Why Mullen Automotive (MULN) stock soared 146% in a day?

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Why Mullen Automotive (MULN) stock soared 146% in a day?

Mullen Automotive (MULN) stock soared by 146% in a day! Why?
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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.

Mullen Automotive (MULN) stock performance

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.

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