Mullen Automotive shares soar on Mr. Appliance deal – Mullen Automotive (NASDAQ:MULN)

Mullen Motor Company Muln Shares rose on Tuesday after the company disclosed it was selling its Mullen ONE all-electric van to the home services brand Mr. Electrical Appliance Owings Mills, Md., price undisclosed.

Home services are considered a key sector of the U.S. economy, where transportation costs often exceed 30% of operating costs. The Mullen ONE all-electric van is said to reduce fuel bills by up to 57% and eliminate fuel price fluctuations. It can also reduce maintenance costs by up to 50 percent because it doesn’t require oil changes or expensive brake replacements, and is eligible for a $7,500 federal tax credit.

Last week, Mullen Automotive disclosed a purchase order for Level 3 electric trucks from Westland Floral.

The order includes two Mullen THREE trucks, modified by Phoenix Truck Body of California, with assistance from Pritchard, and is approved for California’s HVIP incentives.

Price Action: Mullen Automotive shares were up 16.8% at $1.285 as of last check on Tuesday.

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