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Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Wednesday.
According to Benzinga Pro, MULN stock has lost over 98% in the past year.
Today, Mullen has announced that GAMA, one of its international distributors, has placed an order for 29 units of the Mullen GO, the company’s commercial micro urban delivery vehicle.
The order, valued at $304,000 is scheduled for shipment to GAMA in early August 2024.
Recently, Mullen appointed GAMA as its European distribution partner for southeastern Europe, encompassing the Balkans Region.
Related: Mullen Automotive Hires New Distributor In Europe – What’s Going On?
This includes Bosnia and Herzegovina, Serbia, Montenegro, Croatia, Slovenia, Macedonia, Albania, Greece, and Bulgaria. GAMA will distribute Mullen’s entire lineup of commercial electric vehicles.
GAMA brings substantial expertise in the Balkan market for electric vehicles, having distributed over 300 vehicles last year, including sales to both private customers and municipalities.
GAMA is known for its success in securing and fulfilling public tenders from local governments. GAMA operates a distribution network with eight sub-dealers across the Balkan Region, providing comprehensive support for sales, service, and parts.
Additionally, GAMA is in the process of constructing a new facility in Belgrade.
“GAMA is seeing strong interest in our commercial EVs and we are delighted to begin vehicle deliveries in the Balkans region,” said David Michery, CEO and chairman of Mullen Automotive.
“As highlighted previously, the Mullen GO is the perfect micro urban delivery vehicle for small and congested old world European streets,” Michery added.
Price Action: MULN shares are trading lower by 7.30% to $1.27 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.
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