Mullen Announces New Production Vehicles For This Month

Market News Daily - Mullen Announces New Production Vehicles For This Month.
Market News Daily – Mullen Announces New Production Vehicles For This Month.

Mullen Automotive (NASDAQ:MULN) has officially announced new production vehicles for this month, the company reported on Thursday.

Today the company announces the start of vehicle production at its Tunica, Mississippi, assembly plant for the Mullen THREE, Class 3 EV truck with first customer deliveries on track to begin in August and September. 

Mullen says that it will be gradually ramping up production rate over the course of September through December.

“Once fully ramped, Class 3 production capacity at the Tunica facility is currently planned for 3,000 Class 3 vehicles per year.”

To date, the Company has received $79 million in purchase orders for 1,250 Mullen THREE Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company.

“I am proud to announce that our Class 3 vehicle line is now in production mode at our Tunica facility.

Our team has been working seven days a week, day and night, getting this plant reconfigured and ready for Class 3 production,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen’s Tunica commercial manufacturing center includes over 120,000 square feet and is situated on over 100 acres.

The facility is focused on the production of Class 1 and Class 3 commercial EV vehicles and is in close proximity to all major rail lines, interstates, Mississippi River systems, and air logistics, placing it in a primary logistical center of North America.

The Mullen THREE, with an MSRP starting at $68,500, which should qualify for $7,500 in federal tax incentives, is an efficient Class 3 low cab forward EV truck featuring an 11,000 Gross Vehicle Weight Rating, a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets.

Also Read: Mullen CEO Speaks on New Reverse Split and Short Sellers

Mullen Announces Delivery Event Happening This August

Market News Daily - Mullen Announces New Production Vehicles For This Month.
Market News Daily – Mullen Announces New Production Vehicles For This Month.

In July, Mullen Automotive (NASDAQ:MULN) announced that it will be having a new delivery event in August.

An EV launch event is scheduled to be held on Aug. 24, 2023, to commemorate the first Class 3 vehicles rolling off the production line, ready for customer deliveries. 

The launch event will be held at Mullen’s commercial assembly plant, located in Tunica, Mississippi, and will feature factory tours, company presentation, ride and drives and vehicle demonstrations.

Attendees will include select media, customers, dealers, vehicle upfitters, suppliers and local leadership.

“We are now in the final stages of vehicle production readiness and look forward to customer deliveries,” said David Michery, CEO and chairman of Mullen Automotive, Inc.

“We are excited to open up the Tunica assembly plant for tours and vehicle demonstrations.”

Mullen Automotive stock is currently down more than -98% this year-to-date and more than -99% in the past year.

The company has been at risk of delisting the entire year but has now approved a reverse stock split mean to maintain its compliance with the Nasdaq.

Also Read: Mullen Announces New 1 for 9 Reverse Stock Split

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Market News Today - Mullen Announces New Production Vehicles For This Month.
Market News Today – Mullen Announces New Production Vehicles For This Month.

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