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\n Share:<\/span><\/p>\n \u00a0<\/p>\n Mullen Automotive (MULN)<\/strong> stock is attempting a turnaround of sorts this week. After finishing its first month of 2024, MULN stock closed on Thursday\u00a0down 49% for the year, but this week the electric vehicle (EV) stock has risen 7.7%. Could this finally be the turning point that shareholders have been waiting for?\u00a0<\/p>\n The S&P 500 has gained a little over 0.3% so far this week, so by comparison Mullen stock is exceeding expectations for once. It would appear that the major sell-off seen in January is at the least taking a rest. Mullen has not been diluting the share count since last Summer, but certain investors continue to hold warrants that can be traded for common shares in the future. This latter consideration has put downward pressure on MULN stock since the reverse stock split in December.<\/p>\n Mullen CEO David Michery was out with another press release on Thursday touting his company\u2019s strategy. The besieged founder and CEO, who has received criticism for near constant shareholder dilution over the past few years, extolled Mullen\u2019s performance since selling its first wave of vehicles in late 2023.\u00a0<\/p>\n \u201cWhile many of the OEMs and new EV companies have launched their EVs with significant losses, Mullen is out-of-the-gate with a positive gross profit margin per vehicle,\u201d Michery gloated. \u201cEV growth has slowed in the retail segment [globally] but continues to increase across the commercial and fleet segments, where we now have a strong vehicle lineup in the market.\u201d\u00a0<\/p>\n Michery announced that Mullen has invoiced its distributors for $17.3 million so far since inking its first sales agreement last September. This is a small figure by automotive OEM standards, but Mullen does appear to be growing its list of customers.<\/p>\n On Tuesday, Mullen announced it had sent 20 of its CAMPUS vehicles to Grupo Caval in the Dominican Republic. Grupo Caval operates a series of Electric Motors dealerships and has automotive industry relationships throughout the Caribbean.\u00a0Mullen believes this partnership will allow it to expand throughout the region in the future.<\/p>\n Similar to the Mullen ONE last-mile delivery van, the Mullen CAMPUS model is a delivery van for \u201c low-speed, closed-campus use\u201d. The model has been received with success by several college campuses and a utility corporation in the US.<\/p>\n <\/p>\n Electric vehicles or EVs are automobiles that use rechargable batteries and electric motors to accelerate rather than internal combustion engines (ICEs). They have been around for more that 100 years, but battery technology research & development was meager for much of the 20th century. Lithium-ion battery technology became advanced enough to produce EVs at scale in the late 1990s and 2000s, and sales have been steadily increasing since then Tesla\u2019s Roadster was unveiled in 2008. EVs are viewed as a means of reducing carbon emissions since battery electric vehicles (BEVs) themselves produce zero emissions. Other vehicles called plug-in hybrid electric vehicles (PHEVs) utilize both battery electric power and ICEs as a backup.<\/p>\n<\/section>\n EVs are growing from a small base, but they rose from 9% of global new auto sales in 2021 to 14% of the total in 2022. This was a 65% YoY growth rate, and the industry delivered 10.2 million EVs worldwide in 2022. Projections show this number climbing above 16 million in 2023. Across the world, market shares differ greatly among nations. Nearly 88% of Norwegian new car sales in 2022 were EVs. On the other hand, the United States, where much of the modern innovation in EVs was forged, had less than 8% of new vehicle sales go to EVs in 2022. The largest EV market in the world, China, saw 30% of the market go to EVs that year.<\/p>\n<\/section>\n We know you\u2019re thinking Elon Musk, but he\u2019s probably more like the father of the mass-market, contemporary EV. All the way back in 1827, a Hungarian priest named Anyos Jedlik invented the electric motor and used it the following year to power a vehicle of sorts. French scientist Gaston Plant\u00e9 invented the lead-acid battery in 1859, and German engineer Andreas Flocken built the first true electric car for the public in 1888. EVs made up about 38% of all vehicles sold in the US around 1900. They began losing market share rapidly after 1910 when gasoline-powered vehicles grew much more affordable. They largely died off until new research programs in the 1990s led to gradual private sector investment in the 2000s.<\/p>\n<\/section>\n China\u2019s BYD is by far the largest manufacturer of EVs in the world. In 2022 it sold 1.8 million EVs and in the second half of the year made up 20% of the global market. The asterisk given to BYD is that the vast majority of these vehicles are hybrids. Tesla\u2019s 12% market share is often treated as more significant than BYD, because it only sells BEVs and is the most famous EV brand in the world. Volkswagen, BMW and Wuling then round out the top five. As a new sector with heavy investment though, many startups have flooded the market. These include China\u2019s Nio, Li Auto and Xpeng; a Swedish-Chinese manufacturer called Polestar; and Lucid and Rivian from the US.<\/p>\n<\/section>\n<\/div>\n <\/p>\n Mullen stock has been faltering since its post-reverse-split rally ended on January 10. That downtrend bottomed on January 24 at $6.36. MULN stock closed up 3.56% on Thursday at $7.27 and hasn\u2019t reached a new lower low in six sessions. For such a moribund stock, this is actually saying something.<\/p>\n Notably, Mullen stock has also resisted settling below the December 21 low of $6.95. This would seem to show that there is at least some appetite to buy shares at this current price level. The Moving Average Convergence Divergence (MACD) indicator also has just barely crossed over in a bullish fashion on Thursday, which normally predates a coming rally. Long-time traders will wait for MULN stock to break above the 20-day Simple Moving Average (SMA), currently at $9.68, before going long.<\/p>\n\n
Mullen Automotive stock news: Michery gazes toward Caribbean\u00a0<\/h2>\n
EV stocks FAQs<\/h2>\n
Mullen stock forecast<\/h2>\n