Mullen's stock hits another record low after EV

Shares of Mullen Automotive Inc. sank further into record-low territory, after the electric-vehicle maker provided a production update.

The company said it was on schedule to produce 150 Class 3, or light-duty, EV trucks by the end of the year. The company also said it was on track to begin Class 1 EV cargo-van production and deliveries in the fourth quarter of 2023.

The stock MULN, -9.04% dropped 3.6% in morning trading. It has tumbled 17.6% amid a four-day losing streak and was headed for a third-straight record-low close.

It has closed below the $1 level every day since Aug. 16, even after the EV maker implemented a one-for-nine reverse stock split on Aug. 11.

Mullen said Monday that the estimated 150 Class 3 EV trucks it will produce are on schedule to be delivered to Randy Marion Automotive Group, with the first 10 delivered on Sept. 28.

Read: Mullen Automotive records revenue for the 1st time with sale of 22 EV cargo vans.

In total, Mullen expects to deliver more than 150 Class 3 vehicles to Randy Marion this year, and to complete the rest of the 1,000 Class 3 vehicle purchase order — 850 trucks — in 2024.

The company added that it expects Class 1 EV cargo van production to begin in the current quarter, with an estimated 300 EVs produced. For 2024, the plan is to produce 6,000 Class 1 EV cargo vans.

The stock has plummeted 73.2% over the past three months, while the Global X Autonomous & Electric Vehicles ETF DRIV has shed 14.3% and the S&P 500 index SPX has given up 3.1%.

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Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.