Mullen Automotive (NASDAQ:MULN) is scheduled to start new production this month on its Class 3 EV cargo vans.
The company announced in May an array of shareholder updates relating to the progress of the company’s projects.
One of which stated that in July 2023 the production line for its Class 3 is planned to become operational, with anticipated deliveries and revenue from the Class 3 truck expected in August and September 2023.
Additionally, there will be optional trim and chassis assembly lines to accommodate new models.
Mullen Automotive noted that the company would also be hiring 35 additional plant staff to begin production in July at its Tunica, Mississippi assembly facility.
While the company hasn’t officially confirmed the start of production yet, it’s certainly a move shareholders are expecting to hear sometime this month.
The Mullen FIVE, Mullen FIVE RS, Mullen Commercial Class 1, Mullen Commercial Class 3 as well as the new Mullen GT are also expected to be showcased in August at the Strikingly Different EV Tour.
The company stock has not been able to rebound just yet and is currently at risk for another reverse stock split, but Work Truck says Mullen is now transforming the EV market as it sets to close the gap between the EV and government fleet commercial industry.
Will Mullen Automotive be able to pull this one off?
It’s important to note that the company’s latest 8K filing states that delays may occur at any time.
Mullen States Purchases Are Coming in For Its Class 3 EVs
Mullen Automotive announced last Thursday its first ever recorded revenue of the year.
The company announced it has sold 22 EV cargo vans to the Randy Marion Automotive Group (RMA Group) for $308,000.
“The $308,000 is the company’s first recorded revenue and is being recognized in the quarter ending June 30, 2023.”
All vehicles are in que to be shipped, with the first vehicles shipping today, June 29, 2023, from Mullen’s Tunica, Mississippi, assembly plant to Randy Marion Automotive Group in North Carolina.
Randy Marion is the authorized distributor of Mullen’s commercial EVs in the U.S.
The Company currently is in process with six Campus EV Pilot Programs across four different industry categories including aviation, pharmaceutical, public utility and universities.
Further details on these programs are anticipated to be included in future announcements.
All Mullen commercial vehicles, including the Mullen EV Campus Cargo Van, Mullen Class 1 EV Cargo Van and the Mullen Class 3 EV Cab Chassis Truck will be produced at Mullen’s Tunica assembly plant.
The Campus EV Cargo Van is available now for purchase.
Start of production for the Class 3 EV Cab Chassis Truck is scheduled to begin in July with first vehicle deliveries in August and September 2023.
“These shipments are significant as they represent the first revenue recorded on our financial statement, reflected on the June 30, 2023, 10-Q,” said David Michery, CEO and chairman of Mullen Automotive, Inc.
Market News Published Daily 📰
Join the newsletter ⬅️ to receive daily stock market news, business news and updates straight to your inbox; more than 10,000 readers have joined!
THANK YOU to all of our blog sponsors, this year we’ve been able to increase our email sends and signup slots as well as introduce push notifications.
Franknez.com is the media site that keeps retail investors informed.
- 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 ✨
- The US Treasury Direct is Now Freezing Customer Accounts
- Chase Customers Now Unable to Access Money Through ATMs
- California Now Has Massive Departures As Hundreds of Thousands Leave
- A US Company Now Declares An Unexpected Bankruptcy
- SNAP Benefits Will Now Increase For The Year 2024
- A US Bank is Now Denying Customers Access to Money