Mullen Automotive (NASDAQ:MULN) stock was up as much as 7% today on reports that a former Tesla (NASDAQ:TSLA) executive has joined the electric vehicle maker’s leadership team.
In a press release, Mullen Automotive said that John Taylor has moved into the role of senior vice president of global manufacturing and strategic planning. Taylor is a veteran of the automotive industry and had also worked for many years at General Motors (NYSE:GM).
What Happened With MULN Stock
John Taylor was one of the first 50 employees at Tesla and eventually led its advanced manufacturing engineering group. He played a “critical role” in developing Tesla’s first manufacturing plant in Fremont, California, and helped develop several of Tesla’s electric vehicle models, including the Model S.
Taylor graduated from the Philpot School of Automotive Design in Detroit, Michigan in 1987. From there, he started his career at GM, where he was involved with 11 vehicle launches in North America. He served as operations manager and machine and equipment manager, among other roles.
Why It Matters
Placing an experienced industry veteran such as John Taylor in a senior leadership role is good news for Mullen Automotive, a small electric vehicle startup. Taylor’s experience with electric vehicles that he acquired at Tesla, the global leader in EV manufacturing and sales, is especially good.
Currently, Mullen Automotive is in the process of launching its first commercial electric vehicle, the Mullen FIVE, which is being manufactured at its plant in Tunica, Mississippi.
Year to date, MULN stock has declined 40% to $2.87 a share, bringing its losses over the past year to 75%.
What’s Next for Mullen Automotive
Attracting a talented and experienced automotive industry leader such as John Taylor is good news for Mullen Automotive and that is reflected in the share price today.
Going forward, Taylor should help Mullen Automotive as it ramps up production and starts selling its electric vehicles. The shares could use the boost after falling sharply in recent months.
On the date of publication, Joel Baglole held a long position in GM. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
