Mullen Automotive’s stock rallies after majority-owned Bollinger Motors receives $3 million grant from state of Michigan

Shares of Mullen Automotive Inc.
MULN,
+0.46%
rallied 1.2% in premarket trading Wednesday, after the electric vehicle maker said Bollinger Motors received approval for a $3 million grant from the state of Michigan aimed at promoting job growth. Bollinger, which is majority owned by Mullen as of September 2022, develops all-electric commercial trucks. Bollinger expects to deliver its first vehicle, the B4 chassis cab, in July 2024. Mullen’s stock has plummeted 93.3% over the past three months through Tuesday, while the Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
+0.45%
has rallied 22.8% and the S&P 500
SPX,
-0.18%
has gained 12.6%.