24/7 Market News Snapshot 26 August, 2024 – Mullen Automotive, Inc. Common Stock (NASDAQ:MULN)

August 26, 2024

DENVER, Colo., 26 August, 2024 (247marketnews.com) – (NASDAQ:MULN) are discussed in this article.
Mullen Automotive, Inc. (MULN) has demonstrated notable price activity, opening at $0.34 and trading at $0.389, representing a gain of approximately 15.95%. The previous close stood at $0.336, showcasing positive momentum in the market. With a significant trading volume hitting 13.13 million shares, the increased investor interest indicates potential bullish sentiment towards the stock. This upward trend may be fueled by recent developments or broader market influences, while key technical levels are important to monitor, particularly support around $0.34 and resistance near $0.40. Continuation of this trading volume may foretell further positive movements in the near future.

Simultaneously, Mullen Automotive has secured a strategic partnership with Volt Mobility, a prominent commercial leasing firm recognized for its dedication to innovative transport solutions. This agreement, valued at approximately $210 million, involves Volt acquiring 3,000 Class 1 and Class 3 electric vans and trucks from Mullen over the upcoming 16 months. The initial deposit of $3 million is expected within 60 days, with ongoing payments correlating with the delivery of vehicles.

This partnership not only enhances Mullen’s presence in the commercial electric vehicle sector, but it also anticipates significant revenue recognition through the contract’s term. Notable clients of Volt, such as UPS, DHL, and FedEx, highlight its commitment to advancing sustainable logistics through electric transportation options tailored to the Gulf States.

David Michery, CEO and chairman of Mullen Automotive, expressed optimism about the collaboration, emphasizing its contribution to the global shift towards electric mobility. This initiative aligns with regional goals focused on decarbonization and achieving net-zero emissions in the transportation sector, reflecting a significant step forward for Mullen in the rapidly evolving market for environmentally sustainable transportation solutions.

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