Mullen Automotive Stock News and Price Prediction: MULN names former Tesla exec to manage manufacturing

MULN stock ends the week at $2.87, losing 3.7% on Friday.
MULN opts for former Tesla executive to head global manufacturing.
MULN CEO appeared at Benzinga's conference and spoke bullishly on prospects for the stock.

Ivan Brian FXStreet

Mullen Automotive (MULN) stock ended the week losing some ground on Friday but still gained over 20% on the week. The EV stock remains high on retail traders' watchlists as the strong gains across meme stocks encourage more and more traders back to the space.

Mullen Automotive (MULN) stock news

Mullen has followed the lead of many other EV manufacturers in taking a former Tesla executive and piggybacking on his knowledge. Mullen announced that John Taylor is to be named as Global Head of Manufacturing & Strategic Planning. Mullen had already been seeing interest from retail traders after its CEO David Michery appeared at Benzinga's Electric Vehicle Listmakers conference. On the show, he outlined that a major company would be buying Mullen's vans shortly. Speculation mounted, but it is thought to be a Fortune 500 company. This sent the MULN stock into a frenzy and pushed them back over the $3 level.

Electric vehicles stocks will garner some renewed attention following a raft of positive delivery news. Late last week solid delivery data arrived from Nio (NIO) and XPeng (XPEV) in China. Over the weekend Tesla also announced record deliveries for the first quarter of this year. Tesla did mention supply chain issues, and this was an issue Mullen's CEO alluded to when speaking at the Benzinga conference last week. Mullen was looking to have a US-based supply chain to avoid such issues.

Mullen Automotive Stock Forecast

Forecasting something as volatile as MULN stock makes technical analysis more difficult, but we can see the breakout occurring at $2.06, so this level then is key support. Holding it means a consolidation phase is possible for further gains. Break back below, and the momentum is likely over.

Mullen (MULN) stock chart, daily

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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