BREA, Calif. - Mullen Automotive, Inc. (NASDAQ:MULN), an emerging electric vehicle manufacturer, has secured a purchase order from Switzerland-based Antidoto SA for 40 of its Mullen-GO urban delivery vehicles. The initial order, valued at approximately $440,000, marks the company's entry into the European market, with the vehicles set to be deployed in Switzerland.
Antidoto SA, which specializes in the design and sale of pizza ovens for delivery vehicles, plans to integrate these ovens with the Mullen-GO vehicles. The company anticipates a minimum order of 180 units for 2025 to cater to the growing demand for zero-emission electric vehicles (EVs) in Europe.
The Mullen-GO is designed for the urban commercial electric delivery market, offering a compact design that is well-suited for the narrow and congested streets of European cities. The vehicle is EU standard homologated and certified for sale in Europe.
Mullen Automotive's CEO, David Michery, expressed optimism about the partnership with Antidoto SA, highlighting the potential to enhance production capacity and meet the needs of on-demand food delivery services.
This transaction comes as Mullen Automotive continues to expand its global footprint, having begun commercial vehicle production in Tunica, Mississippi, in August 2023, and receiving IRS approval for federal EV tax credits on its commercial vehicles in September 2023.
Both the Mullen ONE and Mullen THREE models are now CARB and EPA certified and available for sale in the U.S. The company has also recently expanded its commercial dealer network and achieved Foreign Trade Zone status for its Tunica manufacturing center.
The press release from Mullen Automotive includes forward-looking statements regarding the fulfilment of the purchase order and potential future orders from Antidoto SA, as well as the success of the Mullen-GO in the market. These statements involve risks and uncertainties that could affect actual results.
The information provided in this article is based on a press release statement from Mullen Automotive, Inc.
InvestingPro Insights
As Mullen Automotive, Inc. (NASDAQ:MULN) makes headway into the European market with its Mullen-GO urban delivery vehicles, investors and stakeholders may be keen to understand the company's financial health and market performance. Here are some insights based on real-time data from InvestingPro and selected InvestingPro Tips that can provide a deeper context.
InvestingPro Data indicates a challenging financial landscape for Mullen Automotive:
- The company's Market Cap stands at 47.59 million USD, reflecting its size within the industry.
- A negative P/E Ratio (Adjusted) of -0.09 as of the last twelve months ending in Q2 2024, suggests that the company is not generating profits in relation to its share price.
- Gross Profit Margin for the same period is significantly negative at -254.49%, indicating that the cost of goods sold exceeds the revenue generated.
Selected InvestingPro Tips highlight both strategic actions and potential concerns:
- Management has been proactive with share buybacks, a move that can signal confidence in the company's future prospects.
- Despite holding more cash than debt on its balance sheet, Mullen Automotive is quickly burning through cash, which could impact its long-term operations and investment capacity.
The company's recent expansion into Europe, paired with the purchase order from Antidoto SA, showcases its growth ambitions. However, the InvestingPro Tips suggest that investors should be mindful of the high volatility in the stock's price and the company's current lack of profitability over the last twelve months.
For those interested in a comprehensive analysis, there are an additional 15 InvestingPro Tips available for Mullen Automotive, which can be accessed through the InvestingPro platform. This includes insights into the company's valuation, industry position, and historical stock performance.
Investors looking to leverage these insights can use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription on InvestingPro. With these tools and data, stakeholders can make more informed decisions regarding Mullen Automotive's market activities and financial outlook.
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