What's Going On With Mullen Automotive Stock Tuesday?

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

In a press release, the company disclosed the development of a ZERO-EMMISSIONS version of PowerUP. This is Mullen’s mobile EV charging solution offered on the company’s own Class 3 all-electric cab chassis truck.

“The feedback on the initial PowerUP concept was overwhelmingly positive, but the market is clearly looking for a zero-emission solution,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen introduced PowerUP in July 2023, a mobile EV charging truck offering level 2 and level 3 DC fast charging. It serves roadside assistance and emergency response, providing immediate power for recharging EVs or backup power.

Mullen’s PowerUP mobile charging truck transitions to zero-emission, abandoning gas-powered chassis for sustainability and meeting market demand.

The PowerUP mobile charging truck will have a peak capacity of 160 kWh (Scalable to 1 MWh).  It features Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity, making it suitable for multiple applications. 

“By leveraging our all-electric Mullen THREE, the new PowerUP delivers recharging at a higher level of scalability and performance while offering zero emissions for both the vehicle and power unit,” Michery added.

Mullen said it is developing PowerUP at its High Energy Facility located in Fullerton, California.

Price Action: MULN shares are trading lower by 2.75% to $4.240 at last check Tuesday. 

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Courtesy of Mullen Automotive, Inc.