AUTO - This Is Why Mullen Automotive (Muln) Stock Increased by 50% In a Single Day
The reason why Mullen Automotive’s (MULN) stock ( NASDAQ:MULN ) price increased by more than 50% in one day is straightforward. Electric Last Mile Solutions, a bankrupt EV player focused on final-mile delivery cars, was purchased by the business.
At first glance, it’s not that fascinating, but when you delve deeper, one thing becomes evident. Mullen Automotive has significantly advanced its goals while lowering the cost of growth and increasing capacity. This amounts to a huge victory for the firm, which was set to begin manufacturing its flagship model in 2024. Plans have now been expedited by up to a year, implying that production of the FIVE-series of SUV crossovers might begin in 2023.
What Is Mullen Automotive?
Mullen Automotive was formed through the combination of Mullen Automotive and Coda Automotive . The corporation was founded in 2014, and its founding companies have been operating for quite some time. Today, the business is working hard not just to bring its FIVE series of cars to market but also to enhance solid-state battery technology. In terms of the new science, the firm is among the best-positioned small operations and has achieved significant progress. While solid-state (lithium-sulfur, for example) batteries are still years away from commercial practicality, they promise to make EVs lighter, cheaper to produce, and provide double the range.
Electric Last Mile Solutions was bought in bankruptcy court for just $92 million and included intellectual property, inventory, and a manufactur...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube