Zinger Key Points
- Mullen team present in Dubai this week for delivery of first EV vehicles.
- Mullen recently executed a 1-for-100 reverse stock split to meet Nasdaq compliance and will begin production of the Bollinger B4.
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On Friday, Mullen Automotive, Inc. MULN announced an update on Volt Mobility’s recently placed $210 million commercial Class 1 and Class 3 EV order.
This week, Mullen’s technical and sales teams traveled to Dubai to collaborate with Volt’s leadership and assist with initial market launch efforts.
“UAE is a very important market and opportunity for us, and we made sure to have technical and sales team members in Dubai this week to meet Volt leadership to ensure and kick off a successful launch,” said David Michery, CEO and chairman of Mullen Automotive.
This includes the delivery of the first Mullen ONE electric cargo vans and Mullen THREE cab chassis trucks scheduled for September 18, 2024.
Also Read: Tesla Vs. NIO Vs. XPeng: Will Robotaxis — Or Price Wars — Win The EV Battle?
Mullen recently revealed an order from Volt for 300 all-electric commercial vehicles to be delivered in 2024, with plans for an additional 3,000 vehicles in 2025.
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The company will also set up a parts and service network to support Volt Mobility’s fleet operations.
Recently, the company announced and effected its 1-for-100 reverse stock split in order to regain compliance with Nasdaq’s minimum bid requirements.
Apart from this, Mullen’s subsidiary, Bollinger Motors, announced the 2025 Bollinger B4 Chassis Cab electric truck will have a manufacturer’s suggested retail price (MSRP) of $158,758. The company commenced serial production of the B4 this week and will begin delivering vehicles to customers in October 2024. Bollinger said the 2025 B4 will be eligible for combined federal and state incentives that could be in excess of $100,000.
Price Action: MULN shares are trading higher by 2.08% to $7.85 at last check Friday.
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