Mullen Automotive (NASDAQ:MULN) stock opened higher by about 8% today after the electric vehicle (EV) company disclosed that UNC Charlotte has agreed to purchase eight more of its EV cargo vans, also known as Campus Delivery Vans. This brings the total number of vans purchased by the university to 15 vehicles. As of this writing, MULN stock is up by about 2%.
Randy Marion Automotive Group (RMA) will complete fulfillment of the eight van order, which will begin today, May 1. UNC Charlotte will use the vans toward “a variety of university use cases, including campus delivery and facility services.” The EVs will also have a range of 186 miles per charge.
CEO David Michery said the following about the order news:
“It’s exciting to see UNC grow their EV fleet business with us. Our EVs are a perfect fit for university use, and Charlotte is at the forefront of implementing EVs into their daily campus life.”
MULN Stock Accelerates on Additional UNC Charlotte Order
Mullen announced its first delivery of seven Class 1 EV cargo vans to UNC Charlotte on March 31. In the press release, the vans were classified as Class 1 EV cargo vans instead of Campus Delivery Vans. In today’s announcement of the eight van purchase, however, Mullen refers to the vehicles as Campus Delivery Vans.
Compared to the Class 1 EV cargo van, the Campus Delivery Van has an additional 76 miles of range and is nine inches shorter in length. Both vans carry a 60 kilowatt (kW) motor and have a maximum payload of 1,683 pounds. In addition, the Campus Delivery Van is available in “either two or five-passenger versions.”
The Campus Delivery Vans are Class 1 EV cargo vans outfitted to be suitable for campus life. Mullen says the CDV model “has all the same DNA” as the Class 1 but “was purpose-built to be an ideal delivery solution for micro-environments.”
Mullen’s agreement with UNC Charlotte seems to be a huge plus for the EV company. The university’s campus spans over 1,000-acres and is home to more than 29,500 students. With such a large population and campus, the potential for more orders may be high, as long as Mullen’s vans are satisfactory.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
