The Mullen Automotive Inc (NASDAQ: MULN) stock price has fallen 98.3% since the year started on negative investor sentiment. The question is, Can Mullen Automotive turn around? Yes. The company has many positives it could tap into.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
First, Mullen’s current market valuation is far below its net asset value, indicating that the company’s stock price decline has been driven by negative investor sentiment. The company has been working around the clock to produce its vans into high gear and has made significant progress.
Top Broker Recommendation
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
- Admiral Markets More than 4500 stocks & over 200 ETFs available to invest in – Read our Review
- Hargreaves Lansdown The company's website is easily understandable and accessible to a wide range of customers – Read our Review
- eToro Wide range of instruments available to trade – Read our Review
- IG Top-tier regulation – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
On Friday, July 14, Mullen announced that it had finished producing 350 Class-1 EV delivery vans at its Mishawaka, Indiana, facility and sent them for final assembly at its Mississippi plant. Before this announcement, the company revealed a new pilot program with the New York Power Authority (NYPA).
The NYPA, a leading state-owned power generation and transmission company, agreed to test Mullen’s CAMPUS delivery van at its headquarters in upstate New York. The power company has promised to buy the electric delivery vans if the testing period is successful.
Over a week ago, Mullen announced that it had received a purchase order for 30 units of the Mullen-GO Commercial Urban Delivery EV for Newgate Motor. Newgate is one of Ireland's most recognised dealership groups.
Newgate is the marketing, sales, distribution, and servicing agent for the Mullen-GO in Ireland and the United Kingdom. The purchase order is the first sale of vehicles for delivery outside of the U.S. market and into Europe. The estimated value of the booked order is $321K and will be reflected in Mullen's current fiscal quarter reporting.
Investors also look forward to Mullen’s launch event for its Mullen Three cab chassis electric semi-truck, scheduled for August 24, 2023. The company has confirmed that it is in the final stages of vehicle production readiness and looks forward to customer deliveries.
The event will happen at Mullen’s 120,000-square-foot Tunica, Mississippi plant, where it builds both the Mullen Three and its Mullen One electric delivery van.
*This is not investment advice.
Mullen Auto (MULN) stock price.
The Mullen Automotive (MULN) stock price has fallen 98.25% this year. Will the downtrend continue?
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
