By MULN Stock News: Impressive Comeback and Future Prospects
The MULN stock has dropped by more than 98% in the last year. Despite going through a hard year of rapid losses, Mullen Automotive (NASDAQ: MULN) has recently surprised the market with an impressive comeback. A fortunate mixture of factors and smart business decisions have affected the stock in the best way possible. If this dynamic continues, analysts are predicting the stock to continue the upward trajectory.
This year, Mullen Automotive presents the Power Boost program, which allows a cutting-edge battery swap. It enables Class 1 EV cargo owners to switch from lithium-ion to solid-state polymer packs. With this improvement, the vehicle range should increase to more than 200 miles. The firm plans to produce the Mullen ONE with the upgraded battery in the latter part of 2025.
Mullen Automotive, a Southern California-based automaker with facilities in Tunica, Mississippi, and Mishawaka, Indiana, produces commercial electric vehicles (EVs). The firm began production in Tunica in August 2023 and has made significant progress, securing lead suppliers and receiving purchase orders.
Mullen’s dedication to technological development and providing value to early adopters is evident in its programs, including its notable partnership with Bollinger Motors. The firm strengthened this strategic alliance in September 2022 by acquiring a controlling 60% interest in Bollinger Motors.
Bollinger B4 Chassis Cab: Emission-Free Innovation and Federal Incentives
The Bollinger B4 Chassis Cab is a new Class 4 commercial truck powered entirely by batteries, producing zero emissions. It was created from the ground up with input from the upfitters and the fleet. Bollinger offers unmatched capability, flexibility, performance, and serviceability in the commercial market.
Besides, its distinctive chassis design also protects the 800V battery and other components. Bollinger Motors is now eligible for federal incentives for buying clean cars under the Inflation Reduction Act. These incentives include $40,000 in refundable tax credits for each truck.
Another significant step toward Bollinger Motors’ goal is delivering its first cars to customers. The company needs to obtain a Certificate of Conformity to reach that goal. The company has recently expanded its commercial dealer network by partnering with Eco Auto. A press release on July 2 announced that Eco Auto had completed the first sale of Mullen Commercial electric cars in Massachusetts.
Mullen’s Bollinger B4 Trucks Secures $825K Order for Fire Rescue
The first supply exchange will consist of five electric vehicles from Bollinger Motors, which Spencer Manufacturing will convert into emergency response cars. Bollinger Motors plans to deliver the EVs to the factory after production begins in the second half of 2024.
The main advantage of this deal is that Spencer already collaborates with fire departments across the United States, providing many people with access to the newly modified electric vehicles.
Mullen Automotive declared the beginning of a long-term partnership with Bollinger Motors, an American automobile manufacturer, boosting the overall MULN stock forecast. After Bollinger Motors received EPA certification allowing the release of Class 4 B4 chassis cabs, the businesses officially asserted the deal.
The approximate cost of the vehicle order is $825,000. A specialised upfitter includes fire trucks and rescue vehicles such as ladder pumpers, trucks, tankers, and grass/wildland trucks.
The company announced its excitement about collaborating with Spencer Manufacturing. Besides, Jim Connelly, Bollinger Motors’ chief revenue officer, expects that utilizing the Bollinger B4 will help maintain community safety. Spencer Manufacturing strongly trusts the Bollinger B4 with its public safety vehicles, as durability, dependability, and exceptional performance are essential.
Before accuaMullen Automotive received certification by the California Air Resources Board earlier this year for its all-electric Class 3 low cab forward chassis truck. This certification is given to automakers who fulfil certain emissions requirements in line with California’s stricter transport laws.
MULN Stock Forecast: Lower Trading Volume Despite Positive Projections
Despite the EV order, shares of MULN stock news disclosed a 4.3% lower rate this morning. A mere 949,000 shares of the company’s stock were traded. The amount seemed weak compared to Mullen’s daily average of roughly 5 million shares.
On Wednesday, Muln stock opened at $2.20, slightly above its previous close of $2.18. The stock fluctuated between $2.12 and $2.23 throughout the day, with a bid of $2.15 and an ask of $2.21. The trading volume was 2,157,509 shares, significantly below the average volume of 5,087,390 shares. The market cap stands at $34.468 million, reflecting investor caution.
From the 52-week perspective, the stock shows significant volatility in the $2.12 to $162.00 range. With an upcoming earnings report between August 12 and 16, investors remain watchful. The recent order for Bollinger B4 electric trucks could positively impact future performance.
In the short-term, the MULN stock price prediction suggests a modest uptick as the potential outcome. Currently, investors are eagerly awaiting the earnings report. If the earnings report is positive, it could trigger a short-term rally.
The stock’s long-term trajectory depends on Mullen’s ability to scale operations, secure orders, and achieve profitability. If successful, the stock could potentially recover to higher levels. However, reaching the previous highs of $162.00 seems unlikely without significant market and company-specific changes.
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