Emerging electric vehicle maker, Mullen Automotive (NASDAQ:MULN) announced Monday the production of the first Mullen THREE, Class 3 EV truck, at the company’s vehicle assembly facility in Tunica, Mississippi.
“We have been true to our commercial Class 3 vehicle production commitments and have now achieved a significant milestone with the first trucks rolling off the line,” said CEO, David Michery.
The automaker will gradually ramp production through the rest of the year, with a planned Class 3 production capacity of 3,000 vehicles annually per shift at their Tunica facility. As adoption of EVs grows, Mullen plans to introduce a second work shift dedicated to Class 3 production. Increasing overall capacity to 6,000 vehicles per year.
During the Mullen THREE ramp, the production testing and launch of the Mullen ONE, Class 1 EV Cargo Van will also take place. Achieving deliveries to customers by the end of the year.
To date, the Company has received $79 million in purchase orders for the Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company.
With an MSRP starting at $68,500, the Mullen THREE qualifies for $7,500 in federal tax incentives and features an 11,000 Gross Vehicle Weight Rating with a turning diameter of 38 feet. The truck is also designed with excellent visibility for superior maneuverability on narrow city streets.
Shares of MULN are down 3.42% in mid-day trading Monday.