Mullen Automotive Inc (NASDAQ: MULN) gained serious traction on Tuesday after the company announced that one of its cargo vans was now available to rent on the multinational vehicle-sharing marketplace Turo. The stock is up by over 74 per cent on the Nasdaq.
Jacksonville, Florida is the first place the vehicle will be available for rental.
Parasol Strategic Solutions, a Florida business that rents out vehicles through the Turo platform, says there is significant demand for a cargo van like the “Mullen ONE” model.
Mullen says it has 20 per cent more cargo space than other Class 1 vans. Its low height makes it suitable for parking in residential garages too.
“The Mullen ONE aligns perfectly for a cargo van rental option on Turo,” Parasol representative, Bradley Shaw, said in a press release, “offering a nimble, eco-friendly solution that meets the expectations of businesses.”
Small Caps Movers$MULN – Mullen Automotive Inc. 🇺🇸
Sector: Consumer Cyclical – Auto Manufacturers
Market Cap: 10.43 M
Float: 5.25 M
News: Mullen Automotive's Class 1 EV cargo van, Mullen ONE, is now available for rental on Turo, a vehicle sharing marketplace, in… pic.twitter.com/NYf5Okc9MM
— Fabi Trades (@fabitrades) November 12, 2024
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Turo rents out supercars
The company charges US$2,700 per day to rent out a Lamborghini Aventador. Less fancy models, like the Corvette Z51, are not as expensive.
Last year, a teenager by the name of Dylan Huntley made a series of social media posts claiming he had become wealthy through investing endeavours. A Ferrari in one of his photos that he said belonged to him turned out to be a Turo rental. Somebody over the age of 21 signed it out for him.
“It’s a way to drive your dream car, or test drive a car before you drop US$50K on it,” Turo chief executive Andre Haddad said in July.
Turo filed to complete an initial public offering in 2022 but it is yet to come to fruition. The company has over 360,000 vehicles listed on its carsharing platform.
Turo has raised over half a billion from dozens of investors. The company’s annual net revenue rose by almost 88 per cent between 2021 and 2023 to US$879.6 million.
A survey completed by Turo this year determined that 57 per cent of Canadians would rather spend five hours or more driving to their vacation destination than flying. Sixty-five per cent prefer road trips over flights, the survey concluded.
rowan@mugglehead.com
