EV maker Mullen Automotive (NASDAQ:MULN) had some good news for investors this week. Today, the company announced a purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Isuzu, a member of the Randy Marion Automotive Group. The order agreement has a total value of approximately $200 million.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Earlier on Wednesday, the company announced that it is teaming up with EV charging solution provider Loop Global to put together EV charging technology, infrastructure and network solutions for its EVs.
In order to provide a complete solution for businesses, municipalities, and residential EV drivers seeking to utilize streamlined and dependable EV charging stations, the partnership will combine Mullen Automotive’s knowledge of electric vehicle design and engineering with Loop’s know-how in EV charging infrastructure.
Both level 2 and level 3 DC fast charging will be supported by the Powered by Loop Mullen EV Charging Network. Everything from site evaluation and design through installation and continuous operation will be part of the turnkey solution. Additionally, it will have cutting-edge features including quick charging and smart charging tech.
The companies will also be using the Loop Impact Fund for financing. To deploy Level 2 and Level 3 DC public charging stations, via its Loop-as-a-Service program, Loop will bring to the table $300 million.
The collaboration, according to Mullen CEO David Michery, should go toward making Mullen’s EVs “much more user-friendly.”
The news followed another announcement made earlier in the week. Randy Marion Automotive is to be the first dealer group partner for Mullen’s commercial EV portfolio, slated to launch in the U.S. next year.
Shares of the Southern California-based company got a welcome boost in the wake of the news, gaining 66% so far this week. However, it will take more than that to claim back the year’s losses. The stock has been a big victim of 2022’s bear, with the shares still down by 94% on a year-to-date basis. (See Mullen stock analysis on TipRanks)
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
