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- Mullen Automotive have given distributor rights to Newgate Motor Group.
- The company started as a luxury car manufacturer.
- MULN stock was changing hands at $0.33 at the time of writing.
Mullen Automotive Will Expand Their Distribution Rights
Electric vehicles have tasted increasing demand from the public since Covid breakout. Several organizations globally are switching from traditional automobiles to EVs considering the increasing awareness towards global sustainability. One of the rising EV manufacturers in Mullen Automotive Inc. (NASDAQ: MULN) has sealed a deal with Newgate Motor Group, a renowned distributor in Ireland, for their I-GO series which may help MULN stock price go higher.
MULN stock price has remained sideways in recent times. Mullen Automotive quickly transitioned their business from a luxury vehicle manufacturer upon their inception to all-electric consumer vehicles. But the share price has suffered due to the move, as the company shares have traded below $1 for a long time now.
Newgate Motor Group will promote the latest EVs by Mullen Automotive in the UK and Ireland. The company is already a distributor to major automotive brands like Renault/Dacia, Mercedes-Benz, KIA and more. The electric vehicle manufacturer took over 60% controlling interest in Bollinger Motors for $148.2 Million in September 2022
MULN Stock Price Analysis
Upon the company’s inception, MULN stock traded as high as $1225 in October 2012. They then switched the industry following rising global temperature as well as EV demand in the industry. The shift caused a significant drop in the share value which is expected to stay like this in a long-term.
MULN stock was trading at the market value of $0.33 at the publication time, a 22% rise in the past 24 hours. Company acquired Electric Last Mile in September 2022, which accelerated MULN stock price by 50%. Analysts at TradingView currently hold a sell rating for the share.
Mullen Automotive is not only working to bring their FIVE series into the market but they are working on solid state batteries too. The company believes that these batteries can make electric vehicles lighter, cheaper and much more sustainable in the upcoming years.
World is already going through rising temperatures, specifically due to carbon footprints from light duty vehicles. According to some sustainability stats, transportation remains the major source of greenhouse gas emissions, holding a 27% stake in overall emissions.
Light, medium and heavy duty vehicles are responsible for 83% of carbon emissions from transportation. Adoption of electric vehicles has increased since Covid-19. For example, General Motors Hummer EV got sold in just 10 mins that too in pre-orders. Ford also announced that they will boost the production of their F-150 series to meet the increasing EV demand.
Experts believe that the EV industry could become a $137 Billion industry at a CAGR of 25.4%. Tesla (NASDAQ: TSLA) remains the biggest electric vehicle company to this date. If the carbon footprints are not managed and the global temperature rises to a certain point, it is possible that a boom in this industry may not prove fruitful to the environment.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
