What's Going On With Mullen Automotive Stock Thursday?

Mullen Automotive Inc MULN shares are trading higher Thursday. The company announced that Class 3 vehicle production has begun. 

What To Know: Mullen said it started production of the Mullen THREE Class 3 EV truck at its Tunica, Mississippi assembly plant. The first customer deliveries are expected to begin in "August and September."

Mullen expects to ramp production gradually from September to December. Once fully ramped, the company anticipates production of 3,000 Class 3 vehicles per year at the plant. 

"I am proud to announce that our Class 3 vehicle line is now in production mode at our Tunica facility. Our team has been working seven days a week, day and night, getting this plant reconfigured and ready for Class 3 production," said David Michery, chairman and CEO of Mullen.

Mullen noted that it has received purchase orders for 1,250 Mullen THREE trucks valued at $79 million. The purchase orders came from Randy Marion Automotive Group and MGT Lease Company.

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MULN Price Action: Mullen shares were up 6.1% at 12 cents at the time of publication, according to Benzinga Pro.

Photo: courtesy of Mullen.