Mullen Automotive Stock Falls Over 15% - What's Going On?

Mullen Automotive, Inc. MULN shares are trading lower on Thursday.

In a press release, the company said it received certification from the California Air Resources Board on the 2025 Mullen THREE, Class 3 all-electric low cab forward chassis truck.

“Our vehicles are CARB approved and ready for delivery with many states and local governments offering very strong incentives to electrify commercial fleets,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen Automotive said that the certification is awarded to vehicle manufacturers who meet specific emissions standards in compliance with CARB regulations.

CARB-compliant states and locations include California, Connecticut, Colorado, Delaware, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont and the District of Columbia.

CARB certification opens the Mullen THREE to critical state EV incentive programs, which vary by each eligible CARB-compliant state. 

The certification takes on even more significance with CARB’s recent Advanced Clean Fleets regulation.

Earlier this week, the company announced the first phase completion of battery line integration at its high-energy facility on Monday.

Mullen said the phase one project culminated in the successful startup, debugging, and early-stage commissioning of the initial two battery assembly lines. 

Production line start is currently targeted for early 2025 and at volume production, Mullen expects to hire over 200 people for both battery production and operational support.

Price Action: MULN shares are trading lower by 15.1%to $3.20 at last check Thursday.

Image: Courtesy of Mullen Automotive, Inc.