Mullen Automotive Inc. MULN, -22.44% said Tuesday that its first production vehicle, a Class 3 commercial electric truck, has rolled off its factory line in Mississippi. The company said it will be “gradually ramping up” production at the plant, with plans to eventually make 3,000 vehicles a year per shift at the facility, and add another shift in the future. To date, Mullen has received $79 million in purchase orders for the commercial truck from Randy Marion Automotive Group and MGT Lease Co., it said. Shares of Mullen tanked 20% Tuesday, and have dropped 99% in the year to date, contrasting with an advance of about 15% for the S&P 500 index. SPX, -0.33%
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