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Mullen Automotive records revenue for the 1st time with sale of 22 EV cargo vans

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Shares of Mullen Automotive Inc. bounced back a bit Thursday, after the electric-vehicle maker said it recorded revenue for the first time with the sale of 22 EV cargo vans.

The California-based company
MULN,
+3.00%
,
which was incorporated in 2014, said the sale to Randy Automotive Group generated $308,000 in revenue, which will be recorded in company’s fiscal third quarter, which ends June 30.

Shipping of the vehicles started Thursday from Mullen’s Tunica, Miss., assembly plant.

“We continue to receive great interest from around the country for Mullen’s different commercial EVs and the campus van is proving to be a great fit with various different closed campus commercial applications,” said Brad Sigmon, vice president of fleet operations at Randy Marion Automotive.

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The stock rose 1.0% in morning trading, following a 36.5% drubbing over the previous two days. The stock had closed at a record low of 11.01 cents on Wednesday, even after the company said it received additional financing that put it in the “best financial position” in its history.

The former “meme” stock has plummeted 84.7% so far in June, which puts it on track for the biggest one-month decline since it went public two years ago.

In comparison, the Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
+0.71%

has advanced 9.1% month to date and the S&P 500
SPX,
+0.38%

has gained 5.1%.



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