Mullen Automotive (NASDAQ:MULN) stock is on the move Tuesday after the company confirmed that subsidiary Bollinger Motors has reached a service agreement with Amerit Fleet Solutions.
According to a press release from the company, Amerit Fleet Solutions is going to provide mobile service and maintenance for Bollinger Motors’ commercial electric vehicles (EVs). That includes for customers that buy fleets of EVs from the Mullen subisidary.
Amerit Fleet Solutions work will have it covering warranties on Bollinger Motors vehicles in certain states. That will see the company’s maintenance crews undergo training for working on the B4 Chassis Cab EV.
Bollinger Motors founder and CEO Robert Bollinger said the following about the news:
“With Amerit, Bollinger can now offer the best nationwide coverage for electrified fleets […] Our customers can have total confidence in our trucks, knowing we have a complete sales, service, and warranty network across America.”
How This Affects MULN Stock
Investors are taking note of the new agreement for the Mullen subsidiary. That brings with it increased interest in the EV company’s shares. This has nearly 3 million units changing hands as of this writing. That’s closing in on its daily average trading volume of about 3.5 million shares.
MULN stock is down 1.8% as of Tuesday afternoon despite the news. The stock is also down 54% year-to-date (YTD).
Investors will want to keep reading for even more of the most recent stock market stories on Tuesday!
We have all of the hottest stock market news that traders need to know about today! A few examples include what’s happening with a Planters nuts recall, Lucid (NASDAQ:LCID) stock news and more. You can catch up on these stories below!
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On the date of publication, William White 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.
