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Why Is Mullen Automotive (MULN) Stock Up 25% Today?

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Electric vehicle manufacturer Mullen Automotive (NASDAQ:MULN) made strong gains in the market Wednesday after hinting at a future deal. MULN stock closed Wednesday up 28.9% as investors clamor to get in on the hot stock.

Electric vehicle logo painted on a blue street

Source: Shutterstock

So what’s going on with Mullen lately?

Well, Mullen’s jump is likely due to comments made by CEO David Michery. Michery appeared on the Benzinga Listmaker YouTube show. In the show, Michery alluded to an upcoming second-quarter announcement that a “major, major Fortune 500 company” is purchasing cargo vans.

Just this week Mullen reported estimates that the company will close fiscal Q2 with roughly $65 million in cash on hand. Its fiscal second quarter ends March 31.

MULN has seen strong gains in recent months, which come as a pleasant surprise after a fairly downtrodden year. So what else do you need to know about Mullen now?

MULN Stock Soars as Prospects Change on EV Maker

In Michery’s interview, the CEO offered a number of updates on the company’s production schedule. He confirmed previously stated plans to offer its class 1 vehicle in Q2 of this year. He also laid out plans to tour the Mullen Five base and RS models across the United States over the rest of the year.

Investors have clearly been dazzled by the details Michery offered today. The California-based company has a factory in Mississippi which has produced several testing models thus far. Mullen has claimed the Five RS, the sport model of the crossover SUV, has a 0-60 mph time of just 1.9 seconds. Priced between $55,000 and $75,000 (not including the high-end RS model), the Five is targeting the luxury EV sector.

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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