The ‘Mullen Three’ line will be gradually ramped up to a target of 3,000 units per year, with scope to double this figure by adding a second shift as electric vehicle demand increases.

Over the past several months, the share price of the battery electric vehicle manufacturer has tumbled by 90%, from USD3.25 at the end of March to USD0.32 per share on 13 June. As of writing (25 July), the company’s value stood at USD0.14 per share.

The ‘Mullen One’ is a panel van designed for last-mile deliveries, while the ‘Mullen Three’ is a low cab forward truck - both based on assets acquired from ‘Electric Last Mile Solutions’ (ELMS).

Mullen has stated that these recent acquisitions will allow it to enter the commercial vehicle market much sooner than anticipated - as early as next year.