Mullen Automotive Inc (NASDAQ: MULN) – On Wednesday just after 12 O’clock Eastern MULN started moving and rocketed up to $1.49 highs in the matter of 20 minutes before giving it all back again. The move had all the likeness of a short squeeze and is a clear sign that Mullen’s massive 25 million short position which has almost doubled since the reverse is in serious trouble here. Cost to borrow rates have risen to well over 150% and shares are no longer available to short. There is a reason why a number of analysts and market pundits over the past week have begun predicting a Mullen short squeeze is imminent.  

Today was an important day for Mullen as the Company cemented its place on the Nasdaq and the Rusell Index. Mullen had an extension until later this year, however they got the price over $1 with the reverse and kept it over $1 for 10 days as of today. The short position is now scrambling for shares and today’s move proved it. Historically Mullen was an easy stock to short as the Company heavily diluted to pay for its acquisitions of Electric last mile, CODA and Bollinger and the stock price fell well below $1 and looked like it could lose its Nasdaq listing. The outlook is entirely different now as Mullen prepares to go into mass production of the M3 van in July, is fully funded into production with $100 million in the treasury and is currently not diluting the stock. 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 announced on Wednesday it will begin production of the Mullen THREE – Class 3 EV Cab Chassis Truck in July 2023 at Mullen’s Manufacturing Center in Tunica, Mississippi. Mullen’s manufacturing group has partnered with NRTC Automation (NRTC) for Class 3 assembly line installation and integration, which includes all robotics and automation systems for vehicle production. Recent capital expenditures in Tunica include addition of Automated Guided Vehicles to transport vehicles through assembly stations in the plant, installation of robotics, water test booth and end-of-line diagnostics. NRTC will support Mullen’s Class 3 operation through launch and also provide ongoing support of the production as Mullen ramps up to meet the full market demand from its commercial customers. Mullen recently hired an additional 35 plant staff to support production start of the Class 3 vehicle program.  

Mullen team members training on the Mullen THREE #Class3 #EV cab chassis truck in Tunica, MS, in preparation for production start in July 2023 👨‍🏭$MULN #MullenUSA #MullenAutomotive #MullenCommercial #MullenTHREE #EVTruck #CommercialEV #EVFleet #GreenFleet #DriveElectric pic.twitter.com/uZDRi6LHTs

— Mullen Automotive (@Mullen_USA) May 17, 2023

David Michery is a talented deal maker who honed his skills as a Hollywood music executive who was instrumental in the creation of Baywatch which went on to become a number #1 rated tv show. Since acquiring Mullen he has transformed the Company into a diversified EV powerhouse with two massive manufacturing facilities in Tunica Mississippi and Mishawaka Indiana.

Mullen has also emerged as a leader in EV battery technology since it acquired CODA who invested millions in EV battery technology, CODA was one of the OG EV Company’s when it was just them and Tesla basically. Mullen now operates the Mullen automotive Tech center in Monrovia which is CODA’s old EV battery technology facility as well as a new EV Tech center in Pontiac, Michigan, also focusing on developing EV technologies for Mullen’s portfolio of commercial vans. Mullen has already created solid-state polymer batteries that are 100% resistant to fire and installed in the Company’s FIVE RS on an 800-volt architecture, the car has 1,100 horsepower and goes from 0 to 60 in a face melting 1.7 seconds.

Michery’s strategy of assembling vehicles for offshore manufacturers to produce revenue and fund Mullens advance into mass production has been paying off in spades as Mullen has already received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group; one of the largest commercial vehicle dealer groups in the U.S. Michery has also diversified the Company and Mullen currently has many irons in the fire including the I-Go commercial EV’s in Europe,  the Menzies pilot program for the M1 vans at LAX, the $15.75 million purchase order for 250 THREEs from MGT Lease, the $680,000 contact with the DC government and Lawrence Hardge’s  potential $10 billion Saudi deal just to name some of them. 

$MULN #MULN … We Did It!!!! “NASDAQ COMPLIANT”…. The “MONSTER” is About To RISE!!!💪💪💪♥️👵🔥🥂📰🚗🚐🚚⏰🏫 pic.twitter.com/9NMtfWAJys

— maliburum67 (@malibu_rum67) May 17, 2023

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One very exciting aspect of Mullen is the Company’s deal with Rapid Response Defense Systems (RRDS), a major government contractor who recently selected Mullens class 1 EV Cargo Vans to be its exclusive provider. The Mullen ONE is the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment and as we have noted before, is perfectly positioned for major government contracts. RRDS works with the U.S. Department of Defense, U.S. Department of State, NATO, and the United Nations Office for Project Services (UNOPS) and was recently awarded a $2.7 Billion Federal Fleet Vehicles contract. Mullen and RRDS are now working together to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders.  

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No shares available with a 167% cost to borrow…

SHORTS GET REKT!!!#MULN $MULN #MULNARMY #APESTRONGTOGETHER pic.twitter.com/ap2e52EhaH

— 🐕🅂🅃🄰🄽🍖 (@5TANIMAL) May 17, 2023

Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (EVs) that will be manufactured in two Company-owned United States-based assembly plants in Mississippi and Indiana. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings.  Institutions have recently been increasing their position’s in Mullen with Blackrock now easily the biggest institutional investors with over 70 million shares of Mullen. As we have been saying, Mullen is currently trades at a less than $200 million market valuation while most EV companies trade in the billions market valuation. The market will have to reevaluate Mullen as the Company enters mass production. Just to build Mullens massive Mishawaka auto manufacturing facility would cost over $1 billion. 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.