For Calendar Year 2023, Mullen Hits Class 3 Delivery Target with 141 Class 3’s Delivered to RMA; Total Invoiced Amount of $9,196,021
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Insights
Mullen Automotive's announcement regarding the production and delivery of its Class 3 electric vehicles (EVs) is a significant milestone for the company and the EV industry. With 154 units built and 141 delivered, this achievement demonstrates Mullen's ability to meet its production targets, which is a vital indicator of the company's operational efficiency and supply chain management. The delivery of these vehicles to a single customer, Randy Marion Automotive Group, also signals a strong commercial relationship and potentially recurring revenue.
From a market perspective, the EV sector is rapidly growing and Mullen's focus on commercial EVs positions it well within this niche market. The Mullen THREE's specifications, such as the 125-mile range and over 5,300 pounds of payload, cater to the urban last-mile delivery segment, which is expanding due to the e-commerce boom. As businesses increasingly look to reduce their carbon footprint, the demand for such EVs could see significant growth, providing Mullen with a growing market to serve.
The invoiced amount of $9,196,021 for the 141 Class 3 vehicles provides a tangible figure for evaluating Mullen Automotive's financial performance. This revenue figure, while modest in the broader automotive industry context, is critical for a nascent company like Mullen. It reflects the company's transition from a developmental stage to generating sales. For investors, this is a key metric that could influence the company's stock valuation. The ability to convert production into actual sales is essential for Mullen's financial sustainability and future capital raises.
However, investors should also consider the cost structure associated with producing the Class 3 EVs. Profit margins on these sales will be a critical determinant of the company's financial health. Furthermore, the company's guidance for future production and sales will be closely watched to assess scalability and long-term profitability prospects.
The Class 3 EV segment is becoming increasingly competitive and Mullen's entry with the Mullen THREE is noteworthy. The vehicle's features, such as its payload capacity and range, are tailored to meet specific industry requirements. In the context of the automotive industry, the ability to upfit the chassis for various vocational needs indicates a strategic approach to capturing a broader customer base within the commercial sector.
Comparing Mullen's production capabilities and vehicle specifications with industry peers will be crucial in assessing the company's competitive position. Factors such as battery technology, range, payload and cost will influence Mullen's ability to secure a significant market share. The use of the remaining 13 vehicles for engineering and marketing purposes suggests a continuous improvement and customer acquisition strategy, which could lead to enhanced product offerings and increased market penetration over time.
For 2023, Company built 154 Class 3’s and delivered 141 units to RMA
BREA, Calif., Jan. 03, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces that for calendar year 2023 Mullen achieved its previously announced Class 3 target with 154 Class 3’s built and 141 Class 3’s delivered to Randy Marion Automotive Group (“RMA” or “Randy Marion”) for a total invoiced amount of
Mullen THREE production is based out of Tunica, Mississippi, which is home to Mullen’s commercial vehicle assembly for both the Mullen ONE, Class 1 EV cargo van, and the Class 3 EV cab chassis trucks.
“I am proud of our team’s commitment in hitting our 2023 Class 3 delivery target with 154 Class 3’s built and 141 delivered to Randy Marion. 2024 is going to be a great year for us and I am excited for the opportunities in front of us,” said David Michery, CEO and chairman of Mullen Automotive.
The All-Electric Mullen THREE is a Class 3 low cab forward EV truck featuring a robust payload and 125-mile range. The Mullen THREE was purpose-built to meet the demands of urban last-mile delivery. The Mullen THREE chassis can be easily upfit to meet a variety of vocational needs from last mile delivery, construction, landscaping, catering and more. The chassis has a clean top-of-rail design for easy upfitting with bodies up to 14 feet long and over 5,300 pounds of payload.
Mullen THREE Vehicle Highlights:
- 125-mile estimated range
- 11,000 lbs. GVWR
- 5,316 lbs. max payload
- 14 feet max box length
- 38 feet turning diameter
View full vehicle specifications for the Mullen THREE here.
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 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 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 the volumes and timing of future Mullen vehicle deliveries, whether the Mullen THREE and other Mullen vehicles will perform as expected and the Company’s future performance. 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
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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FAQ
How many Class 3 vehicles did Mullen Automotive build and deliver in 2023?
What is the total invoiced amount for the Class 3 vehicles delivered in 2023?
What is the range of the Mullen THREE vehicle?
What are the vocational needs that the Mullen THREE chassis can be upfitted to meet?
Where is Mullen's commercial vehicle assembly based for the Mullen ONE and Class 3 EV cab chassis trucks?
Who is the CEO and chairman of Mullen Automotive?
