Founded in 2014 by David Michery Mullen Automotive Inc. (MULN) in South California, this company builds electric cars and energy solutions. Their business is spreading broadly like Mullen Motors, Mullen Technologies, etc. Another famous name comes during a talk of Mullen Automotive Inc., Muln Stocktwits, an online platform to exchange viewpoints, thoughts, and analysis about the performance of Mullen Automotive.
A proud competitor of Nio, Tesla, and Fisker, Mullen Automotive Inc. has its name in American market for its electric vehicles and batteries. They produce some of the best vehicles to strong their portfolio like a high performance luxury sports car, the Dragonfly K50 and MX-05, a crossover SUV.
The primary objective is to make pollution free atmosphere and it can be possible with electric vehicles and e-energy based models. Another idea is carhub.com that permit consumers to BUY luxury cars, coupes, SUVs, sedans etc.
They have launched an environmental protection agency (EPA) and trucks certified classes of 3EV cargo trucks present in the market. As well as electric vehicles for construction and agriculture.
Mulen Automative and Net Element Inc. in 2020 have been merged valued at over $500 Million and embarked their name as Nasdaq. Moreover, all these businesses at thre start of 2022, the stock price stood at $2.81 but it took a fall of 95% to $0.30.
But in 2023, CEO David Michery spoke about the “buyback program as an attractive opportunity to utilize capital and return value to shareholders.” That’s why they sanctioned stock repurchase for up to $25 million, and the share goes up to 46% in premarket until December 31, 2023.
They also announced 150 Class 3 vehicles in 2023 that are going to be delivered to Randy Marion Automotive Group. The company also started production and delivery of 300 Class 1 EV cargo vans in Q4 2023.
They have an estimated target of delivering 850 Class 3 EV trucks and 6,000 Class 1 EV cargo vans in 2024.
