Saudi Arabia wants Mullen help with their EV startups and they have plenty of money. Mullen has newest innovative technology, EV production facilities and needs more money to continue. Based on the deal Mullen made with Hardge AND the fact that they are hiring new production engineers, it seems that more than enough money will be coming soon to put all their projects into production. That list is the pieces they need to put into place to deliver.
Mullen Automotive, Inc.
Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.
The Company believes the combination of cash on hand and expected firm cash commitments provides it with enough capital to execute on its business plan over the next 12 months.
“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive. “Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”
Customer Orders On Dec. 14, 2022, Mullen announced a purchase order from Randy Marion Isuzu, LLC, a member of the Randy Marion Automotive Group, for 6,000 Class 1 EV Cargo Vans. This transaction is valued at approximately $200 million.
1. Mullen 5 starts production this yr 2. Bought ELMS and ALL property 3. Bought majority of Bollinger 4. Mullen loop charging 5. Menzies LAX fleet 6. University deliveries 7. Randy Marion deliveries 8. Multiple production plants 9. Bought EMM black box tech 10. Government contract for EMM 11. Have our own battery plant 12. Low debt 13. ATVM loan (pending) 14. 100% American made EV 15. Buyers qualify for rebate 16. Saudi Arabia deal 10b (pending) 17. EMM prod. plant Saudi (pending) 18. EMM prod. plant US (pending) 19. mGO in Europe 20. Commercial vans Europe 21. RRDS pilot contract (pending)
News 
Market Data 
Discover 
AI
