Mullen Automotive’s stock has been in a freefall for years. The company recently secured funds from investors as its cash burn increases. There are concerns about its vehicle demand as the EV industry slows. Follow Invezz on Telegram, Twitter, and Google News for instant updates >
What vehicles does Mullen sell?
Some of the vehicles it is already selling are Mullen One and Mullen Three, which are usually bought by small businesses. Mullen also received an order of 40 Mullen-Go urban delivery vehicles from Antidoto, a Swiss company that focuses on food deliveries. It is one of Mullen’s venture outside the United States.
Why does Mullen automotive need to raise cash?
This balance sheet means that the company will need to raise cash because of the amount it is incinerating. It had a net loss of over $132 million in the first-quarter even as it continued delivering vehicles. Mullen Automotive’s total net loss in the past five quarters totalled over $787 million.
