Why Mullen Automotive Shares Are Gaining Today
Portfolio Pulse from Nabaparna Bhattacharya
Mullen Automotive shares rose after announcing a $210 million contract with Volt Mobility for 3,000 electric vehicles. Revenue recognition starts in October 2024, with initial shipments already dispatched.
September 04, 2024 | 4:40 pm
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Mullen Automotive shares increased by 12.7% following the announcement of a $210 million contract with Volt Mobility for 3,000 electric vehicles. The company will start recognizing revenue from this deal in the first fiscal quarter of 2024.
The announcement of a significant $210 million contract with Volt Mobility is a positive development for Mullen Automotive, leading to a 12.7% increase in share price. The contract will contribute to future revenue, starting in the first fiscal quarter of 2024, which is likely to boost investor confidence and positively impact the stock in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100