Mullen Delivers 50 Additional Class 1 EV Cargo Vans to Randy Marion Automotive Group Invoiced at $1,681,750
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Insights
The delivery and invoicing of 100 Class 1 EV cargo vans by Mullen Automotive represent a noteworthy development in the electric vehicle sector, particularly in the commercial vehicle segment. The reported revenue of $3,363,500 signifies a tangible impact on Mullen's financial performance and provides insights into the company's operational execution. As the EV market continues to expand, Mullen's ability to meet delivery targets and secure deals with major dealer groups like Randy Marion Automotive reflects positively on their market positioning and supply chain effectiveness.
Investors should consider the broader implications of Mullen's progress, including the potential for increased market share within the Class 1 commercial vehicle category. Additionally, the commitment to deliver a total of 285 vehicles by early 2024 suggests a strong order book and a positive outlook for revenue growth. However, investors should also be aware of the competitive landscape and the challenges associated with scaling production in the EV industry.
From a financial perspective, Mullen Automotive's reported invoicing of $3,363,500 for the Class 1 EV cargo vans provides a snapshot of the company's revenue-generating capabilities. With a specific target of 285 vehicles to be delivered by January 2024, the company's short-term revenue projections can be more accurately assessed. The per-unit price of approximately $33,635 indicates the pricing strategy for Mullen's Class 1 EVs, which is critical for understanding the company's margin potential and cost structure.
Investors should monitor Mullen's subsequent quarterly financial statements for confirmation of these revenues and any associated costs. It is also important to evaluate the company's capital expenditures and R&D investments, as these will influence long-term profitability and competitive edge. The financial health and future performance of Mullen will be closely tied to its ability to maintain production efficiency and manage operating expenses while scaling up.
The announcement by Mullen Automotive underscores the growing demand for electric commercial vehicles, particularly for last-mile delivery solutions. The Mullen ONE's specifications, such as the 110-mile range and 1,683 lbs. max payload, cater to the specific needs of urban delivery services. The vehicle's best-in-class cargo volume and tight turning radius are key competitive advantages that align with the operational requirements of fleet operators.
As the first EV cargo van in its class in the U.S. market, the Mullen ONE could potentially set industry benchmarks. However, the long-term success of the vehicle will depend on its reliability, total cost of ownership and the company's ability to provide comprehensive after-sales support. The strategic partnership with Randy Marion Automotive Group, a top commercial dealer, could facilitate broader adoption and enhance customer confidence in the product.
To date, Mullen has delivered 100 Class 1 cargo vans invoiced for a total of
Company on target to deliver a total of 285 Class 1 vehicles by Jan. 8, 2024
BREA, Calif., Jan. 02, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces 50 additional Class 1 EV cargo vans have been delivered and invoiced for
To date, the Company has delivered 100 Mullen ONE, Class 1 cargo vans for a total invoiced amount of
Mullen ONE 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 Mullen THREE, Class 3 EV cab chassis trucks. Randy Marion Automotive Group is based in Charlotte, North Carolina, and is one of the top commercial dealer groups in the U.S.
“We ended 2023 with an emphasis on delivering Class 1 and Class 3 vehicles and are now ramping up production to meet the commitments we have for the 2024 demands of our current and future customers,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen ONE, Class 1 Urban Delivery EV Cargo Van
The Mullen ONE is anticipated to be the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment. This van was designed for last-mile delivery, with best-in-class cargo volume, payload, and turning diameter to easily navigate through narrow urban streets and residential roads.
Mullen ONE, Class 1 EV cargo van highlights:
- 110-mile estimated range
- 4,881 lbs. GVWR
- 1,683 lbs. max payload
- 157-cubic-feet cargo volume
- 20-foot turning radius
View full vehicle specifications for the Mullen ONE 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 ONE will be the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment and expected performance and 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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