Mullen Automotive (NASDAQ:MULN) stock finished the day up by about 10%. Today, the electric vehicle (EV) company debuted its FIVE RS production design at the Consumer Electronics Show (CES) 2024 in Las Vegas, Nevada. The FIVE RS is essentially a ramped-up version of Mullen’s unreleased FIVE EV. At CES, Mullen will also display its ONE and THREE vehicles, as well as Bollinger’s B1, B2 and B4.
Mullen notes that the FIVE RS has a top speed of over 200 miles per hour and a zero-to-60 acceleration time of under two seconds.
“From the inception of Mullen, it has been my mission to bring an ultra-high-performance EV to market,” said CEO David Michery in a previous announcement from 2022. “The FIVE RS is intended to be one of the fastest vehicles on the planet, competing with some of the best and most well-known and regarded automotive marquees.”
Why Is MULN Stock Up 10% Today?
Sales of the FIVE RS are set to begin in 2025, according to Mullen’s reservation page for the FIVE. After that, the Base and Touring models of the FIVE are set to go on sale.
“You will be contacted by a Mullen representative with a more definite delivery date once full-scale production commences,” says Mullen.
However, as noted in a previous article, Mullen has pushed back the production date of the FIVE. In early 2022, the FIVE reservation page stated that the vehicle was set to enter production during the fourth quarter of 2023 with deliveries beginning around Q2 2024.
These delays aren’t new for Mullen. In October 2020, Mullen advertised that it was now accepting pre-orders for its MX-05 vehicle. Michery provided a delivery date of around May 2022. Since then, not a single MX-05 has been delivered.
Using the Wayback Machine, the current link for the FIVE RS back in April 2021 redirects us to a page for Mullen’s Ottava 2p⁶ SUV crossover, formerly known as the MX-05. The page advertises production validation set to begin in Q4 2023 with an estimated delivery date during Q2 2024. Like the MX-05, there is no evidence of the Ottava ever entering production.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
