MULN Stock Price Forecast 2024, 2025, 2030: Is Mullen a Buy?

Summary:
• MULN stock price has been in a strong bearish trend in the past few months. We explain whether Mullen Automotive is a good buy.

Mullen (NASDAQ: MULN) stock price has been in a strong bearish trend in the past few years. The shares plunged to an all-time low of $0.87 in 2023, which was over 99% below its all-time high. In addition, grossly underperformed other EV stocks like Tesla and Nio in 2024, as the stock is currently trading at a YTD low of $4.61, and 68% below its YTD high of $14.20.

The outlook of the shares for Mullen Automotive remains weak as it has failed to find a bottom despite a constant downtrend in the last 18 months. In fact, it is behaving like a meme stock as the only people buying it right now are the retailers who are expecting a short squeeze which may never come.

It is important, however, to note that the company embarked on a stock dilution journey following its reverse merger with Net Element. This is the biggest reason behind the slump, much as the company is still struggling to break-even, amid a gloomy forecast for the EV industry in 2024.

This article was initially published on March 20 2024, and is regularly updated to reflect the latest developments in Mullen stock performance

What is Mullen Automotive?

The automobile industry is changing rapidly. One area that is being disrupted is the types of vehicles sold. Data shows that 10% of all new vehicles sold in 2022 in the United States were electric vehicles. Another change is in China, where domestic brands have gained a substantial market share in the past few years. 

Mullen Automotive is one of the many EV companies that seek to become a better alternative to Tesla and other EV companies. It is building its vehicles in California. It is also doing research on solid-state battery technology that will produce better batteries if successful. Mullen also runs CarHub, a platform for buying and selling cars.

Further, Mullen Automotive has also been relatively acquisitive. In 2022, the company acquired Electric Last Mile Solutions (ELMS) in a $240 million deal. It also bought a 605 stake in Bollinger Motors, a company that manufactures electric trucks.

Mullen is building several cars, including Mullen FIVE, Mullen FIVE RS, Mullen Class 1 van, Mullen Class 3., Bollinger B1 and B2, Bollinger I-GO, and Bollinger B4 platform.

MULN Stock Latest News

As per the latest reports, Mullen Automotive recently hired three new executives to join its commercial EV van and truck program. The three include Jacob Frenning, who joins as Director of Commercial Sales Mid-Atlantic, Matt Nevious, the new Director of Commercial Sales/Strategic Accounts and Tyler Jordan, who joins as the Senior Director of Commercial Sales.

Also, the company is seeking U.S. Customs and Border Protection approval for its electric vehicles. For this purpose, Rapid Response Defense Systems (RRDS) has submitted its responses to the authorities.

On March 14th, the company gave an update on its Customs and Border Protection (CBP) application for Class 1 EV cargo vans. The company will now seek approval from the  U.S. General Services Administration (GSA) to enable it to sell Class 1 EV cargo vans to all branches of the U.S. government. That would be a great step forward for the company as it would open a new major market.

Meanwhile, the EV maker is also expanding its battery operations with a new high-energy facility in California, USA. In addition, the firm has also revealed its plan to close its Monrovia facility by the end of 2023.

In the midst of deteriorating financial health, Mullen Automotive’s latest SEC filing threatens more investor dilution. This paints an extremely bearish picture for the overly ambitious EV company’s common stockholders.

On 22nd September, Mullen Automotive announced that it had received the EPA certification for Class 3 EV Vehicles. The announcement comes just a month after the company started producing its Class 3 EVs. This certification would allow the company to proceed with its deliveries.

Mullen Automotive recently acquired the battery assets from Romeo Power for $3.5 million. The assets include battery testing equipment, EV pack assembly production lines, and more. On the news, Mullen’s stock price surged by 5.77%.

The EV company’s fiscal third-quarter net loss was $309 million, astronomically higher than the $7.1 million loss during the same period in its last fiscal year. The company also had enough cash to keep operating until June 2024.

The EV maker announced its first revenue of $308,000 by selling 22 EV Vargo Vans to Randy Marion Automotive Group. Despite this bullish news, the MULN stock remained in a tailspin. The company also received $263 million in purchase orders for Mullen Class 1 and Class 3 EV vans and trucks from Randy Marion Automotive Group.

The company has raised $110 million in additional funding by selling its convertible preferred stocks, warrants, and promissory notes. In other news, the company announced the initial deliveries of its Class 1 EV Cargo Van. The delivery perfectly met Michery’s previously set deadline.

In May 2023, MULN announced a reverse stock split of a 1: 25 ratio. The move will consolidate the number of shares currently trading in the market by this ratio while increasing the price of each share. However, the company’s market cap will remain unaffected by this change.

When Did Mullen Stock Split Occur?

To meet the NASDAQ stock exchange’s minimum bid requirements, Mullen Automotive implemented a reverse stock split. The 1-for-9 stock split occurred on August 11, 2023. Since then, the shares have tanked below the key psychological level of $1.

Why did Mullen’s stock crash?

Mullen, Virgin Galactic, SoFi, OpenDoor, and Clover Health have a thing in common. All of these companies went public via the SPAC merger. In this process, a private company goes public by merging with a Special Purpose Acquisition Company (SPAC). Hundreds of SPAC mergers in the past few years formed a bubble that went bust in 2021. Since then, most of these stocks have been in a downward spiral.

Despite all the positive news, the selling pressure on the Mullen stock keeps increasing. The stock has tanked 99% since the start of this year, and there are no signs of any strength. The low market cap of the stock has made it prone to market manipulation, making things even worse.

According to most of the analysts, Mullen Automotive’s balance sheet is getting thinner by each passing month. The company is burning its cash reserves at a very rapid pace. Analysts think that sooner or later, the company won’t be able to meet its liabilities, which may lead to bankruptcy. The recent bankruptcy of Lordstown Motors has further intensified these fears. Consequently, MULN stock has hit its all-time low.

MULN Stock Escapes Delisting From NASDAQ

In early September 2023, Mullen came close to having its stock delisted from Nasdaq after it fell below the statutory threshold of $1.00. However, the company appealed the notice before the Nasdaq Listing Qualifications Panel and the stock price clawed back above $1.00. Nonetheless, the current trajectory is a cause for concern, especially bearing in mind that most projections forecast reduced performance by the EV industry in 2024.

Mullen Automotive Receives Notice From NASDAQ

Mullen recently received a notice from the NASDAQ’s Listing Qualifications Department for failing to meet the annual meeting standard of Nasdaq. Even though Mullen held an annual meeting on August 3, the shareholders were not allowed to discuss the company affairs with the management. However, on March 6th, Nasdaq announced that the company had regained compliance with the annual shareholder meeting requirement stipulated in Nasdaq Listing 5620(a).

The Nasdaq Hearings Panel has now given Mullen Automotive a deadline of March 2024 to hold an annual meeting.

Is Mullen Going Bankrupt?

Another concern for the MULN stock price was the rising bankruptcy risks. Besides, we have seen many EV companies fail in the past few years. A key concern is that Mullen is burning cash at a rapid pace. In 2022, the company lost more than $740 million. This was a big increase from the $44 million that it lost in the previous year.

The latest 10-Q report of Mullen Automotive depicts a very frightening situation for the shareholders. In the last three months, the EV company has produced no revenue while burning $67.5 million of operating cash. Furthermore, the company has also diluted shareholders by another 60%.

The Company’s assets in the fiscal year ended September 30, 2023 show that it had $75 million in property, $82.0 million worth of inventory, $155.7 million in cash, and $25.0 million in other current assets. In addition, the company had $7.5 million in accounts payable. This is an improvement from 2022 end of fiscal year figures which stood at $84.4 million in cash, $2.0 million in other current assets, $14.8 million in property, plant and equipment, and $9.0 million in payments due.

Also, the company’s net working capital stood at $58.5 as of the end of the last fiscal year on. That figure rose to about $133.3 million after subtracting derivative liabilities and liabilities to issue shares that were to be settled through the issuance of common stock instead of cash. This is an improvement over 2022, when working capital was $34.9 million, or $59.6 million minus liabilities related to derivatives and shares that are meant to be settled through the issuance of common stock rather than cash.

Is Mullen Automotive a good investment?

We believe that MULN stock is not a good one to invest in for several reasons. First, the company has no proven technology. This means that investing in it is hoping that it will do well in the future and that its technology will work. 

Second, Mullen is a cash incinerator that burns millions of dollars per month. As mentioned, this means that there is an elevated risk of the company going bankrupt in the coming years. Third, Mullen has a chequered history. For example, the firm initially wanted to build an electric saloon. They then wanted to introduce China’s Qiantu K50 to the US. It has now moved to delivery trucks and other vehicles. 

Further, as I wrote in my Rivian stock price forecast, I am skeptical about the future of EVs in the US. I  believe that Internal Combustion Engine (ICE) cars will continue to have a market share. Finally, building an EV company needs billions of dollars because of things like recalls.

Mullen Automotive Authorises Share Buyback

In its second quarter financial results, MULN authorised a stock buyback program. The program would allow the EV company to purchase shares worth up to $25 million by the end of 2023. The stock could be bought in the open market or via private transactions. However, the share buyback program is not obligatory and could be terminated before its expiration.

MULN Stock Price Forecast & Technical Analysis

To be honest, it is not that hard to understand the price action of NASDAQ: MULN. The following chart reveals that $0.40 is the most critical level on the chart right now. I don’t expect any significant price reversal until the reclaim of this level.

To me, it seems almost foolish to buy MULN stock right now, as there is no sign of strength. It’s better to wait for a reclaim of at least $0.39 in a long timeframe before investing in Mullen Automotive at its current valuation. The looming delisting concerns are one of the biggest reasons behind this bearish outlook.
I’ll keep updating my MULN stock forecast in my free Telegram group, which you’re welcome to join.

MULN stock price forecast 2025, 2030

As mentioned above, I believe that Mullen Automotive will go bankrupt by 2025, based on the current trajectory. The company is burning too much cash at a time when interest rates are rising. If it doesn’t go bankrupt, it will have diluted shareholders severely by raising cash. For one, as we have seen with companies like Tesla and Rivian, ramping up production for EV cars is a capital-intensive process. As such, the company will likely need to raise billions of dollars in the coming years. 

Mullen Update April 30 2025

MULN Stock Price Forecast: Mullen Slides to Pennies as Hope Fades in 2025

It’s been another brutal month for Mullen Automotive (NASDAQ: MULN). The stock is barely hanging on at $0.42 as of Wednesday, April 30, a far cry from where it traded just a year ago, let alone back in 2022.

MULN is down more than 70% this year alone. Most of the damage is self-inflicted: repeated share dilution, missed targets, and a loss of investor confidence that’s been hard to reverse.

MULN Chart: No Momentum, No Floor

Technically, there’s not much to lean on here. The price has hovered between $0.42 and $0.48 for most of April. Volume is light. RSI is stuck in oversold territory, reading around 20 — but nobody’s stepping in to buy the dip.

• Price: $0.42
• Resistance: $0.48
• Support: Anything under $0.40
• MACD: Deep in the red, no reversal signal
• RSI: 20.76 — oversold, but no bounce in sight

Unless the stock gets above $0.489, the trend stays bearish. It’s that simple.

Why MULN Keeps Falling in 2025

There’s no mystery here. Mullen’s reverse splits haven’t helped, and the company keeps issuing more shares. That’s killed momentum. On the business side, vehicle deliveries remain unclear, and there’s little evidence of revenue traction.

The EV sector itself has moved on. Investors are focused on established names with real numbers, like Tesla, Rivian, and BYD. Unfortunately, Mullen hasn’t been able to prove it belongs in that conversation.

April Recap: Mullen Treads Water With No Breakout in Sight

April was uneventful for MULN, and that’s not a good thing. After a short-lived bounce early in the month, the stock settled back near $0.42 and stayed there. No volume. No fresh headlines. No bullish follow-through.

Unless something major changes, a credible delivery update, new funding, or a surprise partnership, this chart will likely drift sideways, or worse.

For now, MULN remains a penny stock trading on fumes.