Shares of Mullen Automotive (NASDAQ:MULN) are in the spotlight after EVgo (NASDAQ:EVGO) hinted at a collaboration between the two companies. Indeed, shares of MULN stock are up about 3% at the time of writing.
So, what exactly happened? The official EVgo Twitter (NYSE:TWTR) account tweeted out details about the upcoming Mullen FIVE and stated, “We’ve got the network to keep future Mullen drivers going!” EVgo provides electric vehicle (EV) charging stations, which include home and work charging solutions. Furthermore, more than 130 million people in the U.S. live within 10 miles of an EVgo fast charger.
Therefore, let’s jump into the details on what you need to know about MULN stock today.
Why Is MULN Stock in the Spotlight Today?
A collaboration with EVgo would allow Mullen owners to expand charging capabilities across the country. While neither company has released anything detailing a collaboration, EVgo’s tweet was fairly direct.
On top of the potential EVgo collaboration, there seems to be another catalyst driving up the price of MULN today. The EV manufacturer reported that it plans on producing its batteries for its EVs in-house at its Monrovia facility in California. Mullen plans on redeveloping the facility to account for battery production. In-house batteries will reduce reliance on external suppliers and also “reduce the risk associated with material and supply shortages.”
Additionally, Mullen plans on using these in-house batteries for the FIVE Crossover and its DragonFLY EV programs, among others. CEO David Michery explained that:
“The entire industry is struggling with supply chain issues and the more control we have in-house, the better off our vehicle programs will be. Our Monrovia facility is already established for high voltage applications so retrofitting it for our battery pack development makes good sense for our company and shareholders.”
Mullen Automotive Featured In Buzz Interview
Buzz EV News recently featured an interview with three Mullen executives, including CEO David Michery. Michery stated that Mullen is currently in the process of filing patents for its solid-state polymer battery, so details concerning it will remain “vague as possible.” However, Michery did mention that the battery is superior to Tesla’s (NASDAQ:TSLA) battery in terms of degradation. After a Tesla battery goes through 10,000 cycles, the degradation “is like 80%.” After Mullen’s battery goes through 10,000 cycles, the degradation is 2%, which is “basically nothing.”
Meanwhile, Jason Putnam, VP of marketing, disclosed details on the company’s Persona system. Persona is a software inside Mullen vehicles, equipped with facial and gesture recognition through a camera monitor system. Mullen owners will be able to use Persona to help with security, pet safety and other infotainment features.
On the date of publication, Eddie Pan 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.