MEMPHIS, Tenn. — A California start-up company is proposing to build an electric vehicle assembly plant in Memphis.
Mullen Technologies submitted an application for a 15-year PILOT tax incentive worth $40.5 million to the Economic Development Growth Engine. The organization’s board will consider it at its March 17 meeting.
According to the application, Mullen plans to invest $362 million and create 434 jobs with an average pay of $53,000. The company plans to renovate a warehouse at 3800 Winchester Road that was last occupied by a Nike warehouse.
Mullen stated in the application the company “plans to complete design and engineering of a mid-size crossover SUV in 2022, receive necessary regulatory approvals in 2023 and begin production in 2024.” The first vehicle will be priced at $58,500 to $78,500.
The company said it plans to open the plant with production of 5,000 vehicles in 2024 and expects to produce 22,000 units with sales of $2 billion by 2027.
Mullen said it has considered sites in California and Washington for the plant but said Memphis offers some advantages. These include the existing building in Memphis, the city’s central location in the U.S., and a nearby facility in Tunica, Mississippi that was vacated by GreenTech Automotive in 2017.
The company announced its purchase of the Tunica property in a release Thursday and said it will “immediately begin efforts to reestablish the facility to build and support Mullen’s platform of electric vehicles.”
According to the company’s website, Mullen’s five-passenger MX-05 All-Electric SUV will have a 325-mile range with a 0 to 60 mph time of 3.2 seconds. A prototype will be unveiled in the coming weeks.