Mullen Inks Class 3 Vehicle Purchase Order With NRTC Automation

Mullen Automotive Inc MULN disclosed a multiunit vehicle purchase order with NRTC Automation Group (NRTC) to initially buy three all-electric commercial Class 3 Mullen trucks (Mullen THREE), with deliveries expected to begin in Q4 2023.

Mullen THREE is an efficient Class 3 low cab forward EV truck featuring an 11,000 Gross Vehicle Weight Rating and increased visibility for maneuverability on narrow city streets. 

Last week, Mullen said it produced its first Mullen THREE at its commercial vehicle assembly facility in Mississippi.

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Mullen said it will gradually ramp production through the end of the year. Once the company reaches full production, it expects to produce 3,000 vehicles a year at the Mississippi facility and eventually add a second shift to increase capacity to 6,000 total vehicles per year. 

In mid of the month, the company announced the start of its $25 million buyback.

Price Action: MULN shares are down by 13.45% at $0.5616 on the last check Monday.