What will the rest of 2023 look like for electric vehicle (EV) manufacturer Mullen Automotive (NASDAQ:MULN)? Will it bring positive surprises or only disappointment? Now is not the time to throw in the towel on MULN stock, as Mullen Automotive and its majority-owned commercial vehicle business have good news to share.
For one thing, Mullen Automotive recently announced the start of its 2023 “Strikingly Different” EV Tour, which will commence Aug. 20. Also, Mullen is preparing to unveil a mobile EV charging truck model known as PowerUP.
And, there’s more to be revealed as Mullen Automotive is among the most active and ambitious EV manufacturers in the nation. So, don’t give up on MULN stock — and if you can tolerate the risk, consider adding a few shares to your portfolio.
MULN Stock Slides Despite Anticipated Milestone
Mullen Automotive certainly isn’t a darling of the financial market now. Mullen’s investors lost a lot of wealth during 2023’s first six months, and they may feel hopeless now.
Yet, there are reasons to believe that MULN stock may have finally reached a bottom. I’ve already cited a couple of positive developments, and here’s another one to add to the growing list.
Mark your calendar for Aug. 24, as that’s when Mullen Automotive will celebrate its “first Class 3 vehicles rolling off the production line, ready for customer deliveries.” This event will take place at Mullen’s Mississippi assembly plant.
Meanwhile, the state of Michigan recently approved Mullen Automotive — or more precisely, the company’s majority-owned truck manufacturer, Bollinger Motors — for a $3 million grant. This grant’s purpose is to promote job creation in Michigan.
Bet on Bollinger Motors in 2023
Michigan’s grant to Bollinger Motors is clearly a vote of confidence in Mullen Automotive. Moreover, the capital infusion will undoubtedly benefit the company as well as the local community.
Given the drawdown in MULN stock, it seems that investors don’t fully appreciate Bollinger Motors’ growth potential. Bollinger Motors is making significant operational progress, as the company recently commenced its “design validation” pilot builds for the testing and demonstration phases of its B4 chassis cabs.
Jim Connelly, chief revenue officer of Bollinger Motors, clarified his vision for the company’s B4-outfitted electric truck models. “Our Class 4 Bollinger B4 truck was purpose built for fleets and it gives them unlimited upfit options,” he stated. Connelly also disclosed that Bollinger Motors’ “nationwide service network will be announced soon.”
Stay the Course With MULN Stock, If You Dare
Mullen Automotive and Bollinger Motors are have been practically abandoned on Wall Street. However, this isn’t stopping Mullen from striking deals and advancing its electrified commercial vehicle models.
It may be just a matter of time before the financial market comes to appreciate Mullen Automotive’s true value and full potential. So, be prepared for bumps in the road and volatility in MULN stock. If you can handle the risk, though, then feel free to consider a small share position in Mullen Automotive.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.