Mullen Receives New 1,000 EV Order for $63 Million
Mullen Automotive (NASDAQ:MULN) announced on Tuesday it received a 1,000 order of Mullen THREE, a Class 3 low cab forward (“LCF”) EV truck from Randy Marion Automotive Group for a value of $63 million.
The vehicle deliveries are expected to commence sometime in August of this year.
The purchase order is valued at $63 million and is between Randy Marion Isuzu, LLC, a member of the Randy Marion Automotive Group, and Mullen Automotive.
These trucks feature over 5,800 lbs. of payload, which was unveiled at the NTEA Work Truck Show earlier this year.
Mullen Automotive announced yesterday that UNC Charlotte (The University of North Carolina at Charlotte) took delivery of an additional 8 Mullen EV class 1 cargo vans.
This is the second vehicle order for UNC Charlotte, with a total of 15 vehicles to be utilized across the university’s campus.
“We are very impressed with the first set of Mullen EV vans for our on-campus use,” said T.J. Woods, the university’s transportation, warehouse, and logistics manager.
“Ordering additional Mullen EV cargo vans makes perfect sense for us.
There’s a lower cost of ownership, no messy fill-ups, tailpipe exhaust, or disruptive vehicle idling sounds to impact our daily campus life.
Mullen Campus EVs are also great to highlight to our students, as it shows we can all make a difference in lowering our overall carbon footprint.”
As of recent, we’ve begun to see Mullen Automotive in action.
Below are other current developments from the company.
Mullen Five Now Available for Reservation
Mullen Automotive is now accepting Mullen Five reservations.
You can now reserve your Mullen Five with a $100 refundable deposit.
“By placing this reservation, you’ve secured your spot in line and will be one of the first to own the all-new Mullen FIVE Electric-SUV Crossover.
When the vehicle is ready for production, you will have an opportunity to place an order before the Mullen FIVE is made available the mass market.”
The Mullen FIVE is available at a starting price of $55,000, final pricing will be confirmed based on vehicle customization and homologation.
Production of the Mullen Five is scheduled to begin in the fourth quarter of 2023, per Mullen’s official announcement.
Once the FIVE goes into full-scale production, buyers will be contacted by a Mullen representative with a more definite delivery date, currently estimated to be in the second quarter of 2024.
Mullen Automotive will be building the new vehicle at their Tunica, MS factory and will be delivering vehicles to the closest Mullen Lounge Point for customer pick up.
The company will arrange to ship vehicles directly to customers if ordered online.
This is a very positive development for the company today.
Mullen Automotive is Testing New Technology in D.C
Mullen Automotive is currently testing new technology in Washington, D.C.
Earlier this week, Mullen announced that it is working on its $680,000 federal contract agreement with the District of Columbia.
The contract is for the purchase and installation of Energy Management Module units on Chevrolet Bolts within the D.C. city government’s vehicle fleet.
Previous testing indicates that Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.
In March 2021, Element Materials Technology conducted specific vehicle testing on 2020 Chevy Bolts installed with EMM units with test results being a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.
“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range.
I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology,” said Lawrence Hardge, CEO of Global EVT.
BREAKING: Mullen Announces New Illegal Shorting Investigation
Market News Published Daily
For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.
Franknez.com is the media site that keeps retail investors informed.
You can also follow Frank Nez on Twitter, Instagram, Facebook, or LinkedIn for daily posts.
You can now read exclusive FrankNez articles for only $1/mo.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
Comments are closed.
More good news for Mullen. Not sure how this can’t take off.
Leave your thoughts below!