MULN - Mullen Automotive Provides Commercial Vehicle Production Update | Benzinga
BREA, Calif., Oct. 16, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today a commercial vehicle production update for both Class 3 EV cab chassis trucks and Class 1 EV cargo vans. As previously forecasted, the Company is currently on track to produce 150 Class 3 EV trucks through December 2023. The Company is also on track to begin Class 1 EV cargo van production and deliveries in Q4 2023.
Mullen's Class 3 production plans for the remainder of 2023 are on schedule with an estimated 150 vehicles projected to be produced and delivered to Randy Marion Automotive Group ("RMA" or "Randy Marion"). The first ten Class 3 vehicles were delivered to RMA on Sept. 28, 2023. In total, Mullen expects to deliver more than 150 Class 3 vehicles to Randy Marion this year and to fulfill the balance of the 1,000 Class 3 vehicle purchase order in calendar year ("CY") 2024, where the production schedule has been set at 850 trucks. As previously reported, Class 3 production capacity at the Tunica facility is currently planned at 3,000 annually per shift, allowing units to be added to the schedule as additional customers are confirmed.
Class 1 EV cargo van production is on track to begin in Q4 2023 with the Company producing an estimated 300 vehicles. The total Class 1 EV cargo van production for CY 2024 is planned for 6,000 vehicles allowing the RMA purchase order to be fulfilled. Class 1 production capacity at the Tunica, Mississippi, facility is currently ...