Mullen Automotive Hires New Distributor In Europe - What's Going On?
Portfolio Pulse from Nabaparna Bhattacharya
Mullen Automotive (NASDAQ:MULN) has announced GAMA as a new distribution partner for southeastern Europe, covering the Balkans Region. GAMA's initial order includes 53 commercial EVs. Additionally, Mullen received approval for Foreign Trade Zone status in Mississippi, which offers financial benefits. MULN shares rose by 5.74% following the news.
May 24, 2024 | 3:22 pm
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Mullen Automotive has partnered with GAMA for distribution in the Balkans, securing an initial order of 53 EVs. The company also received FTZ status in Mississippi, providing financial benefits. Shares rose by 5.74%.
The partnership with GAMA expands Mullen's market reach in Europe, and the initial order of 53 EVs indicates immediate revenue. The FTZ status approval provides financial benefits, improving cash flow. These positive developments have led to a 5.74% increase in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100