Reaching $1.35 on last look, Mullen Automotive (MULN, Financials) recorded a 9.76% stock price rise. The sharp rise is attributable to its latest announcement; since Sept. 30, the firm said it had sold and delivered 100 electric cars, earning $5.5 million. From $16.8 million in August to $11.8 million in September and then further to $5.3 million in October and November, the company's efforts to simplify operations have clearly cut monthly expenditures.
Reflecting growing need for environmentally friendly commercial transportation options, the business provided 57 Class 3 EV trucks and 43 Class 1 EV cargo vans. Mullen is working with colleges, government organizations, and fleet operators to increase EV acceptance both here at home and abroad.
While negotiating present worldwide market circumstances, David Michery, CEO and chairman of Mullen Automotive, said the firm is moving step by step in increasing sales momentum. As the firm investigates many usage scenarios for its cars, he underlined its dedication to control risks and expectations.
The Mullen ONE Class 1 EV cargo van and the Mullen THREE Class 3 EV cab chassis truck comprise Mullen's commercial EV fleet. Models adhere to California Air Resources Board, Environmental Protection Agency, and U.S. Federal Motor Vehicle Safety Standards certifications. These cars also qualify for state-level perks like Massachusetts' $15,000 MOR-EV incentive and California's $45,000 cash refund for the Mullen THREE as well as federal tax credits up to $7,500.
Manufacturing activities of the corporation are concentrated in Mishawaka, Indiana and Tunica, Mississippi. Beginning in Tunica in August 2023, Mullen just extended its dealer network to seven sites in important American markets, thereby improving sales and service coverage. Commercial vehicle manufacture started in Tunica in August 2023.
