- Summary:
- One of the recent updates is the announcement of a $210 million contract with Volt Mobility, a commercial leasing company located in the UAE.
Mullen Automotive is making significant progress in the electric vehicle (EV) market, and a series of recent developments showcase its growing momentum. Mullen is expected to deliver 3,000 electric cargo trucks and vans, Class 1 and 3 models to Volt Mobility. The deliveries are set to begin immediately, and production will occur at Mullen’s Tunica, Mississippi, facility. NASDAQ: MULN expects the agreement to generate approximately $210 million in revenue over the next 16 months.
Mullen also has an order from GAMA. This order includes the Mullen GO, a micro-urban delivery vehicle, and more of its Class 1 and 3 electric cargo vans, further boosting the company’s sales and global presence.
Bollinger Motors Starts Production of B4 Chassis Cabs
Furthermore, Mullen’s subsidiary, Bollinger Motors, will start production of its Bollinger B4 Chassis Cab, a fully electric Class 4 commercial truck, on 16 September 2024. Bollinger Motors has already secured significant sales orders, such as the deal with Doering Fleet Management to supply 70 vehicles and Momentum Group’s 80-vehicle order.
Will The Latest Funding Boost Mullens’ Share Price?
Mullen Automotive’s Stock price saw a brief surge following the announcement of a $210 million contract with Volt Mobility, which temporarily boosted investor confidence. This performance highlights Mullen’s challenges in gaining sustained investor confidence amid a competitive and rapidly evolving EV market.
Mullen secured $250 million in financing commitments, aiding the company’s expansion plans. Mullen’s future looks promising, with substantial contracts, innovative products, and solid financial backing. Investors will watch these developments keenly, considering the company’s potential impact on stock price predictions in the ever-evolving EV landscape.
The Mullen Automotive stock price has dropped 98.42 % since the year began.
Read here about the MULN Stock Price Forecast 2024, 2025, 2030