Updated 11/09/22 – Don’t Write Mullen Automotive (MULN) Off Just Yet, They are Making Bold Moves

Updated 11/09/22 – Don’t Write Mullen Automotive (MULN) Off Just Yet, They are Making Bold Moves

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Update 11/09/22 News out…

Mullen Enters into Agreement with Newgate Motor Group, One of Ireland’s Most Recognized Auto Groups, to Distribute Mullen I-GO in Ireland and United Kingdom

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Mullen Retires Debt –  Mullen Automotive Announces Elimination of Approximately $13 Million in Debt, with Less than $10 Million of Debt Remaining 

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Investors had all but given up on Mullen Automotive, Inc. (NASDAQ: MULN), driving the share price down from $1.60 in late June, to $.21/share on Tuesday. The electric vehicle maker seemed to be going nowhere fast and there was no shortage of disparaging headlines about the company. The EV market is dominated by Tesla and the major auto companies and the barriers to entry by those seeking to carve out an EV niche are mountainous.


The barriers faced by Mullen in their entry into the EV market seemed less foreboding with the announcement they made on Wednesday this week. In a bankruptcy court auction, MULN purchased the assets of EV company ELMS (Electric Last Mile Solutions).


The purchase price was $275M in cash. The asset purchase includes all tangible and non-tangible assets of ELMS including a factory in Mishawaka, IN. To put the factory in scope, it previously produced General Motors Hummer H2 SUV and SUT and subsequently contract manufactured the Mercedes-Benz R-Class vehicle. MULN expects to produce 50,000 EV’s annually at the factory.


According to MULN, this new asset purchase, combined with the acquisition last month of the majority ownership of Bollinger Motors, gives Mullen the ability to integrate Bollinger’s vehicle platforms, B1 and B2 along with Mullen’s FIVE and FIVE RS platforms into an already existing and capable high volume manufacturing facility. As a result, this will accelerate the launch of the Bollinger B1, B2 retail vehicles by twelve or more months.


We will see how it works out for Mullen. As I write this just six hours after the MULN press release, the company shares are +57% and 640M shares have traded hands today.


Revised 11/02/22


MULN already has the facilities to produce 50,000 electric vehicles annually, with leadership focused on growth and investing in game-changing battery advancements. For these reasons, I believe there could be a lot of upside potential for this very cheap stock in the long run while the company begins to enter its growth stage of the business cycle. However, we cannot ignore that this is a loss-making micro-cap company with little historical performance and a long road to potential profitability, which will include heavy dependence on vast amounts of financial backing to be successful. Investors may want to take a cautious but bullish stance on this company if we look at its successful history of acquisitions, the workforce onboarded to run the show, and the company’s strategic partnership deals recently made.


Stock Price Forecast


According to 7 stock analysts, the average 12-month stock price forecast for MULN stock is $23.46, which predicts an increase of 5809.32%. The lowest target is $23.23 and the highest is $24.15. On average, analysts rate MULN stock as a buy.




Revenue This Year

Revenue Next Year
234.01MIncreased by 56.82%
from 149.23M


EPS This Year
from -1.89

EPS Next Year
Increased by 104.08%
from 0.77



source: stockanalysis.com


MULN Reddit Post/Sentiment Over Time

23 Last Week

34 Current Week


MULN Summary

  • Over the last 5 days Mullen Automotive’s stock price has been on the decline.
  • Stock market has responded well to a $240 million cash acquisition of bankrupt Electric Last Mile; gaining an active manufacturing plant and assets which could speed up production.
  • The company announced that its new CCO will be a former General Motors exec, John Schwegman, along with onboarding former Tesla staff.
  • Electric vehicle companies are benefiting from the Inflation Reduction Act through tax credits and other incentives.
  • Fiercely competitive and evolving market, MULN is incurring heavy losses, requires ongoing large sums of capital for business plans, and investors have to bet on futures rather than historic performance.


Keep on eye on MULN they may surprise.


The Traders News Trading Group

Mark Roberts

Senior Editor



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