BBWI - Can Government Sales Help Hard-Hit Mullen (MULN) Stock Turn Around?
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Mullen Automotive (NASDAQ:MULN) stock is rising higher on Friday as investors react to a new hire that could boost government sales.
Joining the Mullen team is Ronald Dixon. He takes on the role of General Manager of Government Sales at the EV maker. That’s worth noting as he spent more than 20 years in a similar role at General Motors (NYSE:GM).
Investors in MULN stock are hoping Dixon joining the company means government sales are on the table. After all, during his time at GM, Dixon was responsible for over 500,000 unit sales to the U.S. Government.
And there’s plenty of potential for MULN to make sales to the Federal Government. As outlined last year, the government is looking to replace its entire fleet of 650,000 vehicles with EVs. So far, it’s only replaced 1% of them. That means there’s still plenty of opportunity for MULN to snag some of those EV sales.
Could MULN Stock Recover in 2023?
There’s no denying that 2022 is already a bust for Mullen. The year is almost over and during that time, the company’s stock has fallen a massive 96.7%. That comes alongside supply chain issues, economic pressure, and other headwinds.
Even so, large government orders could be just the catalyst MULN stock needs for a recovery next year. So long as the company can secure orders and actually make those deliveries. If not, the future doesn’t look bright for the EV maker.
MULN stock is up 2.9% as of Friday morning.
Investors looking for more of the latest stock market news are in luck!
We’ve got all of the hottest stock market news traders need to know about on Friday! Among that is what’s going on with shares of Nio (NYSE:NIO), Boeing (NYSE:BA), and Bath & Body Works (NYSE:BBWI) stock today. You can read up on that news at the following links!
More Friday Stock Market News
- NIO Stock Has a HUGE Catalyst in 2023
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- Billionaire Dan Loeb Is Betting on Bath & Body Works (BBWI) Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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