Mullen Automotive gives updates on EV deals, factories

Mullen Automotive Inc. MULN,
-1.57%
gave a business update before market open Monday, with the electric vehicle maker providing details of its latest factory developments and a recently announced $15.8 million contract with MGT Lease Company. The fleet sales and leasing provider took delivery of Mullen’s EV Cargo Vans earlier this year. “The company afterward signed a vehicle purchase agreement, as announced on May 11, 2023, for 250 all-electric commercial Class 3 Cab Chassis EV Trucks,” said Mullen Automotive, in the update. “The contract is valued at $15.8 million and MGT expects to take possession of the vehicles between August and December of this year.” The order will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs. “To date, the company has received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group,” Mullen Automotive added. The electric vehicle company also gave an update on its factories, such as the Tunica, Mississippi, facility where commercial class vans and trucks are assembled. The production line for Class 3 commercial vehicles is planned to become operational in July 2023, with anticipated deliveries and revenue from Class 3 trucks in August and September 2023, according to Mullen Automotive. The company’s stock, which has been attracting meme-like attention, fell 1.5% Monday.