Why Is Mullen Automotive Stock Rocketing Today?
Portfolio Pulse from Lekha Gupta
Mullen Automotive's stock surged after securing a $200 million purchase agreement with UAE's Volt Mobility for 3,000 EV cargo vans and trucks. The deal is expected to generate $210 million in revenue over 16 months, with initial payments starting soon. Mullen's production facility in Mississippi will handle the order.
August 26, 2024 | 3:45 pm
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Mullen Automotive's stock rose 53% following a $200 million deal with Volt Mobility for 3,000 EVs, expected to generate $210 million in revenue over 16 months. This agreement enhances Mullen's exposure in the Middle East market.
The significant purchase agreement with Volt Mobility is a major revenue boost for Mullen Automotive, leading to a 53% increase in stock price. The deal not only provides substantial revenue but also expands Mullen's market presence in the Middle East, which is likely to positively impact investor sentiment and stock performance in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100