MULN - InvestorNewsBreaks - Mullen Automotive Inc. (NASDAQ: MULN) Announces Class 3 EVs Begin Shipping
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has delivered the first 10 class 3 EV Cab Chassis Truck to Randy Marion Automotive Group; the vehicles are invoiced at $630,000. According to the announcement, these first 10 vehicles are the initial shipment of an order for 1,000 class 3 vehicles, an order worth $63 million; the order was placed in May 2023. The company anticipates delivering an additional 150 EVs to Randy Marion by the end of 2023, with the remainder of the 1,000-vehicle order slated for delivery throughout 2024. Calling the delivery a “watershed moment” for the company, the announcement noted that the Mullen THREE class 3 EV truck was the first vehicle produced, assembled and now delivered by the company. The Mullen THREE is produced in the company’s Tunica, Mississippi, facility, which houses Mullen’s commercial vehicle assembly for both Class 1 EV Cargo Vans and Class 3 EV Cab Chassis Trucks. “This is a significant point in our evolution as we shift the company from engineering development and engineering approvals to production and vehicle deliveries for our customers,” said Mullen CEO and chair David Michery in the press release. “As the Class 3 line is fully operational, production will be increasing month-to-month throughout the next year.”
To view the full press release, visit https://ibn.fm/xdI3T
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover; the Mullen I-GO Commercial Urban Delivery EV; the Mullen commercial class 1–3 EVs; and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 4–6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all Electric Last Mile Solutions (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.
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