MULN Stock Alert: Mullen Announces Sale of Electric Vehicles to Spencer Manufacturing

Mullen (NASDAQ:MUL) stock is in the news on Tuesday after it was announced that subsidiary Bollinger Motors sold five of its Class 4 Bollinger B4 electric commercial vehicles to Spencer Manufacturing.

Spencer Manufacturing will acquire Bollinger Motors’ five electric vehicles (EVs) and convert them into emergency vehicles. Bollinger Motors will deliver the EVs once production begins in the second half of 2024.

Spencer Manufacturing works with municipal fire departments across the United States, making Mullen electric vehicles available to a wide range of consumers. The company is likely hoping for more orders after the first five units.

Grant Spencer, President of Spencer Manufacturing, said the following about the order.

“We are impressed with the overall design of the Bollinger B4 and are confident it will be an excellent emergency vehicle. Our agreement with Bollinger Motors is another example of how we can provide our customers with unique and innovative emergency vehicle solutions.”

MULN stock movement on Tuesday

Despite the EV order, MULN shares are down 4.3% since Tuesday morning, with about 949,000 shares of the company currently trading. That’s light trading volume compared to Mullen’s daily average of about 5 million shares.

Investors who want to learn more about the latest stock market news should stay tuned!

We offer insights into all the important stock market news that is worth reading on Tuesday! This includes all the latest news about shares of Faraday (NASDAQ:FFI) share, Lucid Motors (NASDAQ:LCID) inventory and UniQure (NASDAQ:QURE) stock today. You can learn about all of these things by visiting the links below!

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At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.