Mullen Automotive Inc. (Nasdaq: MULN) said it secured the sales, distribution and branding rights to new compact commercial EV, the I-GO, which will be available in select European markets starting this year.
Following the announcement, shares in the Brea EV upstart climbed 35% to 51 cents apiece and a $297 million market cap. The company’s stock also surged 84% to 40 cents a share last week after it announced plans to acquire assets from commercial EV maker Electric Last Mile Solutions Inc. (OTC: ELMSQ). Despite the recent rises, shares in Mullen have still been down about 96% since their 52-week high last November, weeks after the company made its initial public offering.
The I-GO, which starts at $11,999 and has a range of about 124 miles, “bridges the gap between the growing demand for quick deliveries and space constraints found throughout the dense cities of Europe,” the company said.
The new vehicle will go on sale in Germany in December and eventually enter the U.K., Spain, France and Ireland markets.
The deal “provides [Mullen] revenue-generating opportunities, promotes and extends [its] brand into other countries while at the same time allowing [Mullen] to remain fully focused on its mission of manufacturing its lineup of electric vehicles in the USA,” CEO David Michery said in a statement.