Latest Stock Market News

Can Government Sales Help Hard-Hit Mullen (MULN) Stock Turn Around?

A side shot of a silver Mullen (MULN Stock) Five plugged into a charging station.

Source: Ringo Chiu /

Mullen Automotive (NASDAQ:MULN) stock is rising higher on Friday as investors react to a new hire that could boost government sales.

Joining the Mullen team is Ronald Dixon, who is taking on the role of General Manager of Government Sales at the electric vehicle (EV) maker. Previously, Dixon spent more than 20 years in a similar role at General Motors (NYSE:GM).

Investors in MULN stock are hoping Dixon joining the company means government sales are on the table. After all, during his time at GM, Dixon was responsible for more than 500,000 unit sales to the U.S. government.

There’s plenty of potential for Mullen to make sales to the federal government, too. As outlined last year, the government is looking to replace 650,000 of its vehicles with EVs. So far, it has only replaced about 1%. That means there’s still plenty of opportunity for Mullen to snag some of those EV sales.

Could MULN Stock Recover in 2023?

There’s no denying that 2022 is already a bust for Mullen. The year is almost over and during that time, MULN stock has fallen a massive 96%. This drop comes alongside supply-chain issues, economic pressure and other headwinds.

Even so, large government orders could be just the catalyst MULN stock needs for a recovery next year — so long as the company can secure orders and actually make deliveries. If not, the future doesn’t look bright for this EV maker.

MULN stock is up 2.9% as of Friday morning.

Investors looking for more of the latest stock market news are in luck!

We’ve got all of the hottest stock market news traders need to know about on Friday! Among that is what’s going on with shares of Nio (NYSE:NIO), Boeing (NYSE:BA) and Bath & Body Works (NYSE:BBWI) stock today. You can read up on that news at the following links!

More Friday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Read More: Can Government Sales Help Hard-Hit Mullen (MULN) Stock Turn Around?

You might also like