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MULN Stock Forecast 2024: Why did the MULN Stock Surge?

MULN Stock Forecast 2024: Why did the MULN Stock Surge?

MULN stock has been gaining in the last couple of days. There are multiple reasons behind the surge in the MULN stock price. The reasons are:

Mullen Automotive MULN Stock Forecast 2024: Read about the MULN Stock Price Target as well as the latest News from Mullen Automotive.

Latest MULN Stock Price

Metric Value Trend
Current Price $7.52 Lower
Trading Volume $498.6 K Steady

Mullen Automotive, Inc. (NASDAQ: MULN), headquartered in Irvine, California, is an American electric vehicle manufacturer. In recent months, the stock price of MULN has displayed significant volatility. Following a reverse stock split, MULN stock managed to surpass the $1 mark. However, it has since declined below $1 once more, facing considerable selling pressure.

MULN Stock Performance in the Last 12 Months

Last 5 Days +5.6%
Last 1 Month -1.8%
Last 6 Months -84.3%
Last 12 Months -99.8%

MULN Stock Forecast 2024: Latest News

  • Mullen Automotive provides an update on the timeline for a US Customs and Border Protection ruling regarding Class 1 EV cargo vans, stating that a final determination is expected within one to two months, as informed to counsel on February 20, 2024.
  • Mullen Automotive promotes its high-performance electric vehicle, the MullenFIVERS, boasting over 1,000 horsepower, 200+ mph top speed, and 0-60 acceleration in under 2 seconds.

Mullen Automotive Stock Forecast Today, Tomorrow and Week

UTC: Feb 22nd, 2024 06:05 PM
  • Mullen MULN Stock Price Prediction in the next 24 hours is between $7.22 and $7.69
  • Mullen MULN Stock Price Prediction this week is between $7.48 and $10.3

Mullen Stock Technical Analysis

Overall: Bearish

  • Moving Averages: All the moving averages long term and short term are indicating a strong sell signal in all the timeframes.
  • RSI(14): RSI at the time of writing is 43.86, indicating a neutral signal.
  • MOM(10): Momentum(10) with a value of 0.64 indicating a sell signal.
  • MACD(12,26): MACD indicating a buy signal with a value of -0.66.
  • Williams% R(14) is at -78.24, indicating a neutral signal in the short-term.
  • Bull and Bear Power indicating a bearish signal with a value of 0.07.

MULN Stock Forecast 2024: Outlook

MULN Stock Prediction for the Next 5 Years (Aggregated)

  • Mullen MULN Stock Price Prediction 2023 is $8.21
  • Mullen MULN Stock Price Prediction 2024 is $8.31
  • Mullen MULN Stock Price Prediction 2025 is $8.71
  • Mullen MULN Stock Price Prediction 2026 is $9.48
  • Mullen MULN Stock Price Prediction 2027 is $10.3

MULN Stock Forecast 2024: Financial Result 2023

Mullen Automotive recently provided 2023 Financial results. Here is the summary of the result:

During the fiscal year concluding on September 30, 2023, Mullen Automotive achieved noteworthy financial milestones. The company reported initial revenues of $366,000, marked by the delivery of vehicles totaling $652,200 to Randy Marion Automotive for resale.

Significant developments in production occurred as the manufacturing of Mullen Class 3 (“Mullen THREE”) vehicles commenced in August 2023, followed by the initiation of Class 1 (“Mullen ONE”) vehicle production in November 2023. This has resulted in the operation of two distinct vehicle production lines at the Tunica, Mississippi-based plant.

As of December 31, 2023, Mullen Automotive successfully delivered 100 Class 1 vehicles, invoicing a total of $3.3 million to Randy Marion Automotive Group. Additionally, 141 Class 3 vehicles were delivered, generating $9.2 million in invoiced revenue for the same client.

In a strategic move, Mullen opened a battery module and pack development facility in Fullerton, California, in November 2023. This facility is geared towards scaling U.S.-made electric vehicle (EV) battery module and pack production, reflecting the company’s commitment to reducing reliance on foreign battery components.

Mullen achieved crucial certifications during the fiscal year, obtaining federal Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) certifications for both Class 1 and Class 3 vehicles. Furthermore, the company received approval from the Internal Revenue Service (IRS) as a “qualified manufacturer,” rendering its vehicles eligible for up to $7,500 in federal EV tax credits per vehicle.

Diversifying its client base, Mullen secured purchases from the New York Power Authority, British Airways, the University of North Carolina, and MGT Lease Company for its Campus Urban Delivery EV cargo vans throughout 2023.

In May 2023, Mullen announced a strategic partnership with Amerit Fleet Solutions to provide comprehensive national service, parts, and warranty support for its commercial vehicles.

The successful completion of the second leg of the “Strikingly Different” Test Drive Tour with 13 stops across the United States showcased Mullen’s diverse vehicle portfolio and underscored the company’s commitment to innovation and excellence in the electric vehicle industry.

Mullen Automotive Business Update

  • Commercial Vehicles:
    • Received $263 million in purchase orders for Class 1 and Class 3 EV vans and trucks from Randy Marion Automotive Group.
    • EPA certification for Class 3 vehicles in September 2023 and Class 1 cargo vans in November 2023.
    • CARB certification for Class 1 vehicles in December 2023, expecting Class 3 certification in January 2024.
    • Finalized Ruling Request Application for substantial transformation of Class 1 EV cargo van for U.S. Border Patrol, awaiting ruling by Feb. 20, 2024.
  • Production:
    • Class 3 vehicle production started in August 2023, and Class 1 vehicle production began in November 2023.
    • Delivered 100 Class 1 vehicles ($3.3 million invoiced) and 141 Class 3 vehicles ($9.2 million invoiced) to Randy Marion Automotive Group by Dec. 31, 2023.
  • Bollinger Motors:
    • Showcased Bollinger Class 4 (“B4”) at ACT Expo and Home Delivery World.
    • Approved for a $3 million grant in Michigan.
    • Completed design validation vehicles for B4 and focused on national retail dealer network expansion.
  • Mullen FIVE EV Crossover Program:
    • Fast-tracked development of Mullen FIVE RS limited edition for Q4 2025 launch in Europe.
    • World debut at CES 2024.
    • Completed U.S. “Strikingly Different” tour featuring Mullen’s high-performance vehicles.

Mullen’s retail dealership partner received its North Carolina license

Mullen recently revealed that its retail dealership partner, Randy Marion Automotive Group (RMA), has secured its North Carolina license to sell Mullen commercial vehicles. This, in addition to Mullen’s existing original equipment manufacturer (OEM) license, enables the transfer of vehicles to customers. Starting November 20, RMA can initiate the delivery of its “initial Class 3 vehicles” to Adventure Coast Rentals, Godotek, and NRTC Automation Group.

Mullen Receives EPA Certificate of Conformity for Class 1 EV Cargo Vans

  • Mullen Automotive proudly announced a significant milestone in obtaining full approval from the Environmental Protection Agency (“EPA”). This achievement grants Mullen the EPA’s Certificate of Conformity for Class 1 EV cargo vans from November 2, 2023.
  • Mullen has achieved a significant milestone with both its commercial Class 1 and Class 3 EV vehicles securing EPA certification, a pivotal step in enabling vehicle sales within the United States. The Class 3 EV cab chassis truck by Mullen obtained EPA certification on September 22, 2023.


Reverse Stock Split: On December 18th, Mullen Automotive shareholders approved the 1-for-100 reverse stock split which came into effect on December 21st. This led to a propelling of the MULN stock price above $1. MULN was facing an imminent risk of being delisted from NASDAQ.

Starting of Class 3 EV Delivery: Mullen recently delivered an additional 38 Class 3 vehicles to Randy Marion Automotive Group. The company invoiced the vehicles for $2.5M. In total, Randy Marion has pledged to purchase 1,000 Class 3 vehicles, amounting to $63 million, with most of these vehicles scheduled for delivery in the calendar year 2024.

Is MULN a Good Stock to Buy?

There are a few reasons why investors might consider buying Mullen Automotive (MULN) stock:

  • Potential for growth: The electric vehicle (EV) market is expected to grow rapidly in the coming years, and Mullen is well-positioned to capitalize on this trend. The company has a number of EVs in development, including the Mullen FIVE SUV and the Mullen DRAGONFLY hypercar.
  • Low stock price: Mullen stock is currently trading at a very low price, which could make it a good value for investors who are willing to take on some risk.
  • Positive news flow: Mullen has been generating some positive news flow in recent months, such as the announcement of a partnership with VanEck to develop an EV ETF.

MULN Stock Forecast: Will MULN Recover? Reasons not to buy MULN Stock

Here are some reasons why you might not want to buy Mullen Automotive (MULN) stock:

  • Pre-revenue company: Mullen has yet to generate any meaningful revenue from sales. This means that the company is still in a very early stage of development, and there is no guarantee that it will be successful.
  • Stock dilution: Mullen has a history of issuing new shares at a rapid pace in order to raise cash. This has diluted the value of existing shares, and it could continue to do so in the future.
  • Negative investor sentiment: Mullen is a penny stock, which means that it is traded at a very low price and is therefore more volatile than larger stocks. Penny stocks are also more likely to be targeted by scammers and pump-and-dump schemes.
  • Delisting risk: Mullen’s stock price has been trading below $1 for an extended period of time. This means that the company is at risk of being delisted from the Nasdaq exchange. If this happens, it would make it more difficult for investors to buy and sell Mullen stock.

Overall, Mullen is a high-risk stock that is not suitable for all investors.

Read: Ford Stock Forecast

MULN Stock Forecast: Conclusion

Mullen Automotive is a pre-revenue company with limited cash. Its only model The Five has been on a country tour since last year, but it lacks enough cash to get this out of the door. In this fragile economic environment, the world demands financial performance, but Mullen has only promises to offer.

In a business 1+1 sometimes equals 2, and sometimes it can be 1. But sometimes 1+1+1 can also be zero.

Who are some of Mullen Automotive’s key competitors?

Mullen has two lines of businesses

  1. Electric Car Company – The Company is still in the development stage but key competitors would include Tesla, Ford, Lucid, Nio, Rivian and Cenntro
  2. Mullen Auto Sales Business which includes Car Hub – AI platform for selling and buying cars

Firms Behind Mullen Automotive

Mullen Automotive is owned by top institutions. BlackRock Inc. owns 5.16% of the company while Vanguard Group Inc. has a 4.44% share in Mullen

Apart from the two major shareholders, other Mullen Automotive shareholders are Automotive. State Street Corp (0.74%), Bank of New York Mellon Corp (0.28%), Bank of New York Mellon Corp (0.28%), and Two Sigma Investments LP (0.26%).

Also read: LUCID Stock Forecast

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