Mullen Automotive (NASDAQ:MULN) stock is rising higher on Friday as investors react to a new hire that could boost government sales.
Joining the Mullen team is Ronald Dixon, who is taking on the role of General Manager of Government Sales at the electric vehicle (EV) maker. Previously, Dixon spent more than 20 years in a similar role at General Motors (NYSE:GM).
Investors in MULN stock are hoping Dixon joining the company means government sales are on the table. After all, during his time at GM, Dixon was responsible for more than 500,000 unit sales to the U.S. government.
There’s plenty of potential for Mullen to make sales to the federal government, too. As outlined last year, the government is looking to replace 650,000 of its vehicles with EVs. So far, it has only replaced about 1%. That means there’s still plenty of opportunity for Mullen to snag some of those EV sales.
Could MULN Stock Recover in 2023?
There’s no denying that 2022 is already a bust for Mullen. The year is almost over and during that time, MULN stock has fallen a massive 96%. This drop comes alongside supply-chain issues, economic pressure and other headwinds.
Even so, large government orders could be just the catalyst MULN stock needs for a recovery next year — so long as the company can secure orders and actually make deliveries. If not, the future doesn’t look bright for this EV maker.
MULN stock is up 2.9% as of Friday morning.
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On the date of publication, William White 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.
