Mullen Announces a $321K Purchase Order in New Update

Market News Daily - Mullen Announces a $321K Purchase Order in New Update.
Market News Daily – Mullen Announces a $321K Purchase Order in New Update.

Mullen Automotive (NASDAQ:MULN) announced on Monday that it has received a $321K purchase order for 30 Mullen-GO EVs.

Shares of the company rose more than +2% Monday morning.

These vehicles are scheduled to deliver to New Gate Motor Group in Ireland.

New Gate is one of Ireland’s most recognized dealership groups and is also the marketing, sales, distribution, and servicing agent for the Mullen-GO in Ireland and the United Kingdom.

The 30-unit order of the Mullen-GO represents the first sale of vehicles for delivery outside of the U.S. and into the European market.

The estimated value of the booked order is $321K and is expected to be reflected in Mullen’s current fiscal quarter reporting.

Mullen and Newgate have previously announced plans for up to 500 vehicles per year.

In late June, Mullen Automotive announced its first-ever recorded revenue of the year after it sold 22 Class 1 EV cargo vans to Randy Marion Automotive Group valued at $308,000.

“These shipments are significant as they represent the first revenue recorded on our financial statement, reflected on the June 30, 2023, 10-Q,” said David Michery, CEO and chairman of Mullen Automotive, Inc.

With the sale of its Mullen-GO EVs, the company is now recording two transactions as official revenue this year.

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Official Announcements

Market News Daily - Mullen Announces a $321K Purchase Order in New Update.
Market News Daily – Mullen Announces a $321K Purchase Order in New Update.

“The feedback from the Irish automotive market has been positive in relation to the Mullen-GO. We see potential for this model and the Mullen brand.

This decision reflects our commitment to the Newgate – Mullen partnership and zero-emission transport solutions,” said James Ring, general manager of Newgate Motor Group.

Newgate Motor Group has over 40 years of experience in the motor industry and has built an excellent reputation during that time.

Newgate is well respected in the auto industry and represents several brands including Renault/Dacia, Kia and Mercedes-Benz.

In addition to being a key retail group in Ireland, Newgate also has substantial relationships in the vehicle distribution business throughout the United Kingdom and various parts of Europe.

Newgate Motor Group also represents XBUS and Evetta electric vehicles from the German-based company Electric Brands.

“Newgate has generated great interest on the Mullen-GO to-date, and we are excited to kick off sales in Europe with them,” said David Michery, CEO and chairman of Mullen Automotive.

“As I have stated previously, the Mullen-GO is a great alternative vehicle for commercial delivery in dense metro European cities.

The small size is perfect on tight Euro streets and the zero emissions and lower cost of ownership is a great combination for potential commercial customers.”

Also Read: Mullen Terminates Partnership with Lawrence Hardge in New Filing

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Market News Today - Mullen Announces a $321K Purchase Order in New Update.
Market News Today – Mullen Announces a $321K Purchase Order in New Update.

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