Mullen Delivers 38 Class 3 Vehicles to Randy Marion Automotive Group
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Insights
With Mullen Automotive's recent delivery of 38 Class 3 vehicles and the invoicing of $2.5 million to Randy Marion Automotive Group, several financial implications arise. The transaction is part of a larger $63 million deal for 1,000 vehicles, indicating a robust order book that could enhance revenue predictability and cash flow for Mullen. Moreover, the planned production capacity of 3,000 vehicles annually per shift at the Tunica facility suggests scalability and potential for increased market share in the electric vehicle sector. However, investors should monitor production ramp-up and delivery schedules closely, as any delays could impact financial projections and investor confidence.
Mullen Automotive's focus on Class 3 electric vehicles positions the company in a competitive segment of the EV market, catering to commercial needs for cargo capacity and maneuverability. The successful delivery and invoicing of vehicles to Randy Marion, a significant dealership, reflect positively on operational execution. It's important to assess the market demand for EVs in the commercial sector and Mullen's ability to maintain quality and service as production scales. Industry trends toward electrification and the adoption of EVs in commercial fleets could benefit Mullen if they continue to meet market requirements and regulatory standards.
Mullen Automotive's production update indicates a strategic emphasis on supply chain management and manufacturing efficiency. The Tunica, Mississippi facility's role in producing both Class 1 and Class 3 EVs suggests a streamlined production process, which is crucial for meeting the high-volume orders. The company's ability to fulfill a large order from Randy Marion will be contingent on maintaining a robust supply chain to avoid bottlenecks. Long-term success will depend on their capacity to manage raw material sourcing, labor and logistics, especially given the complex nature of EV manufacturing and the current global supply chain challenges.
Vehicles have been invoiced for
Vehicles delivered are part of Randy Marion’s 1,000 Class 3 vehicle purchase order.
Class 3 production at the Tunica, Mississippi, facility is planned for 150 vehicles for the remainder of 2023.
Total capacity for Class 3 planned at 3,000 vehicles annually per shift.
BREA, Calif., Dec. 21, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces 38 additional Class 3 vehicles have been delivered to Randy Marion Automotive Group (“RMA” or “Randy Marion”) with the Company invoicing RMA for
In total, Randy Marion has committed to 1,000 Class 3 vehicles for a total of
“The Mullen THREE product is a great offering with 1,000 cubic feet of cargo capacity when upfit with a 14-foot box and offers best in class maneuverability. Demand is strong for the Mullen’s All-Electric product lineup,” said Brad Sigmon, fleet vice president at Randy Marion Automotive.
Mullen THREE production is based out of Tunica, 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. Mullen began first deliveries of the Mullen THREE to Randy Marion on Sept. 28, 2023. Randy Marion received its North Carolina license to retail Mullen’s commercial EVs on Nov. 16, 2023, opening the ability of the dealership to conduct sales to customers.
“I am pleased to see additional Class 3s are on their way to Randy Marion,” said David Michery, CEO and chairman of Mullen Automotive. “Class 3 production has ramped up significantly and I am confident we will achieve our 2023 production volumes.”
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 timing of future Mullen vehicle deliveries, and the expected demand for all classes of Mullen vehicles. 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 additional Class 3 vehicles have been delivered to Randy Marion Automotive Group by Mullen Automotive, Inc.?
How much has Randy Marion Automotive Group been invoiced for the vehicles?
What is the total commitment of Randy Marion Automotive Group for the Class 3 vehicles?
Where is the Class 3 production planned for 2023?
What is the total capacity for Class 3 vehicles annually per shift at the Tunica, Mississippi, facility?
