The past week has been a rather tough time for investors in Mullen Automotive Inc (NASDAQ:MULN) as the stock performed poorly and the trend remained the same on Monday as the stock ended the day with a decline of 15%. That took the decline over the course of the past week to as much as 27%.
Trading Data
On Monday, MULN stock fell 14.80% to $1.84 with more than 108.97 million shares, compared to its average volume of 129.49 million shares. The stock moved within a range of $1.7600 – 2.1700 after opening trade at $2.17.
Mullen Automotive to Begin Construction for EV Battery Pack Production at High Voltage R&D Facility in Monrovia, California
However, at the same time, it may be a good idea to take a look at the developments from yesterday and figure out if the stock could make a recovery any time soon. The company announced yesterday that it was planning to begin the production of electric vehicle battery packs at its research and development plant located in the state of California.
It was further noted that it was having a redevelopment at the facility so that it could make room for having an electric vehicle batter pack production space. It goes without saying that the announcement was a significant one from the company and one that could have considerable impact on its future. At this point, it remains to be seen if the announcement can bring about any change in fortunes for the Mullen Automotive stock.
Key Quote
“Building our own battery packs makes sense as it reduces our reliance on third-party suppliers and lessens our risk of being subjected to the waves of supply and critical component shortages,” says David Michery, CEO and chairman of Mullen Automotive. “The entire industry is struggling with supply chain issues and the more control we have in-house, the better off our vehicle programs will be. Our Monrovia facility is already established for high voltage applications so retrofitting it for our battery pack development makes good sense for our company and shareholders.”
Technical Data
MULN stock is trading below the 20-Day and 50-Day Moving averages of $2.40 and $1.88 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.85.
