What's Going On With Mullen Automotive Stock Monday?

Mullen Automotive Inc MULN shares are moving higher Monday after the company announced a 30-unit purchase order for the Mullen-GO Commercial Urban Delivery EV. 

The company received the purchase order, with an estimated value of the booked order of $321K, from Newgate Motor Group. 

Newgate is one of the prominent dealership groups in Ireland and serves as a distribution and servicing agent for the Mullen-GO in Ireland and the U.K.

The transaction is expected to be reflected in Mullen's current fiscal quarter reporting.

Earlier, Newgate and Mullen disclosed plans for up to 500 vehicles per year.

"Newgate has generated great interest on the Mullen-GO to-date, and we are excited to kick off sales in Europe with them. As I have stated previously, the Mullen-GO is a great alternative vehicle for commercial delivery in dense metro European cities. The small size is perfect on tight Euro streets and the zero emissions and lower cost of ownership is a great combination for potential commercial customers," said David Michery, CEO and chairman.

Last week, the company announced the launch of a new EV pilot program, with testing beginning in NYPA 's electric Campus Delivery Utility Vehicles in upstate New York.  

Price Action: MULN shares are up 3.12% at $0.1614 on the last check Monday.