Tax Credits Are Ending: Can Mullen's Global Push And Crypto Pivot Win Over EV Buyers?

Mullen Automotive MULN stock was trading upwards on Monday.

Why? The U.S. House of Representatives passed President Donald Trump’s “Big Beautiful Bill,” which removes the $7,500 tax credit for new U.S.-made EVs.

The tax break will end on September 30, prompting some automakers to begin raising the prices of electric vehicles in anticipation.

Also Read: Mullen Projects Revenue Jump, Smaller Losses in Q2—Stock Soars Amid Filing Delay and Investor Hype

Mullen is a Southern California-based company focused on developing, manufacturing and distributing EVs, particularly commercial trucks. Mullen is also involved in the development of high-performance passenger vehicles.

Let’s take a look at the recent positive updates regarding the stock. On June 3, Mullen shared plans to relaunch its FIVE RS EV Crossover in Germany this December, following the completion of 800-volt battery testing in Munich.

The company will begin on-road testing next and aims to expand sales to the EU, UAE, and South Africa in 2026.

Mullen partnered with German firm FPF to ensure high-quality production, targeting international success before entering the U.S. market.

On June 25, Mullen announced it would accept Bitcoin and TRUMP Coin for EV purchases, targeting crypto-savvy and politically engaged buyers. The move expands payment options and boosts brand visibility through viral marketing tied to meme coin culture.

However, the stock plunged 95% in the last 30 days, compared to the Russell 2000 Index and the Russell 3000 Index’s 4% returns. This was due to the company’s widening losses, investor concerns about its financial health and a lack of consistent growth in the competitive EV market. Mullen has also been grappling with legal challenges and production hurdles.

Mullen Automotive had three stock splits in 2025, including one on February 18, one on April 11, and another on June 2 to comply with Nasdaq’s $1 bid price requirement. All three were reverse stock splits, implying they reduced the number of outstanding shares. The split ratios were 1-for-60 on February 18 and 1-for-100 on April 11 and June 2.

At the end of May, Mullen announced a 1-for-100 reverse stock split effective June 2. The update sent the stock tumbling by over 28%.

On April 9, Mullen said it would implement a 1-for-100 reverse stock split of its common shares, effective April 11. The update sent the stock tumbling by 25%.

On February 13, Mullen announced a 1-for-60 reverse stock split effective February 18. The update sent the stock tumbling by 20%.

On May 20, Mullen reported second-quarter revenue of $4.95 million, its strongest revenue results. The company also reduced its quarterly net loss to approximately $47.1 million from $132.4 million in the year-ago period.

MULN Price Action: Mullen shares were up 16.3% at $0.2599 at the last check Monday.

Read Next:

• Broadcom Outpaced Major Indexes In 2025 – What Went Down

Photo: Shutterstock