Veteran EV startup Mullen Automotive is touting a production milestone today as it has officially begun assembling its Mullen THREE Class 3 electric trucks. With production now underway in Mississippi, Mullen shared its timeline for customer deliveries in addition to annual output targets.
Mullen Automotive ($MULN) is a Southern California-based EV startup founded in 2014 that is approaching a 10-year journey to deliver affordable EVs built entirely on US soil. Despite coming close twice, the company has yet to deliver a passenger EV to market.
This resulted in a 2020 merger in which Mullen pivoted its business strategy toward its own bespoke EV model – the FIVE crossover SUV. The startup turned some heads in September 2022 when it claimed a majority stake in Bollinger Motors’ commercial EV business, vowing to resurrect the latter’s ill-fated B1 and B2 electric trucks into production as well.
Just over a month later, Mullen Automotive acquired another EV startup, Electric Last Mile Solutions (ELMs) and all its assets, including a 650,000-square-foot production facility in Indiana. While Mullen continues to develop passenger EVs under its namesake and Bollinger brands, its first vehicle to reach scaled production will be in the commercial space – the Class 3 Mullen THREE.
Mullen’s THREE trucks being assembled at its facility in Tunica, Mississippi / Credit: Mullen Automotive
Mullen reaches production of the THREE EV truck
Mullen Automotive shared details of its active assembly lines in a press release today, relaying that THREE production is underway and will gradually ramp up from September through December of this year. Per Mullen chairman and CEO David Michery:
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.
Mullen’s Tunica facility sits upon more than 100 acres of Mississippi land, offering a production footprint of over 120,000 square feet. This specific location will be dedicated to the assembly of the company’s Class 1 to 3 commercial EVs. When fully ramped later this year, Mullen anticipates a production capacity of 3,000 Class 3 EVs per year.
The Mullen THREE starts at an MSRP of $68,500 and, according to its makers, should qualify for up to $7,500 in federal tax incentives for US customers. To date, Mullen says it has orders for over 1,250 THREE EVs, equating to $79 million in purchase orders, should they all come to fruition.
With production now underway, Mullen Automotive says the Class 3 EV deliveries should begin this month. Here’s a closer look at the Mullen THREE:
FTC: We use income earning auto affiliate links.More.
Transocean Barents, an oil platform passes through Canakkale Strait as vessel traffic suspended in both directions in Canakkale, Turkiye on November 12, 2024.
Enishan Keskin | Anadolu | Getty Images
Shares of Transocean plunged Thursday after the offshore driller announced the sale of a large number of shares at a discount.
Transocean is planning to sell 125 million shares at a price of $3.05, significantly lower than Wednesday’s close of $3.64. It is offering 25 million shares more than it originally planned.
The Swiss company’s stock was last down 14.8% premarket. The offering is expected to close on Friday.
Transocean expects to book about $381 million from the sale. It will use the proceeds to pay off debt.
(Correction: Updates with correct share offering price.)
New York City’s new 15 mph speed limit for electric bikes is officially set to take effect next month, in what city officials claim is a move to improve street safety. But not everyone is convinced the crackdown is targeting the real threat on the roads.
The new limit, approved earlier this year, applies to e-bikes, mopeds, and other micromobility vehicles operating in city bike lanes. Riders caught exceeding 15 mph could face warnings or citations, though the exact enforcement strategy remains murky. The NYPD says it will focus on “education first,” but given the city’s track record, that could just be the calm before the ticket storm.
The rule comes amid growing concerns from some residents and officials about rising speeds among e-bike riders, especially delivery workers who often rely on throttle-equipped bikes to meet tight deadlines. But while the new speed cap is aimed at micromobility vehicles, there’s a noticeable omission: cars, trucks, and SUVs, which continue to be allowed to travel at 25 mph – and in practice, often much faster – even though they pose exponentially more risk to vulnerable road users and are responsible for orders of magnitude more deaths each year.
It’s a move that raises eyebrows and has resulted in thousands of publicly-submitted comments that the New York Department of Transportation has seemingly ignored.
Advertisement – scroll for more content
After all, the majority of traffic fatalities in New York City don’t involve e-bikes. They involve cars. And while some e-bike riders certainly ride irresponsibly, the blanket limit nearly cuts in half the more widely accepted e-bike speed limits used around the US, and doesn’t even apply to pedal bikes, which can easily exceed such speeds despite nearly identical average weights when factoring in the vehicle and rider. Not to mention, it ignores the critical role that e-bikes play in reducing traffic congestion and emissions, especially in the delivery and commuting sectors.
So while New York is slowing down its most efficient and sustainable form of urban transport, it’s letting the real heavyweights keep their speed. If the goal is safety, then it’s fair to ask: why aren’t cars being asked to go 15 mph too?
Because once again, it seems the rules are written for the powerful – not the vulnerable.
FTC: We use income earning auto affiliate links.More.
Tesla is now buying advertising on Elon Musk’s X (formerly Twitter) to get Tesla shareholders to vote for his CEO compensation package worth up to $1 trillion in stock options.
Tesla, under Elon Musk’s leadership, has famously been against advertising. The CEO is even on the record saying that he “hates advertising” and that “other companies spend money on advertising and manipulating public opinion, Tesla focuses on the product.”
However, that was before he acquired Twitter, now X, which relies heavily on advertising.
The automaker is in a full-on marketing blitz to convince shareholders to vote for the package and to allow Tesla to issue more shares in exchange.
Now, Tesla is even buying social media ads to push shareholders to vote for Musk’s compensation package and they are even buying ads on Musk’s privately owned platform, X:
They are also buying ads on Instagram, Facebook, and Reddit.
As we previously reported, Tesla’s board has claimed that voting for the compensation package will determine the future of Tesla.
Musk went even further and linked his compensation package to the future of the world.
Earlier today, the CEO claimed that his compensation plan is not about money, but about control over Tesla:
It’s not about “compensation”, but about me having enough influence over Tesla to ensure safety if we build millions of robots. If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future.
The CEO previously threatened Tesla shareholders not to build AI products at Tesla, despite claiming they were critical to the company’s future, if he doesn’t get 25% control over the company.
Electrek’s Take
The CEO of a publicly traded company threatens shareholders to gain control over the company and uses company funds to purchase ads that benefit his privately held company, with the goal of persuading the shareholders of the publicly traded company to give him more money.
If that’s not late-stage capitalism, I don’t know what is.
Also, I know I won’t shock anyone here, but Elon is lying about this not being about money.
If he wants to increase his percentage of Tesla shares, he could do exactly what his friend Larry Ellison did with Oracle and do long-term buybacks. It would benefit everyone, but it’s not what he wants. He wants the shiny new stock options.
FTC: We use income earning auto affiliate links.More.