Mullen Automotive (NASDAQ:MULN) is gearing up for a big week ahead after the EV innovator made a powerful reversal on Friday moving up 13% during regular trading and up again in afterhours to close of the week at $0.0788. Investors are very optimistic for next week as Mullen which trades at a market valuation of under $300 million continues to average between 400 million and 700 million in volume per day.  

Shorts have also increased their positions over the past week to over 390 million shares and on Friday off exchange trading reached just under half a million shares; something is in the works here. Another positive indicator last week was institutional investors currently in Mullen increasing their positions. The Vanguard Russell 2000 Index Fund Institutional shares increased their position by 6.52% and they were not alone. Currently there are 212 institutional investors in Mullen that own over 100 million shares of MULN. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

Mullen is ramping up production of its commercial vehicles classes 1-6. At the Company’s 650,000 sq. ft. of manufacturing facility in Mishawaka, Indiana, Mullen will manufacture the Mullen Five as well as the Bollinger B1 and B2 at its 120,000 sq. ft. turn-key engineering and Advanced Manufacturing facility on 100 acres in Tunica, Mississippi – 

both Mullen and Bollinger will be showcasing EVs at ACT (Advanced Clean Transportation Expo) on May 1-4, 2023 at the Anaheim Convention Center. Visitors to the event will be able to see the latest advanced transportation innovations and next generation technologies on display in the Expo Hall. The comprehensive showcase includes battery electric, hydrogen fuel cell, autonomous and connected technologies, renewable fuels, natural gas, and propane autogas vehicles. Mullen will be showcasing its Mullen ONE Electric Cargo Van as well as the Mullen THREE Electric Low Cab Forward while Bollinger will be showcasing its Class 4 All-Electric Cargo Truck. https://www.actexpo.com/vehicles 

$MULN ready to roll 💚

It was such a privilege to meet with Jim Brumbaugh, Senior Manager, at Mullen Manufacturing in Mishawaka today and tour the facility with @ohioguy521. #MULN #EV @Mullen_USA @DavidMichery @hardge_law87778 pic.twitter.com/ExjBUMSD2z

— Sarah 🦋🌐 (@Relentless__8) April 29, 2023

Mullen is now accepting Mullen Five reservations. You can now reserve your Mullen Five with a $100 refundable deposit right here. The Mullen FIVE is available at a starting price of $55,000, final pricing will be confirmed based on vehicle customization and homologation. The Mullen Five has a range of 325 miles and goes from 0 to 60 mph in just 3.2 seconds putting it in the same league as the Tesla Model S Plaid. 

Mullen Automotive will be building the new vehicle at their Tunica, MS factory and will be delivering vehicles to the closest Mullen Lounge Point for customer pick up. The company will arrange to ship vehicles directly to customers if ordered online. Mullen will sell and service its EVs directly to customers at company owned and managed retail locations – Mullen Lounge Point. Each Lounge Point will offer a service center, either directly or short distance off site. Mullen will also offer vehicle pickup and delivery for service and remote service technicians (Rovers). Mullen customers can be assured that if you purchase a vehicle locally, you’ll be able to service the vehicle locally as well. 

Mullen made a number of big announcements last week including the $680,000 federal contract agreement with the District of Columbia. It is important to note that Lawrence pointed out that they are not testing the EMM technology in DC. According to Lawrence the technology has already been extensively tested. Previous testing as reported by Mullen last week indicates that Lawrence’s EMM technology substantially increases the driving range and efficiency of any EV. In March 2021, Element Materials Technology conducted specific vehicle testing on 2020 Chevy Bolts installed with EMM units, with test results indicating a calculated increase in range from 269 to 431 miles; a 60% increase in efficiency. Mullen and Lawrence’s engineers will be in DC this week for phase 2 which includes the installation of the EMM units on the 40 bolts and a second dyno test before the Bolts are placed back into rotation for the D.C. city government to use.

$MULN .0788 Basically they need you to buy & HODL so they can sell and dilute. #hardhatzone #devastation #sosaystheking 🧸👑 pic.twitter.com/8N1R7gIMZL

— FÜD Daddy 420 ™ (@fud_daddy_420) April 30, 2023

Mullen announced on Friday it is taking certain affirmative steps in light of the extraordinary trading volume which is not surprising after this week and evidence of unusually high levels of failure to deliver (FTDs) on short sales as reported to the SEC. Mullen has retained outside counsel which will be working with  Shareholder Intelligence Services LLC (ShareIntel) to conduct a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling. 

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According to a recent article from the Motely Fool titled “Fortunes Turn for Short-Sellers in 2023” Last year, short-sellers scored $300 billion in mark-to-market profits on average short interest of $973 billion, according to data analytics firm S3 Partners. That’s a fourfold increase compared to gains in 2018, the last year short-sellers scored a profit. The shorts have gotten overly aggressive with Mullen as we witnessed last week when they increased their position by 40 million shares while Lawrence Hardge was doing his livestreams and Mullen is right to go after them. According to Mullen: “ShareIntel offers unique access and insight into shareholder position movements and the ability to proactively track equity flows and identify suspicious, aberrant and/or unusual trading activity. As a fiduciary to its shareholders, the Company will do everything in its power to address any evidence of improper trading in Mullen securities.” 

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Mullen might trade under a dime, but the Company is alive and kicking and making big moves! Mullen recently delivered 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. Mullen is well positioned to be a leader in EV battery technology having already invested millions in battery management systems, drivetrains, and other technology that makes EVs more effective going back over a decade as the successor Company to Coda Automotive.  Recently, Mullen 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.