What's Going On With Mullen Automotive Stock Thursday?

Mullen Automotive Inc MULN shares are trading higher. The company on Thursday announced a vehicle purchase agreement with MGT Lease valued at more than $15 million.

What Happened: Mullen inked an agreement with national fleet leasing provider MGT to purchase 250 all-electric commercial class 3 cab chassis EV trucks.

The contract is valued at $15.755 million and vehicle deliveries are expected to begin in August. The order is expected to be completely fulfilled by December.

"Momentum continues following last week's pricing announcement for our Class 3 all-electric cab chassis truck. We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business," said John Schwegman, chief commercial officer of Mullen Automotive.

David Michery, CEO and chairman of Mullen Automotive added, "Our agreement with MGT enables them to offer their fleet customers a competitive commercial EV vehicle offering, including both our EV cargo van and now the larger Class 3 EV truck."

See Also: Buying An EV Is Getting Tougher For Millennials, Gen-Z With Low Credit Scores

MULN Price Action: Mullen shares were up 2.88% at $1.43 at the time of publication, according to Benzinga Pro.

Photo: Markus Distelrath from Pixabay.