The Mullen Automotive Inc (NASDAQ: MULN) stock price was trading up 21.67% today as retail investors continued buying the stock, one of the trending tickers on StockTwits for the second day following Friday’s 21.49% rally in the MULN stock price.
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Despite MULN stock rising due to the upbeat sentiment among retail traders, the company’s latest announcement supports the rally higher. For example, Mullen recently announced positive test results from the JV technology it had acquired, which was known as Energy Management Module (EMM).
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The EV company revealed that it had witnessed a significant increase in the range of EV batteries from Original Equipment Manufacturers (OEMs). In addition, the tests increased the battery’s range from 269 to 431 miles, representing a 60% increase in efficiency.
Mullen Automotive’s engineers tested the EMM technology on its Class 1 EV Cargo Van at its Troy, Michigan, facility. The test results also showed a 75% increase in range for the 42-kWh lithium-ion battery pack, which can be translated into an EPA-estimates range of 186 miles at a low added cost and mass.
The company is in the final stages of integrating the new battery technology into its products and plans to include it in all its commercial and consumer vehicles.
Mullen Automotive’s CEO and Chairman, David Michery, said: “Seeing the previous EMM test results conducted by Element, along with Global EVT testing, and correlating that with testing by our engineers, we believe this technology is a perfect fit for Mullen’s EV product lineup as well as the advancement in EV technology for the overall automotive industry. Mullen Advanced Energy Operations plans to license this technology to anyone using an electric vehicle.”
Investors should not dismiss Mullen Automotive as a meme stock, given that the latest rally could be termed as a short squeeze by investors. Instead, investors interested in acquiring an EV stock that trades at a low price and does not have the billion-dollar valuations of other EV firms should consider buying it.
Meanwhile, Mullen shares continue to trade in penny stock territory.
*This is not investment advice.
The Mullen Automotive (MULN) stock price.
The Mullen Automotive (MULN) stock price was trading up 21.67% at $0.1252, rising from Friday’s closing price of $0.1029.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.