Mullen Achieves Production Milestone, Dec. 13, 2023, with 100th Mullen THREE EV Truck Rolling Off Tunica, Miss., Assembly Line
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The completion of the 125 Mullen THREE electric trucks represents a significant operational milestone for Mullen Automotive, Inc. It indicates the company's ability to execute on its production goals and meet the growing demand for electric commercial vehicles. The achievement corroborates the company's production capabilities and may positively influence investor confidence, potentially impacting the company's stock valuation. The announcement of scaling production to meet a large purchase order, such as the one from Randy Marion group for 1,000 trucks, suggests a robust order book and could be a signal of operational efficiency and market demand.
From a financial perspective, the ability to scale production without delays is crucial for revenue forecasting and cost management. The reported production capacity of 3,000 units annually per shift provides insights into the company's future revenue streams and operational scalability. The gross vehicle weight rating (GVWR) and payload specifications of the Mullen THREE truck are competitive features that could make the vehicle attractive to commercial customers, potentially leading to additional orders and revenue growth.
The strategic focus on commercial electric vehicle production is a key factor to consider when analyzing Mullen Automotive's potential in the EV market. The company's alignment with customer purchase orders and its proactive approach to maintaining open production capacity are financially prudent strategies. This flexibility allows for a quick response to market demand, which is essential for capitalizing on the EV sector's growth opportunities. Investors should monitor the company's ability to convert production milestones into sustainable financial performance, as well as its management of operational costs associated with scaling up production.
The electric commercial vehicle market is rapidly evolving and Mullen Automotive's entry with the Mullen THREE could position the company favorably against competitors. The disclosed range and battery capacity of the Mullen THREE are relevant specifications that determine the vehicle's usability and appeal in the commercial sector. These technical details, along with the vehicle's upfitting versatility, are critical in assessing the product's market fit and long-term revenue potential.
Achieving production milestones is a crucial indicator of a company's progress within the automotive industry, particularly in the electric vehicle segment where competition is intense. Mullen Automotive's announcement of the Mullen THREE's production progress is a testament to the company's operational capabilities. The disclosed specifications of the Mullen THREE truck, such as its range, battery capacity and payload, cater to the specific needs of the commercial vehicle market, which is increasingly seeking sustainable and cost-effective transportation solutions.
As the industry moves towards electrification, Mullen Automotive's focus on electric trucks places it at the forefront of a growing niche. The company's strategic positioning, combined with its production achievements, could lead to increased market share. However, it is essential to consider the broader industry context, including supply chain stability, raw material costs and regulatory changes, as these factors will influence the company's long-term success in the EV market.
As of Dec. 22, 2023, Company has completed 125 Mullen THREE’s, Class 3 cab chassis EV trucks
BREA, Calif., Dec. 22, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc . (NASDAQ: MULN ) (“Mullen” or the “Company”), an emerging electric vehicle manufacturer, announces today the Company achieved a production milestone on Dec. 13, 2023, with the 100th Mullen THREE, Class 3 cab chassis electric truck, rolling off the assembly line in Tunica, Mississippi. As of Dec. 22, 2023, the Company has completed 125 Mullen THREE’s.
A video of the 100th Mullen THREE crossing the production finish line can be found on Mullen’s YouTube channel and website.
“This is an important milestone for Mullen and demonstrates our EV assembly plant in Tunica is scaling up to meet the commercial vehicle production schedule that was planned at launch,” said David Michery, CEO and chairman of Mullen Automotive, Inc. “We are laser-focused on commercial vehicle production and customer deliveries.”
Mullen’s production plan is aligned with current customer purchase orders. Randy Marion group previously placed a purchase order for 1,000 Class 3 trucks. As previously reported, Class 3 production capacity at the Tunica facility is currently planned at 3,000 annually per shift, allowing units to be added to the schedule as additional customers are confirmed. Overall production capacity allows Mullen to meet existing purchase orders while providing the Company open production capacity to respond to additional customer demand.
The All-Electric Mullen THREE is a Class 3 low cab forward EV truck featuring an 89 kWh battery, a range of 125 miles, a payload of 5,316 pounds and an 11,000 Gross Vehicle Weight Rating. The Mullen THREE’s versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On September 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on December 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the timing of future production of Mullen vehicles and the production shift capacity at the Tunica facility. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
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310.299.1717 Office
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