Mullen Delivers 63 More Class 3 Vehicles to Randy Marion Automotive Group Valued at $3,969,000; To-Date, 121 Class 3s Delivered Valued at $7,623,000
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Insights
The recent announcement by Mullen Automotive, Inc. regarding the delivery of 121 Class 3 electric vehicles (EVs) and the invoicing of $7,623,000 to Randy Marion Automotive Group signifies a tangible advancement in the company's production and sales targets. The commitment to deliver 150 vehicles by the end of 2023, as part of a larger 1,000 vehicle order, represents a clear revenue stream and suggests operational scalability. With the production capacity at the Tunica facility outlined for up to 3,000 vehicles annually per shift, investors can gauge the potential for future revenue growth.
For stakeholders, the short-term implications include a positive revenue impact from the current and upcoming deliveries. Long-term, the fulfillment of the 1,000 vehicle order could establish Mullen as a reliable supplier in the EV market, potentially leading to further contracts. However, risks such as production delays or increased competition in the EV space could affect future performance.
It is crucial to monitor the company's ability to meet its production targets and manage costs, as these factors will significantly influence profitability and investor confidence.
The EV market, particularly for commercial vehicles like the Class 3 trucks, is rapidly expanding due to growing demand for sustainable transportation solutions. Mullen Automotive's focus on the urban last-mile delivery segment positions the company within a niche yet burgeoning market. The Mullen THREE's specifications, such as its 125-mile range and payload capacity, are tailored to meet the needs of urban delivery services, a critical factor for adoption and market penetration.
As cities continue to implement stricter emissions regulations, the demand for such EVs is expected to rise. The strategic partnership with Randy Marion Automotive Group could serve as a catalyst for Mullen's market share growth. However, the company's long-term success will depend on its ability to maintain product quality, manage supply chain challenges and compete with larger, more established players in the EV industry.
Supply chain management is a pivotal aspect for EV manufacturers like Mullen Automotive. The company's ability to deliver on its 1,000 vehicle order will hinge on its supply chain robustness, especially concerning the sourcing of batteries and electronic components that are currently in high demand. Supply chain disruptions could lead to production delays or increased costs, impacting the company's financials and market reputation.
Furthermore, the efficiency of the upfitting process for the Mullen THREE chassis to meet various vocational needs will also be a key factor in meeting delivery timelines and maintaining customer satisfaction. The 'clean top-of-rail' design mentioned indicates an awareness of the importance of modular and adaptable design in commercial EV manufacturing, which could provide a competitive edge in fleet sales.
- To date, Mullen has delivered 121 Class 3vehicles for a total of
$7,623,000 invoiced. - Company focused and on track to deliver 150 vehicles by EOY 2023.
- Vehicles delivered are part of Randy Marion’s 1,000 Class 3 purchase order.
BREA, Calif., Dec. 26, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces 63 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
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.
“We are laser-focused on hitting our commitment to deliver 150 Mullen THREEs by end of this year,” 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 ft. max box length
- 38 ft. 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 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 Class 3 vehicles has Mullen delivered to Randy Marion Automotive Group?
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