The quarter is almost over. That means that Mullen Automotive (NASDAQ:MULN) should soon deliver its Class 1 electric vehicle (EV) cargo vans. And MULN stock fans can’t wait.
Based on this tweet from Mullen’s official Twitter account yesterday, it seems that the company is steadily making progress:
First of its kind in the U.S. market, the #MullenONE commercial electric cargo vans are ready to roll! ⚡$MULN #MullenAutomotive #MullenUSA #MullenCommercial #GreenFleet #EVFleet #EV #EVCargoVan #CommercialEV #ElectricVehicles #GreenTechnology #Sustainability pic.twitter.com/XSiCRYbE3o
— Mullen Automotive (@Mullen_USA) March 9, 2023
Back in December, Mullen announced a purchase order from Randy Marion Isuzu (RMI) for 6,000 Class 1 EV cargo vans, or the Mullen ONE. The purchase order was valued at approximately $200 million. RMI is also a member of the Randy Marion Automotive Group (RMA) family. The timeframe for the delivery of all of the vehicles has not been disclosed. However, Mullen noted that deliveries would begin during Q1.
Before the purchase order announcement, Mullen revealed that it had selected RMA as its first dealer group partner for its portfolio of commercial vehicles.
Dear MULN Stock Fans, Mark Your Calendars for March 31
Mullen has not yet announced delivery of the ONE. However, it still has until the end of Q1, or March 31, to do so. Additionally, the vehicle was recently on display at NTEA Work Truck Week 2023 in Indianapolis, Indiana, along with the Class 3 low-cab forward.
“NTEA is the largest commercial truck show in North America and is a perfect platform for Mullen Commercial,” said CEO David Michery. “This show gives us the opportunity to establish the Mullen Commercial brand with two great offerings that are coming to market this year.”
Weighing in at 3,198 lbs. with a max payload of 1,638 lbs., the ONE was designed for deliveries in narrow urban and residential streets. Its powered by a 42 kWh battery that provides a range of 110 miles per charge. In addition, the van also has “20% more cargo based on average segment in comparison.”
Earlier this week, Mullen also made another exciting announcement concerning the ONE. The company will team up with Rapid Response Defense Systems (RRDS), a small business federal contractor, to “fast-track” federal opportunities for possible large-scale vehicle fleet orders. Shareholders were especially receptive to this news because RRDS holds a prime seat on several federal contracts with a total funding ceiling of $4 billion.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.