Mullen Automotive (US:MULN) shares surged almost 20% Thursday after the company said Randy Marion Auto Group (“RMA”) committed to buy 6,000 Class 1 EV cargo vans worth about $200 million.
Mullen recently announced RMA as its first commercial dealer partner to offer sales, service and parts for Mullen Automotive’s commercial vehicle lineup.
“This is a real vote of confidence in our company. We appreciate Randy’s vision and aggressiveness to partner with us,” said John Schwegman, chief commercial officer for Mullen Automotive. “He clearly sees the future in commercial EVs.”
Mullen Automotive is a Southern California-based automotive company focusing on affordable US made electric vehicles. Mullen hasn’t delivered any cars yet but got close with its CODAS EV and then cut a deal with China’s Qiantu to make its Dragonfly K50 in the US.
In 2020, Mullen pivoted its strategy again and began focusing on its EV model, the FIVE crossover SUV. That is expected to be deliverable in 2024. Mullen has been busy this year, announcing in September that it bought a controlling interest in Bollinger Motors, an electric vehicle maker, for $148.2 million. The same month, Mullen named Ireland’s Newgate Motor Group as the marketing, sales, distribution and servicing agent for the Mullen I-GO in Ireland and the United Kingdom.
Newgate Motor Group also represents XBUS and Evetta electric vehicles from the German-based company Electric Brands.
Mullen shares are widely held by Fintel users who link their brokerage accounts to the site. The shares rose one spot this week to 17 among stocks in that universe. And it was the week’s sixth most sold stock among those investors.
Mullen closed up five cents at 31 cents on Thursday.
This article originally appeared on Fintel
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
