Mullen Automotive Stock News– Page 2 of 2

The Mullen Automotive stock price has been in a freefall in the past few months as EV shares plunge. MULN stock dropped to a low of $0.2033, which was more than 99% below its all-time high. Its total market cap has plunged to $101 million, which is a remarkable downfall since Mullen was valued at over $1 billion at its peak. Bankruptcy fears remain EV stocks have been in a strong downward trend in the past few months. Tesla, the granddaddy of electric vehicles, has seen its stock plunge from above $400 to about $180. Its market cap has plunged to about $577 billion, down from its all-time high of over $1 trillion. Other EV stocks like Polestar, Nio, Xpeng, Li Auto, and Quantumscape have all plunged by over 50%. At the same time, some smaller EV companies have started filing for bankruptcy. Recently, Mullen Automotive acquired Electric Last Mile Solutions (ELMS) after the firm filed for bankruptcy. And recently, we wrote that Arrival was on the brink. Arrival is a UK-based EV company that has warned that it could run out of cash soon. Unfortunately, the situation at Mullen is not encouraging. The firm is incinerating cash and has missed its own deadlines of vehicle deliveries. In January, Mullen said that it would start delivering its cargo fleets to customers in the second quarter of this year. We are now in the fourth quarter and the firm is yet to start deliveries. Mullen also promised to start delivering cars to DelPack Logistics in November. With November ending, the firm has not made any announcements about these deliveries. Mullen stock price also tends to react to the firm’s investments in solid-state batteries. Again, this technology has more years to develop and perfect. Will Mullen have the financial resources to build it? Also, with its stock crashing, the company will find it difficult to raise cash by selling shares. Therefore, with EV companies collapsing, I suspect that Mullen will be next. A key caveat is that Mullen tends to be the GameStop of the automobile industry. As such, major pops in the stock cannot be ruled out, as I wrote last week. MULN stock price forecast The daily chart shows that the Mullen Automotive stock price has been in a strong bearish trend in the past few months. This decline has happened at a time when volume has been at an elevated level. The Average True Range (ATR), which is a good measure of volatility, has plunged. It has moved below the 25-day and 50-day moving averages. Therefore, the stock will likely continue falling in the near term. If this happens, the next key support point to watch will be at $0.15. A move above the resistance point at $0.25 will invalidate the bullish view. ULN

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