What's Going On With Mullen Automotive Stock?
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) shares rose after the company announced its subsidiary submitted a concept paper for a $50 million DOE grant to support battery manufacturing in the U.S. The funds would be used for plant equipment and tooling at Mullen's new facility in Fullerton, California. The company also reported delivering 241 electric vehicles in December, invoicing $12.55 million, and plans to scale production in 2024.
January 09, 2024 | 10:23 pm
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POSITIVE IMPACT
Mullen Automotive's stock is likely to experience positive momentum in the short term due to the announcement of a DOE grant application for battery manufacturing and recent strong delivery numbers.
The submission of a concept paper for a significant DOE grant and the recent delivery of a substantial number of electric vehicles are both strong indicators of Mullen Automotive's growth and commitment to expanding its manufacturing capabilities. This news is likely to be viewed positively by investors, potentially leading to a short-term increase in stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100