-1.9 C
Munich
Friday, January 27, 2023

Mullen Automotive Inc (NASDAQ: MULN) Major Reversal Northbound as EV Automaker January 17 Earnings Loom Large

Mullen Automotive Inc (NASDAQ: MULN) is making a powerful steady rise up the charts since reversing off $0.18 all-time lows. The stock spiked to highs of $16 per share back in November of 2021 and has a significant gap to fill from here. There are several catalysts at play here including a way oversold stock, upcoming earnings on January 17 and they are expected to be excellent  as well as a very significant short position built up that will be covering as the stock moves higher. MULN is quickly emerging as the top most discussed stocks on the subreddit “r/Shortsqueeze’ where there are at least 3 posts on MULN today including this one. On Thursday MULN was up 25% on 541.4 million shares traded or about $220 million in dollar volume on the day. 

Mullen is a successor company from Coda Automotive, one of the OG EV companies from the 2000s when it was basically just them and Tesla. While the Coda product line never really went anywhere the Company invested billions in battery management systems, drivetrains, and other technology that makes EVs move effective giving Mullen a significant advantage. Mullen already blew away the competition when it revealed the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range highlighting an 18-minute DC fast charge which can yield over 300 miles of range.

MULN Monday Update: MULN rocketed up to highs of $0.475 on Friday morning before a significant pullback aided by the shorts decimated the share price to a low of $0.3275 on Monday. Since then MULN has come back up and is setting up a strong base over $0.36 per share in preperation for another wave northbound. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!

Mullen Automotive Inc (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (EVs) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. The Mullen FIVE, the Company’s first electric crossover, is slated for delivery in 2025 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. 

The Mullen FIVE EV crossover is coming in 2024, with a starting MSRP you can reserve one here. The crossover will have a range of about 325 miles, comes with a 120-kWh battery, and incorporates a vehicle’s electrical motor from Germany-based Hofer Powertrain. The Mullen FIVE has a dual motor in back with 300 kW of power, and there will also be a four-wheel drive version with an additional 150 kW in front. Apart from having a battery that you could “literally take a torch and burn a hole right through” according to Mullen’s CEO David Michery, the Mullen offers a unique infotainment system called “Persona.” While we don’t know the full capabilities of Persona yet, Mullen did say the system is able to recognize the driver once they are within 12 feet of the vehicle and unlock the doors, and automatically set up things such as infotainment, climate control, seating, lighting and navigation. 

BREAKING: Mullen to begin EV battery pack production out of its high voltage battery R&D facility – EVMullen has made a number of breakthroughs in the EV space including significant advancements over current lithium-ion batteries. The Southern California emerging electric vehicle manufacturer reported that testing of its solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range and highlights an 18-minute DC fast charge which can yield over 300 miles of range. The Company plans to utilize its solid-state polymer battery packs in its second-generation Mullen FIVE model, with in-vehicle prototype testing set for 2025. Mullen’s first-generation FIVE, due in late 2024, is planned to launch with traditional lithium-ion cell chemistry. 

To Find out the inside Scoop on MULN Subscribe to newsytrends.com Right Now by entering your Email in the box below

MULN

Earlier this year Mullen announced plans to begin EV battery pack production out of its high voltage battery R&D facility located in Monrovia, California. Mullen is retrofitting its Monrovia facility to accommodate the production of EV battery packs destined for Mullen’s EV vehicle lineup, including the ONE EV Cargo Van, FIVE EV Crossover, and DragonFLY EV Sportscar programs. Mullen is undertaking this effort to reduce dependency on third-party suppliers and reduce the risk associated with material and supply shortages, which currently plague the automotive industry. By taking battery pack production in-house, Mullen will also lower costs and increase overall quality control in battery pack development. Mullen purchased the assets from CODA in 2014 and took over the Monrovia high voltage facility in 2017, renaming it Mullen Energy. 

Mullen recently entered into a definitive agreement with Loop Global Inc., a full-service EV charging solution provider, to build the next generation of public and private EV charging technology, infrastructure and network solutions. Mullen EV Charging Network Powered by Loop will support both level 2 and level 3 DC fast charging. The turnkey solution will include everything from site assessment and design to installation and ongoing operation. It will also feature cutting-edge technology such as fast-charging capabilities and smart charging technology. The partnership combines Mullen’s expertise in electric vehicle design and engineering with Loop’s expertise in electric vehicle charging infrastructure. In addition, the companies are teaming up to finance and/or own and operate EV charging infrastructure through Loop’s unique financing program, called the Loop Impact Fund. 

ImageOn December 15 MULN reported a purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Isuzu, LLC (“RMI”), a member of the Randy Marion Automotive Group (“RMA”). The firm order agreement is valued at approximately $200 million. RMA is one of the largest and most respected commercial vehicle dealer groups in the U.S. Randy Marion Isuzu, LLC, a division of RMA, has committed to purchase 6,000 Class 1 EV cargo vans from Mullen Automotive. Mullen recently announced RMA as its first commercial dealer partner to offer sales, service and parts for Mullen Automotive’s commercial vehicle lineup. Mullen’s commercial EV lineup includes Class 1-3 cargo van and cab chassis offerings and Bollinger Motors Class 4-6 chassis products. Mullen’s entire commercial vehicle lineup will be manufactured out of the Advanced Manufacturing and Engineering Center (AMEC) located outside Tunica, Mississippi. 

 We have something big coming Subscribe Right Now!

Currently trading at a $170 million market valuation with 509,294,481 shares outstanding MULN is among the most exciting stories happening in small caps right now. Running northbound with power since reversing off $0.18 lows the stock was heavily shorted on the way down and as the stock continues higher the shorts will be covering adding to the volatility. The coming Q4 earnings report coming on January 17 is expected to be excellent. Recently the Company reported a purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Automotive Group valued at approximately $200 million. We will be updating on MULN when more details emerge so make sure you are subscribed to Newsytrends.com by entering your email below. 

Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!

Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.

More articles

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Sign up now for our 100% FREE Penny Stock Newsletter

Privacy Policy. we will never share your email with anyone.