Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today the Company has delivered the first ten Class 3 EV Cab Chassis Trucks, invoiced at $630,000 to Randy Marion Automotive Group (“Randy Marion”). These initial ten vehicles are part of the 1,000 Class 3 vehicle purchase order, valued at $63 million, which was originally placed in May 2023. An additional 150 units are planned for delivery to Randy Marion prior to end of 2023, with the remainder of the 1,000 vehicle order anticipated to be delivered throughout 2024.
This first delivery marks a watershed moment in the Company’s history with the Mullen THREE, Class 3 EV Truck being the first vehicle produced, assembled and now delivered by the Company. Mullen THREE production is based out of Tunica, Mississippi, which is home to Mullen’s commercial vehicle assembly for both Class 1 EV Cargo Vans and Class 3 EV Cab Chassis Trucks.
Recently, the Company achieved key milestones, furthering Mullen’s Class 3 program to market, including commencing of vehicle deliveries. These milestones include:
- Received federal EPA certification on Sept. 22, 2023, approving Mullen’s Class 3 vehicles
- Received IRS approval as “qualified manufacturer” on Sept. 14, 2023, enabling and qualifying for up to $7,500 in federal EV tax credits on both the Mullen Class 3 EV Cab Chassis Truck and Class 1 EV Cargo Van
“This is a significant point in our evolution as we shift the Company from engineering development and engineering approvals to production and vehicle deliveries for our customers. As the Class 3 line is fully operational, production will be increasing month-to-month throughout the next year,” said David Michery, CEO and chairman of Mullen Automotive.
As previously reported, production capacity at the Tunica facility is currently planned at 3,000 Class 3 vehicles annually per shift. As electric vehicle adoption rates increase, Mullen plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.