What's Going On With Mullen Automotive Stock Today?

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

The company revealed its continued efforts to strengthen U.S.-based battery production.

Mullen Automotive has furthered its goal of expanding American-made battery capabilities by purchasing additional battery production equipment from Nikola Corporation NKLA.

This purchase is aimed at enhancing Mullen’s Fullerton, California facility, which focuses on producing next-generation battery packs, modules, and solid-state polymers.

The newly acquired assets from Nikola include a high-volume standard battery chemistry production line and an electro-dynamic shaker system for laboratory testing.

Once installed, Mullen’s Fullerton facility will feature two high-volume standard battery chemistry lines, a high-precision R&D line for both standard battery chemistry and solid-state polymers, and a full battery testing laboratory.

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These additions will allow the company to test advanced battery systems in-house, advancing its commitment to zero emissions and reducing reliance on imported components.

David Michery, CEO and Chairman of Mullen Automotive, emphasized the company's focus on American-made solutions, stating that Mullen is executing its plan of transitioning to domestic battery production in Southern California.

This initiative follows a September 2023 purchase of $3.5 million in battery production assets from Romeo Power, also a Nikola subsidiary.

Additionally, Mullen has submitted a modified plan to the U.S. Department of Energy (DOE), requesting $55 million in matching funds to support its U.S. manufacturing expansion.

Price Action: MULN shares are trading lower by 6.21% to $0.2720 at last check Thursday.

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