Mullen Automotive Secures Major European Order for Delivery EVs

Electric vehicle manufacturer Mullen Automotive, Inc MULN announced it had bagged a new European purchase order for 40 Mullen-GO urban delivery vehicles with Switzerland-based Antidoto SA, a commercial upfitter whose key focus is on-demand food delivery companies.

The initial PO is worth $0.44 million. Antidoto SA specializes in designing and selling pizza ovens for delivery vehicles and installs warming ovens in various types of vehicles.

The company produces around 500 ovens annually, integrated and sold with a specific vehicle. 

Antidoto SA will initially order 40 Mullen-GO vehicles for 2024 and projects a minimum order of 180 units for 2025.

Mullen will initially deploy the vehicles in Switzerland, with plans to expand into other parts of Europe.

“We strongly believe that a collaboration with Mullen could not only meet our current needs, but also boost our production capacity by offering an electric vehicle to our customers,” said Milijana Miletic, Director of Antidoto SA.

“As part of our global expansion, we are looking at all segments of urban delivery opportunities, including hot and cold on-demand delivery, which is perfectly suited for the Mullen-GO,” said David Michery, CEO and chairman of Mullen Automotive.

Last week, Mullen Automotive tapped GAMA as an additional European distribution partner for southeastern Europe, covering the Balkans Region. GAMA’s initial vehicle order includes 53 commercial EVs.

Mullen Automotive stock lost over 99% in the last 12 months. Investors can gain exposure to the stock via Carbon Collective Climate Solutions U.S. Equity ETF CCSO and Vanguard Extended Market ETF VXF.

Price Action: MULN shares are trading lower by 1.67% to $4.10 at the last check on Wednesday.

Image Courtesy of Mullen Automotive