12.29.23
It is Fascinating to follow MULN stock as a case of pure Meme stock.
Mullen just jumped 25% on 12.28.23 and near 80% in 9 days up from ATL of $8.
As I have said before, MULN is a meme stock that could move very quickly one way or another, it is now a fraction of the peak market cap of above $0.8B it reached since Spac'd after a habit of exciting announcements about Starting production getting big orders and First deliveries and receiving payments, all from the same Customer.
Mullen MC is now around $60m, a week ago it was $35m.
MULN needed a big stock mover announcement after it's stock (pre reverse split) fell below ¢10, 10 days ago.
MULN just completed a x100 reverse split 9 days ago on 12.21.23 when the stock hit ¢8 which converted to $8.
I wrote about MULN a few times since it SPAC'd in November 2021.
The company delivered 50 class 1 commercial vans to a single distributor this week at an announced total invoice of $1.68m.
These 50 vans are part of an order of 6000 Class 1 invoiced at $200m to be delivered in 2024 to the same single Customer "Randy Marion Automotive Group", a 14 locations Dealer in North Carolina.
Mullen also happily reported it delivered 121 Class 3 small Box Trucks to the same Customer for $7.6m announced invoice total.
This is part of a 1000 Class 3 Trucks order for the same Customer.
The Class 1 vans are small delivery last mile vans.
110 mile range, 1700lb payload, 42kwh battery, 60kw motor, $34.5k retail price.
The Class 3 Truck is
130 miles range, 5300 lb payload, 89kwh battery, 120kw motor, $68k.
Another fascinating thing about Mullen is they only have 118 employees as of 1 year ago and although they did buy 2 failed companies "Electric last mile" and "Bollinger" last year and have an "assembly" factory in Mississippi, they don't actually build anything.
Both Class 1 and Class 3 are complete Chinese vehicles.
The Mullen Class 1 is Wulling (majority owned by SAIC) model G100 starts in China at $17k.
The Mullen Class 3 is
Yuejin EV Light Truck EC101 which is a subsidiary of SAIC of course, starts in China at around $35k.
Chinese cars have 27.5% import and duty tax in the US.
Although Mullen declares that their vans and trucks have the $7500 rebate, I heavily doubt it is qualified in 2024 with the heavier requirements for Battery components and material sources.
GM, Ford, Tesla, Rivian, VW, Nissan are all losing the rebate on many models, I doubt Mullen with a 100% Chinese vehicle will not lose it.
It is interesting how a Chinese company managed to "Enter" the US market without being considered a Chinese company.
I guess it is actually the second Chinese company selling EV's in the US after Polestar...
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