MULN - Mullen Capitalizes on First-Mover Advantage in Class 1 EV Cargo Vans and Class 3 EV Trucks | Benzinga
Company has invoiced $17,318,000.00 to date for commercial vehicles
Mullen Commercial is first-to-market with Class 1 EV cargo vans and Class 3 EV trucks; positive gross margin on vehicles invoiced
BREA, Calif., Feb. 01, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today the Company continues to capitalize on its first-mover advantage in the U.S. market with production and deliveries of its Class 1 and Class 3 commercial EVs.
"While many of the OEMs and new EV companies have launched their EVs with significant losses, Mullen is out-of-the-gate with a positive gross profit margin per vehicle. EV growth has slowed in the retail segment but continues to increase across the commercial and fleet segments, where we now have a strong vehicle lineup in the market," said David Michery, CEO and chairman of Mullen Automotive.
Mullen began Class 3 vehicle production in August 2023 and first vehicle deliveries in September 2023. Mullen Class 1 production began in November 2023 with first vehicle deliveries in December 2023.
The all-electric Mullen ONE Class 1 EV cargo van and Mullen THREE Class 3 low cab forward EV truck are both purpose-built to meet the demands of urban last-mile delivery. Mullen recently announced that its Class 1 and Class 3 commercial vehicles are now both in receipt of Environmental Protection Agency ("EPA") and CARB certifications. Both vehicles are also in full compliance with U.S. Federal Motor Vehicle Safety Standards. Having received credentials from CARB and the EPA, Mullen can now sell both the Mullen ONE and ...