Mullen Delivers 38 Class 3 Vehicles To Randy Marion Automotive Group; Vehicles Have Been Invoiced For $2.5M
Portfolio Pulse from Benzinga Newsdesk
Mullen Automotive, Inc. has delivered 38 Class 3 electric vehicles to Randy Marion Automotive Group, invoicing them for $2.5 million. This delivery is part of a larger order of 1,000 vehicles valued at $63 million, with the majority to be delivered in 2024. Mullen's Tunica, Mississippi facility plans to produce 150 vehicles in 2023 and has an annual capacity of 3,000 vehicles per shift. The Mullen THREE offers significant cargo capacity and maneuverability, with strong demand for the all-electric lineup. Mullen began deliveries to Randy Marion in September 2023, and Randy Marion received a license to retail Mullen's commercial EVs in November 2023.
December 21, 2023 | 1:14 pm
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POSITIVE IMPACT
Mullen Automotive has successfully delivered 38 Class 3 EVs to Randy Marion Automotive Group, invoicing $2.5M, indicating progress in fulfilling a larger $63M order. The company's production capacity and demand for its vehicles are positive signs for its revenue and growth prospects.
The delivery of vehicles and the invoicing of $2.5 million to Randy Marion Automotive Group is a concrete step in Mullen's business operations, likely to be viewed positively by investors. The news confirms ongoing revenue generation and the fulfillment of significant orders, which can be expected to have a positive short-term impact on MULN's stock price. The confidence in this analysis is high due to the direct financial implications and the clear progress in production and sales.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100