MULN Stock Forecast: Mullen Automotive extends gains after patent applications

NASDAQ:GGPI soared higher again for the sixth consecutive session as the company and shareholders prepare for the merger vote with Mullen Automotive. On Wednesday, shares of GGPi gained a further 5.26% and closed the trading session at $1.60. Stocks failed to choose a direction on Wednesday, although ultimately all three major indices closed the day in the red. Fed Chairman Jerome Powell spoke to congress on Wednesday and remained hawkish in his resolve to tame inflation in the US economy. The Dow Jones fell by 47 basis points, the S&P 500 dropped lower by 0.13%, and the NASDAQ posted a 0.15% loss during the session.

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Mullen Automotive issued another press release on Wednesday as the company revealed it is filing applications for more than 130 patents across 24 different countries. These patents are for the design and style of the Mullen FIVE crossover EV. Mullen stated that 19 of those patents are in the US, with the rest of the 117 patents for international markets. This provides some insight into Mullen’s international plans for expansion once it launches in the US market. Its patents were filed in countries like China, Australia, Argentina, and New Zealand.

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Tesla (NASDAQ:TSLA) CEO Elon Musk was quoted as saying that the new GigaFactories in Berlin and Texas are bleeding cash right now. A shortage of batteries and Chinese port issues have cost the plants billions of dollars. Currently, the Texas GigaFactory in particular is struggling to produce only a small number of vehicles. Musk also revealed that the long-awaited Cybertruck has finally locked-in its design and will likely commence production in 2023. Shares of TSLA were down by 0.40% during Wednesay’s trading session.