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What's Going On With Mullen Automotive Stock Today?

Author: Nabaparna Bhattacharya | May 15, 2024 12:09pm

Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Wednesday.

The company announced the addition of zero-emissions commercial vehicle dealers, Minnesota-based Ziegler Truck Group and Washington-based Range Truck Group, a part of the Ziegler Companies distribution network.

“This partnership signifies an additional step forward for Mullen as it broadens our reach and strengthens our foothold in the growing commercial EV market,” said David Michery, CEO and chairman of Mullen Automotive.

RTG and ZTG, Mullen’s new franchise partners, will handle national and regional fleet opportunities for Mullen’s commercial EVs, with a primary focus on the Pacific Northwest and upper Midwest regions of the U.S.

“Range and Ziegler’s extensive network of dealerships and proven track record in the commercial vehicle industry will be invaluable as we work together to deliver our electric cargo vans and trucks to businesses across the nation,” Michery added.

With a combined 110-year legacy in construction and agriculture equipment, Ziegler and Range Truck Group, both part of the Ziegler Companies portfolio, are committed to delivering cutting-edge zero-emissions solutions to the commercial transportation sector. As family-owned entities since 1914, they offer expertise in fleet integration, including transition planning, sales, service, and support, leveraging their extensive network and industry knowledge.

“Our customers are ready to explore, test and pilot vehicles, and with Mullen, we’re able to get them on the road to zero-emissions faster with low-barrier price points and with the support and reliability we’ve been collectively providing for over 110 years as a legacy dealer organization,” said Johannes Ariens, representing both RTG and ZTG. 

Price Action: MULN shares are trading lower by 7.84% to $5.649 at last check Wednesday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Courtesy of Mullen Automotive, Inc. 

Posted In: MULN



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