Electric vehicle maker Mullen Automotive (NASDAQ:MULN) announced on Monday a new facility in Fullerton, California, which is expected to expand the company’s EV battery pack development and production.
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According to the announcement, Mullen is merging its Monrovia plant with the Romeo Power assets it has recently acquired, all under the roof of this new Fullerton facility. The company added that the Monrovia facility will be closed by year-end.
Furthermore, Mullen said the new facility is a testament to its commitment to focusing on American-made and packaged EV batteries. Not only that, the company added that the development will allow it to take advantage of incentives provided in the 2022 Inflation Reduction Act (IRA).
David Michery, CEO and chairman of Mullen Automotive, stated, “We are one step closer to fulfilling our commitment to providing the next generation of battery technology to our lineup of EV vehicles, providing a clean and safe alternative to current lithium-ion batteries.”
Is Mullen a Good Stock to Buy?
Shares of Mullen have seen a steep fall this year, as evidenced by the chart below. Indeed, they have lost 99.73% of their value so far. However, shares saw a marginal uptick following today’s news.
