Mullen Automotive (NASDAQ:MULN) stock rose over 20% in premarket hours on Friday after announcing the first EV cargo vans have been delivered.
The automaker said in a press release that Class 1 EV cargo vans have been delivered to MGT Lease Company via Randy Marion Automotive, a distributor of Mullen vehicles. Four vehicles were delivered in the first batch with more deliveries anticipated over time.
“We continue to see growing interest in our commercial EV offerings, and it’s great to have MGT as one of our first commercial customers,” Mullen CEO David Michery commented. “We look forward to growing our relationship with MGT across our entire platform of commercial EV vehicles.”
The release added that “forthcoming announcement of additional customer Class 1 van deliveries” will follow Friday’s delivery disclosure. The initial purchase order from Randy Marion announced in December called for 6,000 cargo vans. Mullen said that initial deliveries would begin in Q1 2023, meeting that deadline with today's delivery of 4 vehicles on the last day of the quarter.
Mullen stock rose over 25% at its premarket peak and sustained about 22% gains in the hour before Friday’s open. Nearly 50M shares changed hands in premarket action by 8:40 AM ET.
Read more on broader trends for EV stocks as of late.