Shares of EV maker Mullen Automotive (NASDAQ:MULN) are inching upward today after it signed a vehicle purchase agreement with MGT Lease Company for 250 EV trucks. MGT provides fleet leasing services.
The total deal value is pegged at $15.75 million and deliveries are expected to commence in August 2023. MGT, a repeat customer for Mullen, is buying the trucks for its leasing portfolio targeted at enterprise businesses.
John Schwegman, the Chief Commercial Officer for Mullen noted, “Momentum continues following last week’s pricing announcement for our Class 3 all-electric cab chassis truck. We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business.”
Despite today’s price gains, Mullen shares are still down nearly 93% over the past year. Further, short interest in the stock still remains elevated at nearly 12.2% at present.
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