What is Going on with Mullen Automotive’s Latest Scheme?
David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.
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Last week Mullen Automotive put out a press release which outlined a new partnership with Menzies Aviation and Loop. Menzies provides aviation support transportation, specifically ground services, fuel services and air cargo services–or in layman's terms, they shuttle stuff around the airport. Loop is an EV charger company. According to the release, the three companies are planning a pilot program at LAX to test whether Mullen’s Class 1 EV Cargo Van might be a good fit for Menzies’ operations at the airport.
On the surface, this seems an ideal partnership. Airport driving is an ideal use case for electrification: Trips are short. Chargers are easy to plan and install because vehicles are stored in the same place. And there’s a ton of stopping and idling.
The problem is there are no details included in the release. Presumably–and based on the pictures in the press release–this pilot will use the delivery vans Mullen acquired when it purchased bankrupt Electric Last Mile Solutions last fall, but many questions remain:
- When does this pilot start?
- How many EV Cargo Vans is Mullen supplying for the pilot?
- How many EV Cargo Vans does Mullen currently have?
- If the pilot is a success, is Mullen planning to provide more of the vehicles to Menzies?
- If so, where will they be manufactured?
- When will they be ready?
- Has the EV Cargo Van received U.S. homologation?
Despite multiple phone calls, voicemails, and emails, dot.la was unable to get anyone at Menzies, Loop, or Mullen to answer even basic questions that were absent from the press release. Even LAX was unable to provide details about the pilot program.
The lack of communication from Mullen is especially interesting, considering the position its stock is in right now. With last month’s vote on share dilution and the approval of a reverse split in the rearview window, the brutalized stock has actually been showing signs of life. Short interest is sinking, cost to borrow is rising, and retail investor sentiment seems to be improving. Any positive news out of the company could have buoyed $MULN closer to the all important $1.00 mark and help the company avoid delisting on the Nasdaq.
Even though this is a newsletter that encourages opinion and conjecture, I don’t want to speculate too much about what’s going on, but why would you avoid these questions unless the answers are bad? Especially since the downright startling accusations outlined in the Hindenburg report—like that one of the company’s key shareholders has formerly been convicted of bank fraud —Mullen has acquired an image problem that it has done little to correct or refute. This week’s radio silence only worsens the problem.
- Mullen Automotive Stock Rebounds After a Series of New Deals ›
- Mullen Automotive Increases Authorized Common Stock From 1.75 Billion Shares to 5 Billion ›
- Mullen Approves Reverse Split, Punts Dilution Vote to Next Week Due to Ongoing Lawsuit ›
- Mullen Automotive Has Had a Weird Week — Even by Their Standards ›
- Mullen Automotive Settles Qiantu Lawsuit for $20 Million - dot.LA ›
David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.
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