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Mullen Automotive stock price in five years: Can MULN deliver on EV technology promise

By Rob Griffin

Edited by Georgy Istigechev

09:28, 11 October 2022

The Mullen FIVE electric SUV crossover is unveiled at AutoMobility LA
MULN stock has slumped over 95% this year – Photo: Mario Tama/Getty Images

Investors in Mullen Automotive (MULN) have seen the stock price fall almost 95%. Can things turn around?

The US-based electric vehicle manufacturer has been on an acquisition spree recently with the purchase of a controlling stake in electric vehicle (EV) truck producer Bollinger Motors.

Mullen Automotive also bid for the assets of bankrupt competitor Electric Last Mile Solutions (ELMS).

But, questions over Mullen’s longer-term prospects, criticism from short sellers and the lack of enthusiasm for growth companies have hit the stock hard in 2022.

In this Mullen Automotive stock forecast, we examine why the MULN stock price has fallen over the past year and examine the company’s realistic prospects.

What is Mullen Automotive?

MULN is an EV manufacturer based in Southern California that owns and partners with several businesses in working towards the goal of clean and scalable energy solutions.

Mullen Automotive went public on 5 November 2021 and trades on the Nasdaq Stock Exchange under the ‘MULN’ stock ticker.

At the time of its launch, David Michery, Mullen’s chairman and chief executive, declared that trading on the Nasdaq would increase awareness of the company and opportunities for electric vehicles.

“The road ahead has never been brighter for Mullen and I am proud to lead us into the future,” he said.

Looking ahead, the Mullen FIVE sport utility EV is expected to be in production by the second quarter of 2024. It will have a starting price of $55,000.

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MULN stock price analysis

Any Mullen Automotive stock forecast must consider how the company has been performing – and the news is that the MULN stock price has been down this year.

At the start of 2022, the share price stood at $2.81. Since then it’s fallen almost 95% to $0.30, as of market close on 7 October 2022.

Since going public in early November 2021, the price has fallen 97%, from $11.70. The price is down 88% over the last six months.

Earlier this year, Hindenburg Research claimed the company was “yet another fast talking EV hustle” and that it had taken a short position on its shares.

“Mullen Automotive is yet another aspiring electric vehicle manufacturer that has burst onto the market with grand promises – and little to back them up,” it stated.

The company is currently the 24th largest electric vehicle manufacturer in the world, with a market capitalisation of $0.17bn, according to CompaniesMarketCap.

It’s worth pointing out that other prominent names in the EV space have also struggled year-to-date (YTD). 

The stock price of industry giant Tesla (TSLA), for example, has fallen 44%, from $399.93 at the start of January to $223.07 at close on 7 October 2022.

Rivian (RIVN) has lost 70%, down from $102.72 to $31.13 over the same period.

Mullen Automotive: Latest news

Let’s take a look at some of the latest news that could affect the company’s stock price.

Positive battery testing results

At the end of May 2022, Mullen announced progress in solid-state battery technology testing, which is an area expected to help the EV market develop.

In a statement, Mullen emphasised how solid-state batteries offered higher energy density, faster charging time, smaller size, and safety compared to traditional lithium-ion cells.

Ben Wrightsman, president and chief executive of Indiana’s Battery Innovation Center, said test results were in line with expectations:

“The cell thus far has performed as stated, and we will continue to test additional parameters to characterise the overall capabilities and performance,” he said.


118.03 Price
-3.230% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 0.11


151.35 Price
-3.270% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 0.11


239.25 Price
-4.530% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 0.14


256.98 Price
+8.980% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 0.51

Mullen’s expansion

In early September 2022, Mullen announced the acquisition of a 60% controlling interest in Bollinger Motors, an EV truck innovator, for $148.2m in cash and stock.

The deal was Mullen’s first EV acquisition and moved the Company into the medium-duty truck classes 3-6, along with the B1 and B2 sport utility trucks.

In a statement, Michery noted the strong interest shown by customers in high-volume segments such as delivery, telecoms and utilities.

“This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space,” he said.

Latest earnings

In early August 2022, Mullen announced third quarter results and declared that it had the “strongest balance sheet ever”, with approximately $99m cash and cash equivalents to hand.

It also reported asset growth of 391%, positive working capital of $27,656,446 and $318m in financial commitments.

The company highlighted a 281% increase in research & development spending, primarily relating to engineering costs for the Mullen FIVE and Mullen EV cargo van.

Michery insisted it was “an exciting and pivotal time” for Mullen.

“We’ve been focused on expanding our capital positions, resources, and efforts in all key business areas, and we are really seeing it come together with our recent expansions and successes,” he said.

Mullen Automotive stock forecast: Where will the stock price go?

In a testing year for investors in Mullen Automotive, what could happen to the MULN stock price?

MULN is a “bad long-term (one year) investment”, according to the algorithmic forecasts of Wallet Investor.

The site’s Mullen Automotive stock forecast for 2022 shows the stock declining to 0.000000037 by December this year.

Panda Forecast offers a more positive Mullen Automotive stock forecast for 2025, showing a predicted average stock price of $23.

However, a Mullen Automotive share price forecast over that period will depend on many factors, including Mullen’s rate of development and broader economic factors such as the rising costs of living.

The company’s prospects are linked to EV market growth. Any MULN stock forecast must factor in those issues.

These factors combined with competition in an already crowded marketplace make it very difficult to produce an accurate MULN stock forecast.

It’s also important to remember that analysts' algorithm-based forecasts can be wrong in  their Mullen Automotive stock predictions. They should never act as a substitute for your own research. 

What is the future of electric vehicles?

“Sales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million,” said the International Energy Agency (IEA). “Back in 2012, just 120 000 electric cars were sold worldwide.”

The IEA highlighted how the success of EVs is being driven by multiple factors, with “sustained policy support” being a main consideration:

“Public spending on subsidies and incentives for EVs nearly doubled in 2021 to nearly $30bn,” it noted. “A growing number of countries have pledged to phase out internal combustion engines or have ambitious vehicle electrification targets for the coming decades.”

However, the IEA also acknowledged how the Covid-19 pandemic and Russia’s war in Ukraine had disrupted global supply chains. As a result, the car industry has been heavily affected.

“In the near future, EV delivery delays to customers may dampen sales growth in some markets, but in the longer term, government and corporate efforts to electrify transport are providing a solid basis for further growth in EV sales.”

The bottom line

While an overview of the latest MULN stock forecasts and the EV market can provide insight into the company’s performance and potential, nothing should be used as a substitute for your own research.

Note that analysts and algorithm-based forecasts can and do get their predictions wrong. It is essential that you do your own due diligence before making any investment decision, looking at the fundamental and technical analysis, the latest news, as well as a wide range of analyst commentary.

Remember that past performance does not guarantee future returns. And never trade money you cannot afford to lose. 


Is Mullen Automotive a good stock to buy?

Whether Mullen Automotive will be a good investment depends on your overall portfolio, goals, attitude to risk, and your opinion of the company itself. It’s essential to carry out your own research of the business and its broader sector in deciding whether it will be an attractive stock to own. Remember that past performance does not guarantee future returns. And never trade money you cannot afford to lose.

Will Mullen Automotive stock go up or down?

No one knows for sure. However, the algorithmic forecasts of Wallet Investor expected the stock to decline to 0.000000037 by December 2022. However, it’s worth remembering that this analysis can be wrong. Remember to always do your own research before making an investment or trading decision. And never invest more than you can afford to lose. 

Should I invest in Mullen Automotive stock?

Whether you should invest in Mullen Automotive (MULN) will depend on your opinion of the company’s longer-term prospects, as well as your own investment objectives and attitude to risk. Remember that past performance does not guarantee future returns. And never trade money you cannot afford to lose.

Markets in this article

Rivian Automotive Inc.
16.79 USD
-0.15 -0.890%
Tesla Inc (Extended Hours)
239.25 USD
-11.34 -4.530%

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