Today has been absolutely impressive for Mullen Automotive (NASDAQ:MULN). Investors in MULN stock are now up more than 145% today on an absolutely incredible move. Now many investors may be wondering what’s behind this impressive single-day rise.
First, it’s important to note that MULN stock has been on, shall we say, a downtrend of late. The stock price has headed downward in almost linear fashion over the past six months. At the start of that period, MULN stock was trading above $10 per share. Last week, however, it was hovering just above 50 cents, having lost approximately 95% of its value in half a year.
Perspective is everything. However, rapid stock-price appreciation like this doesn’t happen every day. Accordingly, there’s obviously a big catalyst that investors are honing in on right now.
The news? Today, Mullen announced progress on developing its solid-state battery technology. As fellow InvestorPlace contributor Joel Baglole recently pointed out, this news is significant for a few reasons.
For starters, Mullen’s announcement indicates its solid-state battery could have the potential to power electric vehicles (EVs) as far as 600 miles on a full charge. The battery could also be recharged by 50% in some 18 minutes. This sort of technology doesn’t yet exist and is still theoretical, to some extent. However, the company noted that test results support its previous assertions and suggest the technology is viable.
Thus, investors have a lot to think about today. So, let’s dive into a few more things people may want to know about MULN stock.
What to Know About MULN Stock
- Headquartered in Brea, California, Mullen Automotive is an EV company that has been around since 2014.
- This company’s focus is on multiple EV-related businesses.
- Mullen Automotive manufactures, distributes and sells electric vehicles.
- However, it’s the company’s battery focus that has many investors excited about its future prospects.
- Mullen’s plans to commercialize a solid-state battery pack could make the company the first of its kind in a potentially lucrative space.
- The company hopes to build an “end-to-end ecosystem” to assist owners in “all aspects” of EV ownership.
- MULN stock been pretty volatile, surging and diving on EV-related sentiment in recent years.
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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