Southern California-based electric vehicle (EV) manufacturer Mullen Automotive (NASDAQ:MULN) makes no bones about its goal of disrupting the EV market as we know it. What could be more disruptive, then, than appointing a former Tesla (NASDAQ:TSLA) executive to its leadership team?
Reportedly, Mullen has promoted John Taylor to the role of senior vice-president of global manufacturing and strategic planning. Upon this announcement, traders bid the Mullen Automotive share price above $3 on heavy volume.
Don’t misunderstand, MULN stock still has a lot of catching up to do. Currently, its 52-week high is $15.89. Still, Taylor’s promotion could add fuel to the share-price rally that appears to be in progress.
Taylor adds experience and pedigree to Mullen’s executive team. Years ago, he was involved with 11 major automotive vehicle launches with General Motors (NYSE:GM). While there, Taylor served in the roles of launch manager, operations manager, and machine and equipment manager, among others.
Yet, that’s not the detail that Wall Street seems to be focusing on now. Most likely, traders are buzzing about Taylor’s experience with EV industry giant Tesla.
Interestingly, Taylor was one of Tesla’s first 50 employees. He joined the company back in 2010 to lead Tesla’s advanced manufacturing engineering group.
As Mullen explains, Taylor was no slacker during his tenure at Tesla. Apparently, he “played a critical role in opening Tesla’s Fremont facility and manufacturing operations for the Tesla Model S and architecture for future EV projects.”
Besides, Taylor is already providing value to Mullen Automotive. As David Michery, the company’s CEO and chairman, points out, Taylor “plays a critical role in the ongoing setup and expansion of Mullen’s Advanced Manufacturing and Engineering Center (AMEC) in Tunica, Mississippi.”
Going forward, Michery expects Taylor to strategize and evaluate the company’s “other domestic and international manufacturing opportunities.” Thus, Taylor will have opportunities to leverage his international manufacturing experience.
For current and prospective investors, this is huge news. Taylor brings experience from his roles at both General Motors and Tesla. For an emerging EV start-up business, Taylor’s contributions could prove to be crucial.
Therefore, traders should seriously consider taking a long position in MULN stock at the current price. $3 could be old news pretty soon, and a revisit of $15 just might be in the cards for 2022.
On the date of publication, David Moadel did not have (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.