Mullen Automotive Completes Phase One of Battery Line Integration
Mullen Automotive, Inc. (MULN) announced on Monday the completion of the first phase of battery line integration at its high energy facility. The successful startup, debugging, and early-stage commissioning of the initial two battery assembly lines culminated in this first project phase.
The production line is targeted to start in early 2025, and at volume production, Mullen expects to hire over 200 people for both battery production and operational support. CEO David Michery emphasized the importance of the new battery assembly plant as an investment in Mullen Automotive’s future and a testament to its commitment towards U.S. battery production. He highlighted that battery packs are a critical part of their supply chain, strengthening their market position and supporting the transition to American-made battery components.
Last week, Mullen announced the production of its 500th commercial electric vehicle. Michery expressed plans for international expansion into Europe next month due to increased international demand for their vehicles. Additionally, they aim to expand U.S. distribution by adding new dealer points to support commercial EV market penetration.
According to data from Benzinga Pro, nearly 10 million shares have already been traded in the session, with 25.04% of shares being sold short. High short interest, combined with heavy trading volume, can contribute to significant price moves.
MULN Price Action
As of publication time on Wednesday, Mullen Automotive shares surged 44% to $3.93.
