Mullen (MULN) Stock Gains 25% on Continued I-GO Rally
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Mullen Automotive (NASDAQ:MULN) stock is climbing 25% in early trading after the electric vehicle (EV) maker announced yesterday that it would distribute an urban delivery EV in Europe.
The automaker “secured exclusive sales, distribution and branding rights for the I-GO.” The I-GO is a “last-mile” delivery EV that has been approved for sale in a number of European countries. According to Mullen CEO David Michery, a huge demand exists for this type of vehicle on the continent.
Mullen intends to start selling the I-GO in Germany in December. It has also obtained licenses to market the I-GO in Spain, France, the U.K. and Ireland.
Designed to be used in cities, the EV will have a base cost of $11,999. This does not include value-added tax (VAT) and local transportation.
“The I-GO bridges the gap between the growing demand for quick deliveries and space constraints found throughout the dense cities of Europe,” Mullen stated.
MULN Stock: Other Recent Developments
On Oct. 21, Mullen announced that it had appointed a former, longtime General Motors (NYSE:GM) manager, John Schwegman, as its chief commercial officer. In his new role, Schwegman will try to find ways of boosting the sales of Mullen’s commercial EVs.
Last week, Mullen finished acquiring Electric Last Mile Solutions, a bankrupt EV maker with a plant in Indiana. The factory is capable of assembling 50,000 EVs each year, Mullen reported.
In September, Mullen obtained a 60% stake in Bollinger Motors, which makes electric trucks and reportedly has about 50,000 orders.
In 2022, MULN stock has tumbled 90% so far. However, in the last month headed into today’s trading, it had jumped 50%.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.