, as well as Mullen’s flagship FIVE SUV crossover. will be produced.
“This is a true vote of confidence for our company. We thank Randy for his vision and willingness to partner with us,” said John Schwegman, Chief Commercial Officer, Mullen Automotive. “He clearly sees the future of commercial EVs.”
Mullen Automotive Chairman and CEO David Michery said:
But investors need to be careful. In the EV market, Nikola Corporation (NASDAQ: NKLA) When Workhorse Group (NASDAQ: WKHS)In the first case, overzealous management led to missteps and a stock-price crash, and in the second, design and manufacturing flaws led to a massive recall and a total company overhaul. However, the mitigating factor in this case is that operational quality risks appear to be reduced, with the exception of issues related to launching and launching new vehicle lineups.
Arrangement of dominoes
From October onwards, it looks as if CEO David Michery had it all planned by watching this news come out, but the timing suggests otherwise. Dominoes may have been in place, but it was the purchase of the ELMS assets that catalyzed the narrative, with the company expected to generate revenue in the first quarter of 2023. End of the year. The bottom line is the upcoming shareholder vote, and the potential for reverse stock splits and increased allowable shares are becoming more and more of an issue for this market.
Listen to this before considering Mullen Automotive.
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