{"id":73237,"date":"2023-10-16T12:50:19","date_gmt":"2023-10-16T16:50:19","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/mullens-stock-hits-another-record-low-after-ev-production-update\/"},"modified":"2023-10-16T12:50:24","modified_gmt":"2023-10-16T16:50:24","slug":"mullens-stock-hits-another-record-low-after-ev-production-update","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73237","title":{"rendered":"Mullen\u2019s stock hits another record low after EV-production update"},"content":{"rendered":"
\n

Shares of Mullen Automotive Inc. sank further into record-low territory, after the electric-vehicle maker provided a production update.<\/p>\n

The company said it was on schedule to produce 150 Class 3, or light-duty, EV trucks by the end of the year. The company also said it was on track to begin Class 1 EV cargo-van production and deliveries in the fourth quarter of 2023.<\/p>\n

\n

The stock
\n MULN,
\n -7.87%<\/bg-quote>
\n dropped 3.6% in morning trading. It has tumbled 17.6% amid a four-day losing streak and was headed for a third-straight record-low close.<\/p>\n

It has closed below the $1 level every day since Aug. 16, even after the EV maker implemented a one-for-nine reverse stock split on Aug. 11.<\/p>\n

Mullen said Monday that the estimated 150 Class 3 EV trucks it will produce are on schedule to be delivered to Randy Marion Automotive Group, with the first 10 delivered on Sept. 28.<\/p>\n

Read<\/strong>: Mullen Automotive records revenue for the 1st time with sale of 22 EV cargo vans.<\/p>\n

In total, Mullen expects to deliver more than 150 Class 3 vehicles to Randy Marion this year, and to complete the rest of the 1,000 Class 3 vehicle purchase order \u2014 850 trucks \u2014 in 2024.<\/p>\n

The company added that it expects Class 1 EV cargo van production to begin in the current quarter, with an estimated 300 EVs produced. For 2024, the plan is to produce 6,000 Class 1 EV cargo vans.<\/p>\n

The stock has plummeted 73.2% over the past three months, while the Global X Autonomous & Electric Vehicles ETF
\n DRIV
\n has shed 14.3% and the S&P 500 index
\n SPX
\n has given up 3.1%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Mullen Automotive Inc. sank further into record-low territory, after the electric-vehicle maker provided a production update. The company said it was on schedule to produce 150 Class 3, or light-duty, EV trucks by the end of the year. The company also said it was on track to begin Class 1 EV cargo-van production […]<\/p>\n","protected":false},"author":1,"featured_media":73238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-73237","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nMullen\u2019s stock hits another record low after EV-production update | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Mullen Automotive Inc. sank further into record-low territory, after the electric-vehicle maker provided a production update. 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