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Mullen launches production of Class 3 EV truck

Published 21/08/2023, 17:00
© Reuters.
MULN
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Emerging electric vehicle maker, Mullen Automotive (NASDAQ:MULN) announced Monday the production of the first Mullen THREE, Class 3 EV truck, at the company’s vehicle assembly facility in Tunica, Mississippi.

“We have been true to our commercial Class 3 vehicle production commitments and have now achieved a significant milestone with the first trucks rolling off the line,” said CEO, David Michery.

The automaker will gradually ramp production through the rest of the year, with a planned Class 3 production capacity of 3,000 vehicles annually per shift at their Tunica facility. As adoption of EVs grows, Mullen plans to introduce a second work shift dedicated to Class 3 production. Increasing overall capacity to 6,000 vehicles per year.

During the Mullen THREE ramp, the production testing and launch of the Mullen ONE, Class 1 EV Cargo Van will also take place. Achieving deliveries to customers by the end of the year.

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

With an MSRP starting at $68,500, the Mullen THREE qualifies for $7,500 in federal tax incentives and features an 11,000 Gross Vehicle Weight Rating with a turning diameter of 38 feet. The truck is also designed with excellent visibility for superior maneuverability on narrow city streets.

Shares of MULN are down 3.42% in mid-day trading Monday.

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