Mullen Automotive Hires New Distributor In Europe - What's Going On?

Mullen Automotive, Inc. MULN shares are trading higher on Friday.

The EV manufacturer disclosed GAMA as an additional European distribution partner for southeastern Europe covering the Balkans Region, which includes Bosnia Herzegovina, Serbia, Montenegro, Croatia, Slovenia, Macedonia, Albania, Greece and Bulgaria.

“This is part of Mullen’s global expansion into additional European markets and we are excited to secure and announce GAMA as a first distributor for the Balkans Region of southeastern Europe,” said David Michery, CEO and chairman of Mullen Automotive.

GAMA’s initial vehicle order includes 53 commercial EVs, consisting of urban delivery vehicles and commercial vans and trucks. 

Mullen Automotive said GAMA has expertise in Balkan EV market, distributing over 300 vehicles in past year, spanning private and municipal sales.

Earlier this month, the company announced its approval for Foreign Trade Zone (FTZ) status with the U.S. Department of Commerce for its commercial vehicle manufacturing and assembly center in Mississippi.

The FTZ approval qualifies the company for a variety of benefits, including deferment of payments on duties related to import fees. For domestic U.S. sales, Mullen will now be able to match import duty payment to when vehicles are shipped from the zone. The company highlighted this as a key benefit, noting that it will reduce the pressure on cash flow.

Price Action: MULN shares are trading higher by 5.74% to $4.24 at last check Friday.

Read Next: Comcast Plans $138M Fiber Network Expansion In Utah

Photo: Courtesy of Mullen Automotive, Inc.