MULN - Mullen stock surges on first EV cargo van deliveries

2023-03-31 08:40:33 ET

Mullen Automotive ( NASDAQ: MULN ) stock rose over 20% in premarket hours on Friday after announcing the first EV cargo vans have been delivered.

The automaker said in a press release that Class 1 EV cargo vans have been delivered to MGT Lease Company via Randy Marion Automotive, a distributor of Mullen vehicles. Four vehicles were delivered in the first batch with more deliveries anticipated over time.

“We continue to see growing interest in our commercial EV offerings, and it’s great to have MGT as one of our first commercial customers,” Mullen CEO David Michery commented.  “We look forward to growing our relationship with MGT across our entire platform of commercial EV vehicles.”

The release added that “forthcoming announcement of additional customer Class 1 van deliveries” will follow Friday’s delivery disclosure.

Mullen stock rose over 25% at its premarket peak and sustained about an 22% gains in the hour before Friday’s open. Nearly 50M shares changed hands in premarket action by 8:40 AM ET.

Read more on broader trends for EV stocks as of late .

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