Mullen Automotive, Inc. (NASDAQ: MULN) is currently experiencing a notable ascent on the US stock market, marking a 35.52% increase to $3.70. This surge in MULN stock during today's session can be attributed to a significant advancement in its battery facility endeavors.
Mullen Automotive (MULN) has announced the successful completion of the initial phase of integrating its battery line at its cutting-edge energy facility in Fullerton, California. Situated in Southern California, this facility is exclusively dedicated to the production of next-generation EV battery packs, proudly manufactured in America.
Such a milestone stands as a pivotal step in Mullen's steadfast commitment to emission reduction and lessening dependency on crucial battery constituents imported from overseas. The operationalization of this plant has been meticulously executed through a series of meticulously planned stages, commencing with facility preparations and swiftly progressing to the relocation and installation of battery assembly line equipment.
The culmination of phase one initiatives has seen the seamless initiation, fine-tuning, and early-stage activation of the initial two battery assembly lines. Anticipated to commence production early in 2025, the initiation of production at this facility is poised to invigorate the local economy through the creation of employment opportunities.
With volume production on the horizon, Mullen Automotive anticipates employing over 200 individuals for both battery production and operational support. Beyond being a strategic investment in Mullen Automotive's future, the establishment of this new battery assembly plant underscores the company's steadfast dedication to domestic battery production.
Recognizing the critical role that battery packs play in its supply chain, Mullen is bolstering its market stance while championing the shift towards American-manufactured battery components. In a recent milestone, Mullen Automotive celebrated the production of its 500th commercial vehicle at its Tunica, Mississippi, manufacturing and assembly facility.
Presently, the company boasts 18 active commercial vehicle pilots with fleets, municipalities, universities, and campuses. With an increasing international demand for its vehicles, Mullen Automotive is poised to embark on an expansion into the European market next month.
In tandem with its international endeavors, the company aims to fortify its domestic distribution network by establishing new dealer points to further penetrate the commercial EV market.