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Highlights
- Mullen Automotive (NASDAQ: MULN, MULN: US) is trending hot on the stock markets in the wake of its latest announcement, following which its stock soared by nearly 146 per cent on Monday, February 28.
- Mullen Automotive is a California-based company that manufactures electric vehicles (EVs) and provides clean energy solutions based on battery technologies.
- Mullen Automotive said that data collected from its solid-state polymer testing had shown "impressive" results.
Mullen Automotive (NASDAQ: MULN, MULN: US) is trending hot on the stock markets in the wake of its latest announcement, following which its stock soared by nearly 146 per cent on Monday, February 28.
Mullen Automotive is a California-based company that manufactures electric vehicles (EVs) and provides clean energy solutions based on battery technologies.
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What did Mullen Automotive (NASDAQ: MULN, MULN: US) say in its latest announcement?
Mullen Automotive said that data collected from its solid-state polymer testing had shown "impressive" results. The American EV maker stated that its testing results indicate the potential for a "150-kilowatt-hour battery pack" offering more than 600 miles range.
The company added that an 18-minute DC fast charging could deliver more than 300 miles of range.
The US$ 34-million market cap company is working on the second generation of its FIVE EV Crossovers equipped with solid-state polymer battery packs for prototype testing set scheduled for 2025.
The EV company has equipped its first-generation FIVE EV Crossover with conventional lithium-ion cells, which is planned for launch in late 2024.
Mullen Automotive's financial performance in Q4 FY2021
Mullen Automotive approximately doubled its research and development expenses from US$ 0.51 million in Q4 2020 to US$ 1.15 million in Q4 FY2021.
The automotive company incurred a net loss of US$ 36.46 billion in the fourth quarter ended on December 31, 2021, compared to US$ 4.99 million a year ago.
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Mullen Automotive 's stock performance
Stocks of Mullen Automotive swelled by roughly 170 per cent in the last one week.
Mullen stock closed at US$ 1.69 per share on Monday, with 631 million shares switching hands.
Bottomline
Mullen Automotive's solid-state polymer battery tech can turn out to be essential advancement in the emerging EV market, which is presently based on lithium-ion batteries, thereby providing it with a competitive advantage over other EV players.
