Mullen Automotive, Inc. (NASDAQ: MULN) stock declined 1.22% on Monday after the EV manufacturer announced that its first production vehicle, the Mullen THREE, a Class 3 EV truck, has officially rolled off the assembly line at the Mullen commercial vehicle facility in Tunica, Mississippi.
The production of the Mullen THREE marks a significant milestone for the company, with plans to progressively increase production rates throughout the remainder of this calendar year. Once the acceleration reaches its peak, the Tunica facility is projected to have the capacity to produce a whopping 3,000 Class 3 vehicles annually per shift. As electric vehicle adoption rates increase, Mullen plans to incorporate a second shift dedicated to Class 3 production, propelling the overall capacity to reach 6,000 vehicles per year.
Simultaneously, Mullen is also gearing up for the grand reveal of the Mullen ONE, a Class 1 EV Cargo Van. This innovative model will join the production journey at the Tunica plant, with plans to fulfill customer orders for both commercial Class 1 and Class 3 vehicles before the year draws to a close.
Mullen Automotive, Inc. (NASDAQ: MULN) has already secured a substantial $79 million purchase order for its Mullen THREE Class 3 EV trucks from industry leaders such as Randy Marion Automotive Group and MGT Lease Company.
The Mullen THREE boasts a starting MSRP of $68,500 and is eligible for a federal tax incentive of $7,500.