BREA, California – Mullen Automotive Inc. (NASDAQ: NASDAQ:), an emerging electric vehicle manufacturer, announced the production of its 500th commercial electric vehicle (EV) at its Tunica, Mississippi plant. This milestone reflects the company’s growing presence in the commercial electric vehicle sector.
Mullen currently has 18 active commercial vehicle drivers with various organizations, including fleets, municipalities, universities and campuses. The company’s expansion efforts are not limited to vehicle production. Mullen is also poised to expand its retail network across the United States, with new dealerships opening in the West Coast, Midwest and Mid-Atlantic regions starting in June 2024.
In addition to internal growth, Mullen has focused on the European market, where it plans to distribute 800 units. David Michery, CEO and president of Mullen Automotive, said the company has seen increased international demand for its vehicles and is preparing to launch its expansion into Europe next month.
The company’s growth is supported by the manufacturing capabilities of its two U.S.-based vehicle plants, located in Mississippi and Indiana. As of August 2023, the Tunica plant has been operational and Mullen’s commercial vehicles have received federal EV tax credits after IRS approval.
Both the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab truck, have been certified by the California Air Resource Board (CARB) and the EPA and are available for sale in the United States United
The company’s progress and plans are based on a press release.
Insights on InvestingPro
Mullen Automotive Inc. (NASDAQ: MULN) has reached a noteworthy production milestone with its 500th commercial electric vehicle, signaling its growing presence in the electric vehicle market. As the company looks to increase its presence both domestically and internationally, several financial metrics and tips from InvestingPro provide additional context for investors considering the company’s stock.
InvestingPro data points to a challenging financial landscape for Mullen Automotive. With a market capitalization of just $18.87 million, the company is relatively small compared to its industry peers. The price-to-book ratio for the trailing twelve months ended Q1 2024 stands at a low of 0.09, which could appeal to investors looking for undervalued stocks. However, the company’s gross profit margin during the same period was -458.51%, reflecting significant operational challenges.
Two tips from InvestingPro highlight the current state of the stock. First, Mullen holds more cash than debt on its balance sheet, which may provide some financial flexibility. Second, the stock trades at a low price-to-book multiple, suggesting it may be undervalued relative to the book value of its assets. However, it is important to note that Mullen is rapidly burning cash and has been identified as a niche player in his industry, which could pose risks to its long-term profitability.
For investors looking to dig deeper into Mullen Automotive’s financials and stock performance, there are 19 more InvestingPro tips. These can offer more nuanced insights into the company’s market position and financial health. Interested readers can find these tips at https://www.investing.com/pro/MULN and use the coupon code PRONEWS24 to get an additional 10% discount on an annual or two-year Pro and Pro+ subscription.
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