- Mullen Automotive signed a new partnership with Loop Global.
- This news sent MULN up about 9% early Wednesday.
- Mullen signed a separate agreement Tuesday with its first dealership group.
- MULN stock surged nearly 11% on Tuesday.
Mullen Automotive (MULN) stock has jumped 8.7% in Wednesday’s premarket to $0.2325 a day after the upstart EV maker saw shares surge by 10.8% on the back of signing its first dealership agreement in the United States. The news that set off the Wednesday rally was Mullen’s announced partnership with Loop Global, a producer of EV charging infrastructure. Despite the rest of the broad market being more sheepish as it awaits Federal Reserve Chair Jerome Powell’s afternoon speech and interest rate decision, Mullen stock is showing that Tuesday’s spike is leading to a full-on rally. US indices, including the NASDAQ, are flat.
Mullen Automotive stock news: New charging partnership with Loop Global
Mullen is now partnering with Loop Global to market and sell charging infrastructure to corporations, municipalities and residential customers. The partnership involves the Mullen EV Charging Network Powered by Loop – a turnkey product that will provide both construction and upkeep of infrastructure that provides level 2 and level 3 DC fast charging. These could be built at public parks, retail parking lots or parking garages.
“Our partnership with Loop will not only enable us to provide turnkey EV charging solutions to our customers but also the Loop Impact Fund commitment is an opportunity to provide our customers with potential cash flow-positive alternative financing when implementing the Mullen EV Charging Network Powered by Loop. In addition to being highly strategic, this partnership aligns with our goal of end-to-end efficiency to make owning a Mullen EV much more user-friendly,” said David Michery, chairman and CEO of Mullen Automotive.
This partnership arrives just a day after Mullen announced a separate agreement. Randy Marion Automotive Group will become Mullen’s first US dealer partner. That news pushed the stock up nearly 11%. Randy Marion will become Mullen’s partner specifically for its commercial EV vehicles. These include Mullen’s cargo van offerings and the class 4-6 chassis models it acquired from Bollinger Motors.
“We are impressed with Mullen Automotive’s EV lineup, their speed to market and most notably their focus on an underserved commercial market for EV vehicles,” said CEO Randy Marion. “This is especially obvious when you consider what has taken place in the Class 1 light cargo van category. OEM’s have all exited from the commercial class 1 van segment, leaving the door wide open for Mullen’s EV lineup.”
Mullen Automotive stock forecast
With Wednesday’s announcement over Loop Global and the subsequent jump in the share price, MULN stock has now overtaken the 21-day moving average. This is very good news for bulls. Mullen stock has not traded above the 21-day moving average since November 2. That is quite a long time. It now would seem that the present rally needs a goal or at least a price level to reach for.
That level, unfortunately, is not nearby. It sits up more than 50% at $0.33. This level proved itself as resistance between November 10 and 17. It also worked as tentative support back in September and early October. Now it is the best that bulls can hope for unless they think a Christmas rally can push MULN all the way to the $0.61 level.
MULN 1-day chart