Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today a commercial vehicle production update for both Class 3 EV cab chassis trucks and Class 1 EV cargo vans. As previously forecasted, the Company is currently on track to produce 150 Class 3 EV trucks through December 2023. The Company is also on track to begin Class 1 EV cargo van production and deliveries in Q4 2023.
Mullen’s Class 3 production plans for the remainder of 2023 are on schedule with an estimated 150 vehicles projected to be produced and delivered to Randy Marion Automotive Group (“RMA” or “Randy Marion”). The first ten Class 3 vehicles were delivered to RMA on Sept. 28, 2023. In total, Mullen expects to deliver more than 150 Class 3 vehicles to Randy Marion this year and to fulfill the balance of the 1,000 Class 3 vehicle purchase order in calendar year (“CY”) 2024, where the production schedule has been set at 850 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.
Class 1 EV cargo van production is on track to begin in Q4 2023 with the Company producing an estimated 300 vehicles. The total Class 1 EV cargo van production for CY 2024 is planned for 6,000 vehicles allowing the RMA purchase order to be fulfilled. Class 1 production capacity at the Tunica, Mississippi, facility is currently planned at 10,000 annually per shift. As electric vehicle adoption rates increase, Mullen intends to add a second shift for Class 1 production, which will increase capacity to 20,000 total vehicles per year.
In summary, the following reflects total planned commercial vehicle production for calendar years 2023 and 2024:
2023 CY estimated commercial vehicle production:
- 150 Class 3 EV cab chassis trucks
- 300 Class 1 EV cargo vans
2024 CY estimated commercial vehicle production:
- 850 Class 3 EV cab chassis trucks
- 6,000 Class 1 EV cargo vans
Mullen’s production plan is aligned with current customer purchase orders. Overall production capacity allows Mullen to meet existing purchase orders while also providing the Company plenty of open production capacity to meet additional customer demand.
“I am proud to say both our Class 3 production acceleration and our Class 1 manufacturing preparations are on track at our Tunica assembly plant. We have firmed up our production schedules for 2024, which align with our existing customer orders and provide ample room for additional customer demand,” said David Michery, CEO and chairman of Mullen Automotive.