What's Going On With Mullen Automotive Stock Today?

Mullen Automotive Inc MULN shares are trading lower Monday. The stock initially surged higher before pulling back significantly and turning negative for the session. 

Mullen on Monday announced plans to begin EV battery pack production out of its high voltage battery research and development facility located in California. The company plans to retrofit the facility to accommodate the production of EV battery packs designed for Mullen's EV vehicle lineup, including the ONE EV Cargo Van, FIVE EV Crossover and DragonFLY EV Sportscar programs.

Mullen said it plans to make the changes to reduce dependency on third-party suppliers and reduce the risk associated with material and supply shortages. By taking battery pack production in-house, Mullen will also lower costs and increase overall quality control in development.

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MULN Price Action: Mullen has traded between 52 cents and $15.90 since it went public in November.

According to data from Benzinga Pro, the stock was down 12.7% at $1.89 at time of publication.

Photo: courtesy of Mullen.