MULN Stock Alert: Mullen Announces EV Sale to Spencer Manufacturing

  • Mullen (MULN) stock is a hot topic on Tuesday, alongside an EV order.
  • Subsidiary Bollinger Motors is selling five EVs to Spencer Manufacturing.
  • Despite this news, shares of MULN stock are slipping this morning.
MULN Stock - MULN Stock Alert: Mullen Announces EV Sale to Spencer Manufacturing

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Mullen (NASDAQ:MULN) stock is in the news Tuesday after it announced that subsidiary Bollinger Motors is selling five of its electric Class 4 Bollinger B4 commercial trucks to Spencer Manufacturing.

Spencer Manufacturing will take the five electric vehicles (EVs) from Bollinger Motors and upfit them into emergency response 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 U.S. This opens up the Mullen EVs to a large number of consumers. The company is likely hoping for additional orders after the initial five.

Spencer Manufacturing president Grant Spencer said the following about the order:

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

MULN Stock Movement on Tuesday

Despite the EV order, shares of MULN stock were 4.3% lower as of Tuesday morning. A mere 949,000 shares of the company’s stock were traded, a weak amount of trading compared to Mullen’s daily average of roughly 5 million shares.

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On the date of publication, William White did not have (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.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.


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