Shares of EV maker Mullen Automotive (NASDAQ:MULN) are on the rise today after it announced the sale of 22 EV cargo vans to Randy Marion Automotive Group.
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Importantly, this is the first recorded revenue ($308,000) for the company and will be recognized during the quarter ending June 30. Further, the first of these shipments are beginning today from its Mississippi plant.
While Mullen’s Campus EV Cargo van is now available for sale, the company is expecting to initiate the production of its Class 3 EV cab Chassis Truck next month. Initial deliveries of the truck are anticipated in August and September.
Mullen shares have come under pressure recently despite the company noting it has sufficient liquidity available for the next 12 months at least.
Despite today’s price gain, Mullen shares have tanked nearly 98.4% so far this year. Moreover, short interest in the stock still stands at nearly 16%.
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