Mullen Automotive (NASDAQ: MULN) is officially an electric vehicle manufacturer as of today, following the completion of its first production vehicle that has now rolled off of the assembly line.
The first vehicle to roll off the production line is the Mullen Three, which is a Class 3 electric truck. The vehicle was produced in Tunica, Mississippi.
With the advent of production beginning, the company will now ramp production until it achieves its target of 3,000 units per shift annually. Mullen has indicated that while it currently operates with a single shift, once demand increases, it will add a second shift to its operation to bring annual production of the Three to 6,000 units per year.
The Three, with prices beginning at $68,500 per unit before federal incentives, is said to currently have $79 million in purchase orders outstanding. 1,000 vehicles have been preordered by Randy Marion Automotive Group, while 250 have been preordered by MGT Lease Company.
“We have been true to our commercial Class 3 vehicle production commitments and have now achieved a significant milestone with the first trucks rolling off the line,” stated CEO David Michery of the milestone.
Mullen concurrently intends to push forward with the production of the Mullen One, a Class 1 electric cargo van, which will also be produced from the same facility. Production of the One is slated to begin by year end.
Mullen Automotive last traded at $0.64 on the Nasdaq.
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