Mullen Automotive Provides Commercial Vehicle Production Update
October 16 2023 - 9:20AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or
the “Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today a commercial vehicle production update for both
Class 3 EV cab chassis trucks and Class 1 EV cargo vans. As
previously forecasted, the Company is currently on track to produce
150 Class 3 EV trucks through December 2023. The Company is also on
track to begin Class 1 EV cargo van production and deliveries in Q4
2023.
Mullen’s Class 3 production plans for the remainder of 2023 are
on schedule with an estimated 150 vehicles projected to be produced
and delivered to Randy Marion Automotive Group (“RMA” or “Randy
Marion”). The first ten Class 3 vehicles were delivered to RMA on
Sept. 28, 2023. In total, Mullen expects to deliver more than 150
Class 3 vehicles to Randy Marion this year and to fulfill the
balance of the 1,000 Class 3 vehicle purchase order in calendar
year (“CY”) 2024, where the production schedule has been set at 850
trucks. As previously reported, Class 3 production capacity at the
Tunica facility is currently planned at 3,000 annually per shift,
allowing units to be added to the schedule as additional customers
are confirmed.
Class 1 EV cargo van production is on track to begin in Q4 2023
with the Company producing an estimated 300 vehicles. The total
Class 1 EV cargo van production for CY 2024 is planned for 6,000
vehicles allowing the RMA purchase order to be fulfilled. Class 1
production capacity at the Tunica, Mississippi, facility is
currently planned at 10,000 annually per shift. As electric vehicle
adoption rates increase, Mullen intends to add a second shift for
Class 1 production, which will increase capacity to 20,000 total
vehicles per year.
In summary, the following reflects total planned commercial
vehicle production for calendar years 2023 and 2024:
2023 CY estimated commercial vehicle production:
- 150 Class 3 EV cab chassis trucks
- 300 Class 1 EV cargo vans
2024 CY estimated commercial vehicle production:
- 850 Class 3 EV cab chassis trucks
- 6,000 Class 1 EV cargo vans
Mullen’s production plan is aligned with current customer
purchase orders. Overall production capacity allows Mullen to meet
existing purchase orders while also providing the Company plenty of
open production capacity to meet additional customer demand.
“I am proud to say both our Class 3 production acceleration and
our Class 1 manufacturing preparations are on track at our Tunica
assembly plant. We have firmed up our production schedules for
2024, which align with our existing customer orders and provide
ample room for additional customer demand,” said David Michery, CEO
and chairman of Mullen Automotive.
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 all 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 whether the Company will meet its forecast vehicle
production and delivery timelines and whether the anticipated
vehicle production numbers, shifts and other timelines will be
realized. 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)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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