Mullen expects Class 1 EV deliveries to commercial customers before March end

Mullen Automotive releases a statement from its CEO David Michery addressing recent investor inquires. The company said, "The Company addresses certain investor inquires as follows: Mullen anticipates making Class 1 EV deliveries to various commercial customers before the end of March 2023 in connection with the customer orders referenced below…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 $200M…As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110M from firm commitments by June 1, 2023. The Company believes the combination of cash on hand and expected firm cash commitments provides it 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. "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."