Mullen Launches New Details on Class 1 and 3 EVs

Market News Daily - Mullen Launches New Details on Class 1 and 3 EVs.
Market News Daily – Mullen Launches New Details on Class 1 and 3 EVs.

Mullen Automotive (NASDAQ:MULN) just launched new details on its Class 1 and Class 3 EVs.

Yesterday, the company announced a new $263 million purchase order from Randy Marion Automotive Group.

The $263 million PO from RMA group is for both Mullen’s Class 1 vans and Class 3 work trucks.

Mullen Automotive said it had received a purchase order of $63 million for 1,000 class 1 EV cargo vans earlier this week, which may be part of the $263 million PO for both EV models.

In a new press release, the company states the Class 1 EV Cargo Van will have a starting MSRP of $34,500 and have a federal tax credit of $7,500.

“The Mullen ONE is anticipated to be the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment.

This van was designed for last-mile delivery, with best-in-class cargo volume, payload, and turning diameter to easily navigate through narrow urban streets and residential roads.”

The Class 3 EV Truck will have a starting MSRP of $68,500 and also have a federal tax credit of $7,500.

“The Mullen THREE is an efficient Class 3 low cab forward EV truck featuring a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets.

This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload.

In addition, the design of the LCF chassis allows more cargo volume within a given overall length.”

Announcements from Mullen Automotive

“As more fleets focus on their sustainability goals addressing climate change, the net price points of our Mullen commercial products make this an easy choice and help accelerate their transition to electric,” said David Michery, CEO and chairman of Mullen Automotive.

“With both vehicles qualifying for the $7,500 federal tax credit, their Class 1 EV Cargo Van acquisition cost will reduce to $27,000, and Class 3 EV Cab Chassis Truck will reduce to $61,000.”

To-date, 19 EV Cargo vans have been delivered with 20 additional deliveries targeted for May 2023.

Mullen Automotive is also anticipating a purchase order for 200 Class 1 EV vans anticipated in May 2023.

Recently, a 1,000-unit purchase order, valued at $63M, for Class 3 EV Cab Chassis Trucks from Randy Marion Automotive Group was announced on May 2, 2023.

Production is planned to begin in August 2023 and final deliveries completed by Q1 2024. All commercial vehicles are produced in Tunica, Mississippi.

Mullen’s class 1 and 3 EVs aren’t the only vehicles investors are excited about.

The Mullen FIVE is expected to begin production later this year.

Mullen Five is 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 says it will arrange to ship vehicles directly to customers if ordered online.

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Market News Today - Mullen Launches New Details on Class 1 and 3 EVs.
Market News Today – Mullen Launches New Details on Class 1 and 3 EVs.

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