The Mullen Class Three will soon be starting production in July, will this development be the catalyst to give Mullen Automotive’s share price some traction?
Mullen Automotive (NASDAQ:MULN) announced in May an array of shareholder updates relating to the progress of the company’s projects.
One of which is approaching very quickly.
The company positively 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 will be hiring 35 additional plant staff to begin production in July at its Tunica, Mississippi, assembly facility.
While this is positive news indeed, Mullen Automotive will need to prove it can sell these units in big quantities.
“I’m going to let my actions speak louder than words, I’m done speaking, I’m gonna deliver.
And I’m going to let the stock go where the stock’s gonna go. It’s gonna be based on performance, how we perform as a company, as a team.
I think that Mullen has all the right pieces in place.
Not just our vehicle lineup from a commercial perspective, but the factories that we have, the partnerships that we have, the people that we’ve hired,” said Mullen CEO David Michery.
Mullen Announces New and Improved EV Truck Development
Mullen Automotive just announced a new and improved EV truck development of a light-weight truck body for its Class 3 EV with Phenix Truck Bodies & Van Equipment.
The company said on Monday Phenix will develop a unique, lightweight body configuration designed to satisfy the needs of Class 3 service body truck fleets, with the goal of offering an EV alternative to ICE vehicles.
Upon upfit completion, the Class 3 vehicle will be made available to Phenix commercial fleet customers for evaluation and pilot programs.
Phenix Truck Bodies & Van Equipment, based in Southern California, is one of California’s largest work truck, van equipment and specialty truck body manufacturers.
For 45 years, Phenix has designed and manufactured custom work trucks and fire apparatus for the most selective customers.
Long-term customers include: Southern California Edison, Southern California Gas Company, Los Angeles County Fire Department, San Diego Gas & Electric, USDA-Forest Service and the cities of Los Angeles and San Diego. Phenix is a California Public Utilities Commission (“CPUC”) Clearinghouse Certified Minority Business Enterprise (“MBE”).
The Mullen THREE features a tight turning diameter of 38 ft. and excellent visibility for superior maneuverability on narrow city streets.
Its versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet in length and over 5,800 lbs. of payload.
In May, Mullen Automotive announced a successful 2023 commercial drive event at the Kay Bailey Hutchison Convention Center in Dallas, Texas for its class 3 truck.
Event participants had the opportunity to meet with technology, sales and product marketing team members from Mullen to discuss their fleet needs and sign up for a vehicle demo.
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