What's Going On With Mullen Automotive Stock Monday?
Portfolio Pulse from Lekha Gupta
Mullen Automotive Inc's shares are rising after the company received a 30-unit purchase order for the Mullen-GO Commercial Urban Delivery EV from Newgate Motor Group, valued at $321K. The transaction will be reflected in Mullen's current fiscal quarter reporting. Newgate and Mullen have plans for up to 500 vehicles per year. Last week, Mullen launched a new EV pilot program in upstate New York.
July 17, 2023 | 5:13 pm
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Mullen Automotive's stock is likely to rise in the short term due to the new purchase order from Newgate Motor Group.
The new purchase order from Newgate Motor Group, a prominent dealership group in Ireland, is a positive development for Mullen Automotive. This order, along with the plans for up to 500 vehicles per year, indicates a strong demand for Mullen's EVs, which could drive the company's revenues and positively impact its stock price.
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IMPORTANCE 75
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