Written by Cláudio Afonso | LinkedIn | X
Shares of the electric vehicle startup Mullen Automotive rose 74% on Tuesday after the company announced its fully electric cargo van Mullen One is available for rental on Turo, the world’s largest vehicle-sharing marketplace.
The Mullen ONE model is being introduced in the Jacksonville, Florida market as an initial pilot, while a second pilot featuring the Mullen Class 1 EV cargo van is planned for launch in Baltimore, Maryland.
Over the last month, the stock is up 30.7%. However, year to date, Mullen shares are still down 99%.
Last month, the EV maker announced a 1-for-100 reverse stock split aimed at meeting Nasdaq’s minimum bid requirement and has recently regained compliance. As a result, a Nasdaq Panel hearing scheduled for tomorrow, November 14, has been canceled.
The Mullen ONE is also eligible for the MOR-EV program, offering a $3,500 rebate in Massachusetts, as well as the $7,500 Federal Tax Incentive.
In August, the company announced a $210 million deal with the UAE-based company Volt, with deliveries starting immediately.
The Middle East firm agreed to buy 3,000 Class 1 and Class 3 EV cargo vans and trucks over 16 months. Mullen secured an initial $3 million deposit within 60 days, while additional payments will follow as the vehicles are delivered.
Mullen’s assembly plant is located in Tunica, Mississippi-based and has the capacity to produce 20,000 Class 1 and 6,000 Class 3 vehicles annually with two production shifts.
Earlier this year, the company announced Gama as its first new European distributor to commercialize its models in Bosnia, Serbia, Montenegro, Croatia, Slovenia, Macedonia, Albania, Greece and Bulgaria.
Written by Cláudio Afonso | LinkedIn | X
