Mullen Automotive rallies after inking new automobile buy settlement
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Mullen Automotive (NASDAQ:MULN) introduced on Thursday the signing of a automobile buy settlement with fleet leasing supplier MGT Lease Firm.
The settlement is for the acquisition of 250 all-electric business class 3 cab chassis EV vans. The contract is valued at $15,755,000. The autos are slated for supply starting in August 2023, with full success of the acquisition settlement occurring by December 2023.
The corporate stated the automobile orders can be fulfilled by way of Randy Marion Automotive Group, which is a distributor of Mullen Automotive’s (MULN) business EVs.
MGT Lease will buy Mullen’s all-electric Class 3 EV cab chassis truck, the Mullen THREE, for its short- and long-term fleet leasing portfolio targeted on small, medium and enterprise companies. MGT’s order follows Randy Marion’s preliminary order for 1,000 models positioned in early Might of 2023.
“Momentum continues following final week’s pricing announcement for our Class 3 all-electric cab chassis truck. We’re excited to start delivering vans to MGT Leasing this summer season as they proceed to scale up their enterprise,” stated Mullen Automotive Chief Industrial Officer John Schwegman.
Shares of Mullen Automotive (MULN) rallied 7.90% to $1.50 in premarket buying and selling.
