Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
Mullen Automotive said on Thursday that it is expecting to report “in excess of $61M in cash and cash equivalents.” When it comes to Mullen’s Vans that will be delivered to a Fortune 500 company, the EV maker added that will also upgrade the EV drivetrain besides the previously announced upgrade to the battery pack.
On June 23, Mullen said that the van “has been picked up and is currently being modified to fit the specs required by the customer in anticipation of a vehicle purchase order, including an upgrade to an 80-kWh battery pack”. In today’s press release, the company added the upgrade of the EV drivetrain, that is responsible for taking energy stored in the vehicle’s battery system and supplying it to the motors.
In early June, Mullen’s CEO David Michery said that the EV maker would unveil the F500 company until the end of the second quarter — which ends today. As previously announced by the company, Mullen delivered its first EV van under a pilot program to “a telecommunications provider in the southeastern part of the U.S.” on May 12.
“We plan on announcing that it is a very large company that is going to buy a lot of these vehicles. We feel that we have a great product that is going to be very competitive”, Michery said on March 30.
The unknown company has requested certain van modifications in support of its anticipated use. According to the company, the van has been picked up and is currently being modified to fit the specs required by the customer in anticipation of a vehicle purchase order, including an upgrade to an 80-kilowatt-hour battery pack and upgraded EV drivetrain.
“We’ve made solid progress over the past quarter,” said David Michery, CEO of Mullen Automotive said in today’s PR. “The Company’s balance sheet is the strongest it has ever been in our history.”
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Class 1 Commercial | Cargo Van
Vehicle is based on Class 1 Cargo Van with a 38.7-kWh battery pack and rear wheel drive electric motor. Vehicle will have modular 144 cu. ft cargo area that can be easily adapted to different client configuration requirements. Vehicle range is estimated at 155 miles plus, the company says.
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Class 2 Commercial | EV Fleet Van
Vehicle is based on Class 2 Cargo Van with a 78.8-kWh battery pack and rear wheel drive electric motor. Vehicle will have modular 420 cu. ft cargo area that can be easily adapted to different configuration requirements. Vehicle range is estimated at 200 miles plus, Mullen added.
Mullen delivered its first EV van under a pilot program to the company on May 12 followed by a “requested certain van modifications in support of their anticipated use”. The van has been picked up and is currently being modified to fit the specs required by the customer in anticipation of a vehicle purchase order, including an upgrade to an 80-kWh battery pack, Mullen added.
Recently, the company filed a form with SEC inviting shareholders for its Annual Meeting to be held at Nasdaq Building in New York on July 26. Among the themes to discuss in the meeting, the shareholders will vote to approve the increase of the aggregate number of authorized shares to 2,250,000,000 shares.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter