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MULN Stock News: Mullen Automotive extends surge after extending solid-state battery partnership

NASDAQ:MULN gained 18.28% during Monday’s trading session.
Mullen and LGG extend their partnership for solid-state battery technology.
EV stocks slump as Tesla extends its recent decline.

Stocks Reporter FXStreet

NASDAQ:MULN continued its volatile performance this year with another spike in price to start the week. On Monday, shares of MULN surged by 18.28% and closed the trading session at 1.17. The move marks the fourth consecutive positive session for Mullen, after falling to a closing price of $0.80 last week. The broader markets were mostly negative during Monday’s session, as the three major indices posted mixed results. The Dow Jones gained 26 basis points, while the S&P 500 and NASDAQ fell by 0.39% and 1.2% respectively during the session.

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On Monday, Mullen Automotive announced that it is continuing its working relationship with LGG (Linghang Guochang Group) for the process of creating solid-state polymer battery technology. The two companies are now moving towards vehicle pack level development. Mullen plans to have its solid-state polymer battery technology ready for the second generation of its FIVE EV Crossover model. Mullen says that the vehicle will see a 300-mile range on just 18 minutes of DC fast charging, with a range of 600-miles on a full charge.

MULN stock forecast

EV stocks were plunging on Monday after they seemed to have turned a corner late last week. Shares of industry leader Tesla (NASDA:TSLA) were tanking yet again as a new report suggested that the EV maker is losing market share in China. Tesla delayed its return to full production at the Shanghai GigaFactory for another week, and CEO Elon Musk is still publicly deciding on whether or not he wants to buy Twitter (NYSE:TWTR). Shares of other EV makers like Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) were also trading lower during the session.

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