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What’s going on with Mullen stock this week

What’s going on with Mullen stock this week
Elmaz Sabovic

In a lackluster performance that has seen Mullen Automotive (NASDAQ: MULN) stock retrace by almost 70% this year, the company’s executive branch has not been idle, seeking out new partnerships and developing new programs in a bid to reverse the fortunes for this EV maker.

The current price of Mullen Automotive stock shows a decrease of 8.78% over the past five trading sessions, settling at $4.16 at the latest close.

MULN stock YTD price chart. Source: Finbold
MULN stock YTD price chart. Source: Finbold

When analyzing Mullen Automotive’s stock’s support and resistance levels, we observe one key support area at $4, identified by a horizontal line on the daily chart. 

Additionally, there are two significant resistance areas: a zone from $4.36 to $4.37 formed by multiple trend lines and another at $5.14, indicated by a trend line on the daily chart of Mullen Automotive stock price.

Mullen Automotive stock support and resistance chart. Source finviz
Mullen Automotive stock support and resistance chart. Source: finviz

Weak earnings for Mullen, but it is to be expected

Reported Q2 earnings are nothing to brag about, as Mullen Automotive reported a loss of $19.39 per share and did not report any revenue for the quarter.

However, Mullen Automotive’s executives convinced investors that there is no reason for worry. The company announced that it secured a $100 million financing commitment from a family office and has sold up to an additional $50 million of convertible debt to family offices and high-net-worth investors, securing finances for continued operations for at least the next 13 months.

New partnerships and programs in a bid to bolster MULN stock

Mullen Automotive announced the development of a zero-emissions version of its PowerUP mobile EV charging solution, built on the company’s all-electric Class 3 cab chassis truck, on May 28.

Initially introduced in July 2023, PowerUP provides Level 2 and Level 3 DC fast charging for roadside assistance and emergency response.

The new zero-emissions PowerUP will replace its gas-powered chassis to meet market demand for sustainable solutions. It will feature a peak capacity of 160 kWh, scalable up to 1 MWh, and offer Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity. This version aims to deliver higher scalability and performance while maintaining zero emissions.

Additionally, on May 24, Mullen announced a new distribution partnership for its electric vehicles in the Balkans to explore new markets and expand its delivery. The company has partnered with GAMA to distribute Mullen’s commercial EV product line in the region.

These announcements were well received, boosting Mullen Automotive’s stock by 9.5% and 2.1% on May 24 and May 28, respectively. This reaction indicates the stock market’s willingness to reward Mullen Automotive’s stock for any positive developments.

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