Mullen, Inc (NASDAQ: MULN) – Lawrence Hardge conducted several additional livestreams over the weekend including one yesterday with two Saudi investors during which a number of important points where discussed. Mr. Hardge also did several interviews over the weekend with Paul Finkelstein during which he went into more detail on the $10 billion Saudi deal. $10 billion is a big number for a Company trading at a $350 million market valuation with over 342 million shorts in the stock.      

Saudi Arabia is heavily investing in EVs and has been for some time. In May 2022, Saudi Arabia’s Ministry of Industry and Mineral Resources announced $6 billion will be allocated to steel mining and EV battery production projects, including building an EV metals plant to attract future investment. Saudi Arabia’s investments in EV production are expected to reach $50 billion over the next decade and 30% of vehicles on the road in Riyadh are expected to be electric by 2030 which represent a big part of the Countries 2030 vision.    We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

While Tesla is currently the market leader in the middle east EV market, other electric vehicles are beginning to gain traction including the MG ZS EV, Renault Zoe E-Tech and the Volvo XC40 Recharge Pure Electric. Lucid also recently revealed plans for the construction of a world-class production factory in Saudi Arabia with a capacity of 155,000 electric vehicles located in the King Abdullah Economic City.  

During the livestream with the Saudi investors, it was revealed that the newly formed entity between Mr. Hardge and Mullen is looking to go live on the Saudi Stock Exchange. This could bring a lot of interest and liquidity to Mullen. The 51% Mullen owned entity could be a significant revenue source for the Company which will consolidate the results of its operations in Mullen Automotive, Inc.     

Hesam is from Lebanon 🇱🇧 and Ali is from Saudi Arabia 🇸🇦. It seems 2 of them have strong connection in Middle East. Saudi sheik (leader) normally doesn’t travel to make a deal 🤝. $MULN they have people that do that for them. Now it make sense. pic.twitter.com/pV6usTLvvW

— Mullen (@007bull07) April 23, 2023

Lawrence Hardge stated during the livestreams that a lot of the big auto makers that initially turned him down have expressed interest in the technology since he signed with Mullen and the Company publicly released the numbers. These automakers will have to sign a licensing deal with Mullen and just ask Mr. Wonderful from Shark tank how lucrative licensing deals can be. Judging by the numbers Mullen released on Mr. Hardge’s technology the potential revenues from this new entity could be enormous.     

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During another interview with Paul Finkelstein Lawrence Hardge stated that he has been in discussions with the Saudis for the last 8 months. In fact, he said, “I was already in discussions with the Saudi’s before I joined Mullen, so this didn’t happen overnight.”  

Just mentioned that the @PIF_en is disappointed with $LCID and are going to invest in $MULN. Damn that’s sad for @LucidMotors https://t.co/ezTa5HOSsE

— Financial Journey (@FinJourney) April 23, 2023

Investors have big hopes for MULN on Monday after the stock was up 21% on Friday on 723 million shares traded and was up annother3 .5% in afterhours to $0.1064. While Mullen has had many doubters the Company continues to prove them all wrong recently delivering its new Class 1 EV Cargo Vans to Randy Marion Dealerships, a major us auto dealer who ordered 6,000 of the EV cargo vans in a deal worth $200 million.  

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Mullen is well positioned to be the undisputed leader in EV battery technology. The Company has previously invested billions in battery management systems, drivetrains, and other technology that makes EVs more effective. Mullen also blew away the competition when they 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. We will be updating on MULN when more details emerge so make sure you are subscribed to Newsytrends.com by entering your email below. 

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