MULN stock has fallen more than 98% over the past year. Despite going through a rough year of rapid losses, Mullen Automotive (NASDAQ:MULN) has recently surprised the market with an impressive recovery. A fortunate combination of factors and smart business decisions have affected the stock in the best possible way. If this dynamic continues, analysts predict that the stock will continue the upward trajectory.
This year, Mullen Automotive is introducing the Power Boost program, which enables a state-of-the-art battery swap. It allows owners of Class 1 charging electric vehicles to switch from lithium-ion batteries to solid-state polymer batteries. With this upgrade, the vehicle's range should increase to more than 200 miles. The company plans to produce the Mullen ONE with the upgraded battery by the end of 2025.
Mullen Automotive, a Southern California-based automaker with plants in Tunica, Mississippi, and Mishawaka, Indiana, produces commercial electric vehicles. The company began production in Tunica in August 2023 and has made significant progress, securing leading suppliers and receiving purchase orders.
Mullen’s dedication to technology development and delivering 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 60% controlling stake in Bollinger Motors.
Bollinger B4 Chassis Cab: Zero-Emission Innovation and Federal Incentives
The Bollinger B4 Chassis Cab is a new, all-battery, zero-emission Class 4 commercial truck. Built from the ground up with input from installers and the fleet, the Bollinger offers unmatched capability, flexibility, performance and ease of maintenance in the commercial market.
In addition, its distinctive chassis design also protects the 800V battery and other components. Bollinger Motors is now eligible for federal incentives for the purchase of green cars under the Inflation Reduction Act. These incentives include $40,000 in refundable tax credits for each truck.
Another important 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 July 2 press release announced that Eco Auto had completed the first sale of Mullen Commercial electric cars in Massachusetts.
Mullen's Bollinger B4 trucks win $825,000 order for fire rescue
The first supply exchange will consist of five Bollinger Motors electric vehicles, which Spencer Manufacturing will convert into emergency response vehicles. Bollinger Motors plans to deliver the electric vehicles to the factory after production begins in the second half of 2024.
The main advantage of this agreement 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 announced the start of a long-term partnership with Bollinger Motors, an American automobile manufacturer, which boosted the overall MULN stock forecast. After Bollinger Motors received the EPA certification allowing the launch of B4 Class 4 chassis cabs, the companies officially confirmed the agreement.
The estimated cost of the vehicle order is $825,000. Specialized equipment includes fire trucks and rescue vehicles such as pump trucks, tanker trucks, and trucks for turf and forestry areas.
The company announced its excitement to collaborate with Spencer Manufacturing. Additionally, Jim Connelly, Chief Revenue Officer for Bollinger Motors, hopes that the use of the Bollinger B4 will help keep the community safe. Spencer Manufacturing fully relies on the Bollinger B4 for its public safety vehicles, as durability, reliability and exceptional performance are essential.
Before AccuaMullen Automotive received certification from the California Air Resources Board earlier this year for its all-electric Class 3 low-cab front-chassis truck. This certification is awarded to automakers that meet certain emissions requirements under California’s more stringent transportation laws.
MULN Stock Forecast: Lower Trading Volume Despite Positive Projections
Despite the EV order, MULN stock revealed a 4.3% drop rate this morning. Only 949,000 shares of the company were traded. The amount seemed low compared to Mullen's daily average of about 5 million shares.
On Wednesday, Muln shares opened at $2.20, slightly above their 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. Trading volume was 2,157,509 shares, significantly below the average volume of 5,087,390 shares. The market capitalization stands at $34.468 billion, reflecting investor caution.
From a 52-week perspective, the stock shows significant volatility in the range of $2.12 to $162.00. With an upcoming earnings report between August 12 and 16, investors remain on alert. The recent order for Bollinger B4 electric trucks could have a positive impact on future performance.
In the short term, the MULN stock price prediction suggests a modest rally as a potential outcome. Currently, investors are eagerly awaiting the earnings report. If the earnings report is positive, it could trigger a short-term rally.
The long-term trajectory of the stock depends on Mullen's ability to scale operations, secure orders and achieve profitability. If successful, the stock could rally to higher levels. However, reaching the previous highs of $162.00 seems unlikely without significant changes in the market and companies.
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