Mullen (MULN) begins Class 3 vehicle production in Mississippi

Emerging electric vehicle startup, Mullen Automotive (NASDAQ: MULN) announced Thursday the start of vehicle production for the Mullen THREE, Class 3 EV truck at its Tunica, Mississippi assembly plant. Customer deliveries are on track to begin in August and September.

“I am proud to announce that our Class 3 vehicle line is now in production mode at our Tunica facility. Our team has been working seven days a week, day and night, getting this plant reconfigured and ready for Class 3 production,” said CEO David Michery.

Throughout the months of September to December, Mullen has planned a gradual increase in production rates. Once the ramp-up is complete, the Tunica facility will have the capacity to produce 3,000 Class 3 vehicles annually.

So far, the company has secured $79 million in purchase orders for a total of 1,250 Mullen THREE Class 3 electric trucks from Randy Marion Automotive Group and MGT Lease Company.

With a starting price of $68,500, the Mullen THREE is eligible for a federal tax incentive of $7,500. This efficient Class 3 electric truck boasts an 11,000 Gross Vehicle Weight Rating, along with a tight turning radius of 38 feet. Its exceptional visibility enhances maneuverability on narrow urban roads.

Shares of MULN are up 4.09% in pre-market trading Thursday morning.

By Michael Elkins | [email protected]

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