What's Going On With Mullen Automotive Stock Tuesday?

Mullen Automotive, Inc. MULN shares are soaring on Tuesday. The stock began moving higher after the company announced its Class 1 EV cargo van, the Mullen ONE, is available for rent on Turo.

The Details: The Mullen ONE is now available on Turo, the world’s largest vehicle sharing marketplace, in collaboration with Parasol Strategic Solutions, a high-level Turo host based in Florida.

The company said the Turo host identified a strong need in its market for eco-friendly cargo vans, which led to the collaboration.

“The Mullen ONE aligns perfectly for a cargo van rental option on Turo, offering a nimble, eco-friendly solution that meets the expectations of businesses seeking on-demand, cost-effective transportation options,” said Bradley Shaw of Parasol Strategic Solutions.

Parasol will begin offering the Mullen ONE in the Jacksonville, Florida, market as an initial pilot. The company said a second Mullen Class 1 EV cargo van pilot is planned to launch in Baltimore, Maryland. 

“This is a gateway opportunity for businesses of all sizes to experience the performance and benefits of Mullen’s Class 1 EV cargo van,” said David Michery, CEO and chairman of Mullen Automotive. 

Mullen had a market cap of about $10 million as of Monday’s close. Micro-cap stocks can be extremely volatile, which may help explain some of Tuesday’s surge. 18.49% of the float is also sold short, according to data from Benzinga Pro.

Related Link: Tesla Rival Rivian Reports Steep Loss Of About $40K Per EV In Q3 As Deliveries Hit Lowest Since Q1 2023

How To Buy MULN Shares

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Mullen Automotive's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

MULN Price Action: At the time of publication, Mullen shares were up 56.7% at $2.69, according to data from Benzinga Pro.

Image: Courtesy of Mullen Automotive, Inc.