BREA, Calif., Sept. 28, 2023 (GLOBE NEWSWIRE) -- via IBN -- 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.
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 Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all 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.
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 the timing of delivery for the additional vehicles ordered and whether the anticipated vehicle production numbers, shifts and timelines will be realized. 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.
Mullen Automotive, Inc.
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