Mullen Automotive Shares Surge On Heels Of Mr. Appliance Deal

Mullen Automotive, Inc. MULN shares are trading higher on Tuesday after the company disclosed the sale of its Mullen ONE All-Electric Cargo Van to home service brand Mr. Appliance of Owings Mills, Maryland, for an undisclosed price.

Home services are considered a key sector for the U.S. economy, with transportation often exceeding 30% of operating costs. The Mullen ONE All-Electric Cargo Van is said to reduce fuel expenses by up to 57% and eliminate fuel price fluctuations. It also cuts maintenance costs by up to 50%, as it doesn’t require oil changes or expensive brake replacements, and is eligible for a $7,500 federal tax credit.

Last week, Mullen Automotive disclosed a Class 3 EV truck purchase order from Westland Floral.

The order includes two Mullen THREE trucks, upfitted by Phenix Truck Bodies in California and facilitated by Pritchard, with California HVIP incentives approved.

Price Action: Mullen Automotive shares are up 16.8% at $1.285 at last check Tuesday.

Read Next:

Image: Shutterstock