Mullen on track to deliver 150 class 3 EVs by end of 2023

Mullen Automotive (NASDAQ:) announced Tuesday that the emerging electric automaker has delivered an additional 63 Class 3 electric vehicles to Randy Marion Automotive Group (RMA), invoicing RMA for $3,969,000.

This latest announcement brings Mullens total Class 3 deliveries to 121, for a total of $7,623,000. Executives at the company are confident that Mullen is on track to deliver 150 Mullen Threes by EOY 2023.

“We are laser-focused on hitting our commitment to deliver 150 Mullen THREEs by end of this year,” said Mullen CEO, David Michery.

Altogether, Randy Marion has pledged to acquire 1,000 Class 3 vehicles at a cost of $63 million, predominantly scheduled for delivery during the calendar year 2024. As mentioned earlier, the Tunica, Mississippi facility is set to produce 150 vehicles of Class 3 in 2023, with an overall capacity for Class 3 production projected at 3,000 vehicles annually per shift.

Mullen produces its Three model in Tunica, where the company conducts its commercial vehicle assembly, encompassing both the Mullen ONE, a Class 1 EV cargo van, and the Class 3 EV cab chassis trucks.

Deliveries of the Mullen Three to Randy Marion began on September 28, 2023. Subsequently, on November 16, 2023, Randy Marion obtained its North Carolina license permitting the retail of Mullen’s commercial EVs, enabling the dealership to engage in sales with customers.

Shares of MULN are down 1.27% in mid-day trading on Tuesday.