Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher Wednesday. The company announced the first phase completion of battery line integration at its high energy facility on Monday.
The Details:
Mullen said the phase one project culminated in the successful startup, debugging, and early-stage commissioning of the initial two battery assembly lines. Production line start is currently targeted for early 2025 and at volume production, Mullen expects to hire over 200 people for both battery production and operational support.
"Our new battery assembly plant is not just an investment in Mullen Automotive's future, but also a testament to our commitment towards U.S. battery production," said David Michery, CEO of Mullen Automotive. "Battery packs are a critical part of our supply chain as it strengthens our market position and supports the transition to American-made battery components."
Last week, Mullen announced the production of its 500th commercial electric vehicle.
"We have increased requests for our vehicles internationally, and as a result, we plan to launch an expansion into Europe next month," said Michery. "In addition to international growth, we plan to expand U.S. distribution, adding new dealer points to support commercial EV market penetration."
According to data from Benzinga Pro, nearly 10 million shares have already been traded in the session and 25.04% of shares are being sold short. High short interest can contribute to large price moves when combined with heavy trading volume.
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How To Buy MULN Stock:
By now you're likely curious about how to participate in the market for Mullen Automotive – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy 'fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stocks, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Mullen Automotive, which is trading at $3.93 as of publishing time, $100 would buy you 25.77 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to 'go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
MULN Price Action: According to Benzinga Pro, Mullen Automotive shares are up 44% at $3.93 at the time of publication Wednesday.
Image: Courtesy of Mullen Automotive, Inc.