On March 14, Mullen Automotive Inc. (MULN) provided certain updates including FIVE EV Crossover’s feature on CarBuzz and its production and marketing strategy. Consequently, the stock was trending with a buzz in the premarket today as its shares surged up by 33.33%. At the time of writing, the stock was trading at a value of $1.80 in the premarket as 19.9 million shares exchanged hands.
In the previous trading session, MULN remained bullish with an upward stride of 26.17%. The stock fluctuated between a high of $1.50 and a low of $0.94 during the session at a volume of 251.51 million shares. At the close of the session, the stock had a price of $1.35 per share on Friday.
The electric car company, Mullen Automotive Inc. was founded in 2014. With the increasing focus on EVs and alternative batteries infrastructure along with a bullish trend for the EV market, MULN has been enjoying some good gains recently. In the past five days alone the stock has increased by 26.17%.
MULN’s Company Updates
As per today’s report, the company’s EV Crossover, the Mullen FIVE was recently featured by CarBuzz. CarBuzz is a global premier car-related news site and app that publishes the industry’s latest happenings.
The articles not only featured FIVE but also interviews of MULN’s CEO and chairman, David Michery as well as VP Mechanical Systems, Marian Petrelecan. Along with this the company’s financial model, partnerships, and market strategy were also discussed.
Additionally, the Mullen FIVE was also named “Top Zero Emission SUV” during the ZEVA® Awards at the Los Angeles International Auto Show in November 2021. It was during the show that the company’s Mullen FIVE EV Crossover made its debut.
Other Developments
On March 9, the company announced being named as a top penny stock with enormous growth potential by Insider Monkey. Insider Monkey is a finance website founded in 2010. Furthermore, the website through its proprietary strategy identifies the best stock picks from hedge funds and insiders.
On February 28, MULN provided updates in its next-gen solid-state polymer battery technology. The company is currently working on utilizing the solid-state polymer battery packs in the second-gen Mullen FIVE EV Crossovers. The in-vehicle testing for which is scheduled for 2025. Additionally, the first-gen FIVE will be launched with the traditional cell chemistry in late 2024.
Conclusion
MULN stock while has been in an uptrend since last week due to favorable future growth of the industry, continued its uptrend in the premarket today as well. The reason for the continued bullishness is the latest announcement regarding its Mullen FIVE’s feature.
