Apr 25, 2024 (MENAFN via COMTEX) --
(MENAFN - Investor Ideas) Investorideas , a go-to platform for big investing ideas, reports on trading for Mullen Automotive, Inc. (NASDAQ: MULN ), an emerging electric vehicle ("EV") manufacturer, is one of the top gainers on NASDAQ, trading at $3.6689, up 0.9389 for a gain of 34.3919%. The stock had a day's high of $4.09.
Mullen recently announced the first phase completion of battery line integration at its high energy facility located in Fullerton, California. The southern California facility is dedicated to producing next-generation American-made EV battery packs, a critical component to the Company's commitment to zero emissions and to reducing reliance on key battery components imported from foreign countries.
The operationalization of the plant includes a series of planned stages which began with facility preparations and quickly transitioned to the move and installation of battery assembly line equipment. The phase one project culminated in the successful startup, debugging, and early-stage commissioning of the initial two battery assembly lines.
The facility's production start is expected to boost the local economy through job creation. Production line start is currently targeted for early 2025 and at volume production, Mullen expects to hire over 200 people for both battery production and operational support.
"Our new battery assembly plant is not just an investment in Mullen Automotive's future, but also a testament to our commitment towards U.S. battery production," said David Michery, CEO of Mullen Automotive. "Battery packs are a critical part of our supply chain as it strengthens our market position and supports the transition to American-made battery components."
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