Why EV-Maker Mullen Automotive's Stock Is Charging Monday

Mullen Automotive, Inc. - Common Stock -1.06%

Mullen Automotive, Inc. - Common Stock

MULN

2.80

-1.06%

Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher Monday after the company announced the California Air Resources Board has approved the 2024 Mullen THREE for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).

The Details:

Under HVIP, the 2024 Mullen THREE EV truck, with a suggested MSRP of $68,500, qualifies for a cash voucher of up to $45,000. When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000.

“California’s HVIP approval for the 2024 Mullen THREE is a significant milestone making our Class 3 electric truck even more attractive and accessible to businesses seeking to electrify their fleets,” said David Michery, CEO of Mullen Automotive. 

Mullen shares are moving on heavy trading volume following the announcement Monday. According to data from Benzinga Pro, more than 21.2 million shares have already been traded in the session, compared to the stock’s 100-day average of less than 899,000 shares.

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How To Buy MULN Stock:

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Mullen Automotive's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

MULN Price Action: According to Benzinga Pro, Mullen Automotive shares are up 25% at $3.95 at the time of publication Monday.

Image: Joe from Pixabay

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