MGT Lease Company is based in High Point, North Carolina.
The vehicle order was fulfilled through Randy Marion Automotive, a distributor of Mullen’s commercial EVs.
The initial order is for four vehicles, with subsequent future deliveries expected.
Mullen says announcements of additional customer class 1 van deliveries will follow.
In a statement, Mullen says it is proud to announce MGT as one of its first commercial EV fleet customers.
MGT is a growing commercial vehicle sales and leasing company with annual revenue of over $70 million in 2022 and $100 million projected for 2023.
MGT’s primary customer base focuses on last mile segments, such as package delivery and retail, and vocations such as plumbing and electrician.
The company currently provides commercial vehicle sales and leasing across all major OEM brands, with focus on class 1-4 commercial vehicles.
“Mullen’s class 1 is a perfect entry point for us and working with the Company. The class 1 segment no longer has internal combustion engine options from the major OEM brands and certainly does not have any class 1 EV options. One of the biggest opportunities we see is the class 3 cab-chassis segment, with the potential to upfit and offer unlimited options for commercial customers,” said Thomas Gavlik, managing partner at MGT.
Statements from Mullen Automotive
“MGT is a rapidly growing fleet leasing company that fully understands the commercial market and will help accelerate Mullen’s Fleet-First commercial vehicle approach,” said John Schwegman, Mullen’s chief commercial officer.
“We continue to see growing interest in our commercial EV offerings, and it’s great to have MGT as one of our first commercial customers,” said David Michery, CEO and chairman of Mullen Automotive.
“We look forward to growing our relationship with MGT across our entire platform of commercial EV vehicles.”
Earlier this week, more than two dozen Mullen Class 1 EVs were spotted at RMA Group parking lots.
As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.
“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.
“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”
What is Happening with MULN Stock?
MULN stock is up more than +17% on the week and has established an uptrend.
Mullen Automotive shares have been suppressed by heavy shorting despite big demand for the stock.
On Friday morning, volume has surged to nearly half a million in trading volume with the options volume distribution leaning heavily on call option contracts.
Bullish sentiment in Mullen Automotive stock has not waivered despite falling share prices this year.
Will MULN stock finally begin to move up again?
At the time of this publication, MULN stock is trading at $0.1330.
We’ve seen a double bottom around $0.13 flat — which shows strength at this level.
If buyers are not able to create momentum here and sellers begin to pick up, a break below this level will lead MULN to retest $0.1190-$0.12.
However, indicators show selling momentum has begun to shrink while buyers are slowly coming in.
But unless big buyers step in, shareholders can expect some sort of consolidation between $0.13 and $0.14.
Still, Mullen Automotive stock looks bullish at the moment having broken structure from $0.11 on Thursday to $0.13 on Friday — signaling an upwards trend in the short term, or minor bounce when looking at the macro picture.
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