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Mullen Auto (MULN) Stock Surged 39% on EV Cargo Vans Delivery

Simon Mugo trader
Updated 31 Mar 2023

The Mullen Automotive Inc (NASDAQ: MULN) stock price surged 39.3% after revealing that it had delivered class 1 EV cargo vans to MGT Lease Company in Highpoint, North Carolina. Randy Marion Automotive Group fulfilled the vehicle order.


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The EV manufacturer revealed that MGT was one of its first commercial EV fleet customers. MGT is an expanding commercial vehicle sales and leasing firm with annual revenues of over $70 million in 2022 and expects to generate $100 million this year.

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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY

Investors cheered the news, as evidenced by Mullen Automotive’s share price rally. Over 160.29 million MULN shares had changed hands at the time of writing. The vehicle delivery is crucial since it demonstrates that Mullen can deliver vehicles after the massive investments made by the EV company. 

Randy Marion has ordered 6,000 Class 1 EV Cargo Vans worth approximately $200 million. The company had $87,400,009 cash and cash equivalents, including restricted cash, on February 28, 2023. 

Mullen had promised to deliver class 1 EV delivery vans to customers by the end of March and met the self-imposed deadline, boosting investor confidence in the EV manufacturer. The company also recently signed a deal with Qiantu Motors to design and assemble a supercar for the American market. 

Earlier in March, Mullen was granted a 180-day extension by the Nasdaq exchange to meet the $1.00 minimum bid price for its shares, trading below the crucial level.  

David Michery, Mullen Automotive’s Chairman and CEO, said: “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. We look forward to growing our relationship with MGT across our entire platform of commercial EV vehicles.” 

Thomas Gavlik, MGT’s managing partner, said: “Mullen’s class 1 is a perfect entry point for us and working with the Company. The class 1 segment no longer has internal combustion engine options from the major OEM brands and certainly does not have any class 1 EV options. One of the biggest opportunities we see is the class 3 cab-chassis segment, with the potential to upfit and offer unlimited options for commercial customers. ” 

*This is not investment advice. 

Mullen Automotive (MULN) stock price. 

The Mullen Automotive (MULN) stock price spiked 39.34% higher to trade at $0.1679, from Thursday’s closing price of $0.1205. 


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading