Mullen Shares Jump Almost 20% After Reporting $200 Million Order
Randy Marion Auto Group ordered 6,000 vehicles
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.