Today is an ugly day in the market. Major indices are down. Essentially, investors seem hungover from yesterday’s impressive rally, which followed the highly anticipated Federal Reserve decision to hike interest rates by 50 basis points (bps). This is not the case for investors in Mullen Automotive (NASDAQ:MULN), however. Currently, MULN stock is defying gravity, shooting more than 3% higher at the time of writing.
Moves like these tend to come around earnings — and it is earnings season, after all. However, there’s another big catalyst investors are pricing into this electric vehicle (EV) maker right now.
The EV sector has its own set of long-term secular catalysts that investors seem to like. With electric vehicles representing the future, many folks have also become very wealthy betting on the trend.
That said, there are also many players to watch in the EV space. And, in many respects, Mullen is one of the companies that’s easy to overlook. Today, though, the stock is getting some needed attention.
Why Is MULN Stock Soaring Today?
Interestingly, shares of other major EV makers are absolutely plunging today. Growth stocks are down, too, with investors re-pricing interest rate risk into these stocks. Yet MULN stock is offering up a unique catalyst that investors seem to like.
What’s the big news? Today, Mullen Automotive announced that the company is adding new stops to its U.S. test drive tour. Additionally, the company’s high-performance FIVE RS model will be featured in the “Strikingly Different” tour.
For those bullish on the high-performance EV sector, there’s a lot to like about this news. Most of all, though, Mullen is bringing consumers another option to consider for standing out from the crowd. By all accounts, the new Mullen FIVE RS is a very intriguing option, too. The EV features 1,100 horsepower and a zero-to-60 time of just 1.95 seconds. Seeing it in action on tour will likely drive further interest in MULN stock.
I have to say, I’m intrigued. For now, this is still a speculative catalyst. However, there’s clearly a reason investors are jumping on MULN stock today.
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.