MULN - Mullen Automotive rallies after inking new vehicle purchase agreement

2023-05-11 08:32:50 ET

Mullen Automotive ( NASDAQ: MULN ) announced on Thursday the signing of a vehicle purchase agreement with fleet leasing provider MGT Lease Company.

The agreement is for the purchase of 250 all-electric commercial class 3 cab chassis EV trucks. The contract is valued at $15,755,000. The vehicles are slated for delivery beginning in August 2023, with complete fulfillment of the purchase agreement occurring by December 2023.

The company said the vehicle orders will be fulfilled through Randy Marion Automotive Group, which is a distributor of Mullen Automotive's ( MULN ) commercial EVs.

MGT Lease will purchase Mullen’s all-electric Class 3 EV cab chassis truck, the Mullen THREE, for its short- and long-term fleet leasing portfolio focused on small, medium and enterprise businesses. MGT’s order follows Randy Marion’s initial order for 1,000 units placed in early May of 2023.

"Momentum continues following last week’s pricing announcement for our Class 3 all-electric cab chassis truck. We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business,” said Mullen Automotive Chief Commercial Officer John Schwegman.

Shares of Mullen Automotive ( MULN ) rallied 7.90% to $1.50 in premarket trading.

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