Mullen Automotive Enters Production With Class 3 EV Truck

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.


Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Mullen Automotive Retains Outside Counsel To Analyze Recent Trading And “Illegal Short Selling”

Mullen Automotive (NASDAQ: MULN) has evidently gone full conspiracy theorist, announcing this morning that it...

Friday, April 28, 2023, 09:02:25 AM

Mullen Automotive Drops Short Selling Claims, Launches Spoofing Lawsuit

Mullen Automotive (NASDAQ: MULN) has changed up its claims on what has led to its...

Friday, December 8, 2023, 08:59:12 AM

Mullen Automotive Requests Hearing To Stave Off Nasdaq Delisting A While Longer

Mullen Automotive (NASDAQ: MULN) is on its last gasp of air when it comes to...

Thursday, September 7, 2023, 08:34:40 AM

Mullen Automotive Blames Share Decline On “Unlawful Trading”

Mullen Automotive (NASDAQ: MULN) is again working to calm investor fears over its declining share...

Thursday, August 24, 2023, 11:40:06 AM

Mullen Automative Files Complaint Against GEM Global Alleging Violation of Securities Laws

Mullen Automotive (NASDAQ: MULN) has filed a complaint against GEM Global, alleging violations of the...

Tuesday, January 2, 2024, 02:18:00 PM