Shares in Brea-based Mullen Automotive Inc. (Nasdaq: MULN) climbed 21% to 31 cents apiece and a $532 million market cap today after it said it received a 6,000-van purchase order for EV cargo vans from its recently-announced dealer partner, Randy Marion Automotive Group (RMA).
The purchase order, valued at around $200 million, calls for light-duty EV cargo vans for RMA’s Isuzu Truck division in Mooresville, North Carolina.
“This is a real vote of confidence in our company,” John Schwegman, Mullen chief commercial officer, said in a statement. “We appreciate [RMA’s] vision and aggressiveness to partner with us.”
Mullen on Tuesday announced its partnership with RMA, its first U.S. dealer, in preparation for the company’s 2023 commercial EV launch.
Shares in Mullen are off 95% from their 52-week high last December, shortly after its IPO.