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Tuesday, Oct 3, 2023
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Mullen in Brea Gets $15.8M Order

From MGT Lease Co.

Electric vehicle maker Mullen Automotive Inc. (Nasdaq: MULN)  in Brea said it has received a $15.8 million order for trucks from MGT Lease Co.

The purchase agreement is for 250 class 3 cab chassis EV trucks. Delivery is scheduled to start in August, with complete fulfillment of the purchase agreement by December.

MGT is a growing commercial vehicle sales and leasing company based in North Carolina, with annual revenue of over $70 million in 2022 and $100 million projected for 2023.

Shares in Mullen were little changed in after-hours trading after having risen 0.7% to $1.40 each for a market cap of $220 million.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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