Shares of Mullen Automotive Inc. (MULN) surged 3.6% in active premarket trading on Monday following the announcement of a significant order. The Ireland-based Newgate Motor Group has placed an order for 30 Mullen-Go commercial urban delivery vehicles with Mullen. This marks the first sale of vehicles for delivery outside of the U.S., highlighting Mullen’s growing global reach.
The trading volume of 15.2 million shares made Mullen’s stock the most actively traded ahead of the market open. This indicates a strong investor response to the news and reflects growing confidence in Mullen’s electric vehicles.
The order from Newgate carries an estimated value of $321,000 and is expected to be booked in the current quarter. This development is seen as a positive step towards expanding Mullen’s presence in the commercial delivery sector. The company’s Chief Executive, David Michery, emphasized the potential of the Mullen-GO vehicle in densely populated European cities.
“The small size is perfect for tight Euro streets, and the zero emissions and lower cost of ownership make it an attractive option for potential commercial customers,” stated Michery.
Despite experiencing a record low closing price of 10.1 cents on July 3, Mullen’s stock has rebounded with this latest announcement. Over the past three months, the stock has seen a significant decline of 93.9%. However, this recent order and the expanding market demand for electric vehicles offer a ray of hope for Mullen’s future prospects.
In conclusion, Mullen Automotive Inc. has received a substantial order for their Mullen-Go urban delivery vehicles from Newgate Motor Group. This reaffirms their position as an emerging leader in the electric vehicle market, especially in densely populated European cities where their small-sized vehicles are well-suited. Despite recent challenges, Mullen remains committed to providing eco-friendly and cost-effective solutions for potential commercial customers.