Mullen Automotive (NASDAQ:MULN) stock is moving on Thursday as investors react to a partnership with Team Rosberg Engineering.
This agreement will see the two companies working together on vehicle chassis and safety development as part of the Mullen FIVE EV Crossover Program. TRE is highly specialized in chassis development and was founded in 1997 by Formula 1 world champion Keke Rosberg.
Mullen Automotive notes that this will have the company working on prototypes of the chassis for the Mullen FIVE EV Crossover. That makes sense as TRE handles prototype chassis development for several OEMs around the world.
David Michery, chairman and CEO of Mullen Automotive, said the following about the electric vehicle (EV) partnership news.
“The engineering work for the FIVE continues to progress in full swing. We’ve made rapid progress thanks to our incredible partners. These new partnerships are accelerating our path to start of production, which we previously slated for Q4 2024 and Q1 2025. Having companies such as ARRK and Team Rosberg involved in the FIVE program is a great privilege for Mullen.”
MULN stock is seeing a decent amount of trading on Thursday following the chassis news. This has some 41 million shares on the move as of this writing. However, that is below its daily average trading volume of around 66 million shares.
MULN stock is started off up Thursday morning but is currently down 2.6% as of this afternoon.
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On the date of publication, William White 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.