Mullen Automotive stock soars after Amazon delivery partner orders up to 600 EVs

Shares of Mullen Automotive Inc. /zigman2/quotes/204868203/composite MULN -5.16% shot up 16.2% in premarket trading Monday, after the electric vehicle maker said and Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN -0.94% delivery service partner placed an order for up to 600 cargo vans over the next 18 months. As part of the binding agreement signed by DelPack Logistics LLC, the first 300 of the EV cargo vans can be delivered by Nov. 30. "This agreement is a milestone for Mullen Automotive," said Mullen Chief Executive David Michery. "DelPack is a leader in last mile package delivery and this agreement puts our Class 1 cargo van program front and center for last mile delivery opportunities." Mullen shares have plummeted 77.6% year to date through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.16% has lost 18.2%.

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Mullen Automotive Inc.

US : U.S.: Nasdaq

$ 0.11

-0.0058 -5.16%

Volume: 117.70M

March 24, 2023 2:26p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$186.48 million

Rev. per Employee

N/A

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Amazon.com Inc.

US : U.S.: Nasdaq

$ 97.79

-0.92 -0.94%

Volume: 37.89M

March 24, 2023 2:26p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1011.51 billion

Rev. per Employee

$333,539

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S&P 500 Index

US : S&P US

3,954.95

+6.23 +0.16%

Volume: 0.00

March 24, 2023 2:26p