Mullen Automotive, Inc. (NASDAQ: MULN) is engaged as an emerging electric vehicle manufacturer company, which has two U.S.-based assembly plants to build its lineup of EVs. Shares of the EV company are gaining 14% through afternoon trading on Thursday, December 15, 2022. Over the past three months, Mullen Automotive has seen average daily volume of 172.73 million shares. However, volume of 537.6 million shares or dollar volume of around $160.58 million, has already exchanged hands through late trading.
Shares of Mullen Automotive are rallying after the company announced it has received a purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Isuzu, LLC, a division of Randy Marion Automotive Group (RMA). The purchase order is valued at $200 million.
RMA is among the largest and most respected commercial vehicle dealers in the United States. The order comes after Mullen Automotive recently named RMA as its first commercial dealer partner to market its car lineup, as well as service and parts for the company’s commercial EV products.
“We see a tremendous opportunity with the Mullen commercial portfolio, and the launch of the commercial van could not come at a better time,” said Randy Marion, CEO and founder of RMA. “There’s significant pent-up customer demand for Mullen to fulfill. I have many customers looking at me to find product for their companies.”
Outside of its Class 1 EV, Mullen’s commercial fleet includes Class 2 & 3 cargo vans, cab chassis, and Bollinger Motors Class 4-6 chassis products. The company’s entire commercial fleet will be built and manufactured outside of the Advanced Manufacturing and Engineering Center (AMEC) in Tunica, Mississippi.
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