Mulan Automotive Inc. (NASDAQ: MULN), once lauded as a promising player in the electric vehicle (EV) revolution, continues to be the subject of buzz — but not for the reasons one might have expected. From flashy announcements to dramatic stock fluctuations, MULN stock has been one of the most talked-about tickers in retail investing circles, especially among speculative traders. But is there any real juice left in this EV story, or is it simply running on fumes?
Let’s break it down.
What's Happening with MULN Stock?
Mulan’s stock has been trading at ultra-low levels — less than $1 for long stretches — even after multiple reverse stock splits aimed at keeping it compliant with NASDAQ listing rules. Just this year, it faced another delisting threat, which the company temporarily averted.
Despite these setbacks, the company hasn’t stopped moving forward with bold claims, including plans for a U.S.-made EV, deals for government contracts and partnerships to expand production capabilities. Yet investors are increasingly asking: Where’s the revenue?
Big Promises, Slow Deliveries
Mullen has tried to carve out a niche in the highly competitive EV market with vehicles like the Mullen FIVE, a crossover SUV, and commercial EVs like cargo vans aimed at fleet buyers. They’ve also touted acquisitions—like buying a controlling interest in Bollinger Motors and Electric Last Mile Solutions (ELMS)—to fast-track production and tech development.
But the company’s actual vehicle deliveries have been minimal compared to giants like Tesla, Rivian, or even newcomers like Fisker. So far, Mullen has struggled to move from prototype to scale, leaving many skeptical about its long-term viability.
MULN Stock Performance: A Rough Ride
MULN stock has lost over 95% of its value from its 2022 highs, with a market cap that now hovers around micro-cap territory. The stock’s volatility has made it popular among day traders and meme stock enthusiasts, but that volatility comes with major risks.
Reverse splits and frequent equity dilution have also burned long-term shareholders. In many cases, investors have seen their positions erode rapidly as the company issues more shares to raise cash.
What Are Investors Saying?
On platforms like Reddit’s r/WallStreetBets and X (formerly Twitter), opinions are deeply divided. Some investors still believe in Mullen’s potential to “shock the world” with a comeback, especially if it lands a major contract or starts mass-producing vehicles.
Others view MULN as a cautionary tale of overpromising and underdelivering—a penny stock kept alive by hype and short-term trading volume rather than fundamentals.
Financials: A Closer Look
As of its last quarterly report:
- Cash on hand: Shrinking rapidly, prompting concerns about liquidity.
- Revenue: Minimal.
- Net losses: Continuing quarter after quarter.
- Production: Still in early stages, with no confirmed large-scale deliveries.
Mullen continues to raise capital through stock offerings, which helps fund operations but also dilutes existing shareholders.
The Road Ahead: Can MULN Turn It Around?
It’s not impossible. The EV market is growing, and there’s space for niche players—particularly in commercial fleet vehicles, where Mullen has focused its recent efforts. If the company can start delivering EVs at scale, win new contracts, and show real revenue growth, sentiment could shift.
But make no mistake: MULN is a high-risk, high-volatility stock. Anyone investing now is essentially betting on a dramatic turnaround with limited financial runway and intense competition.
Final Thoughts: Caution Ahead
If you are considering buying MULN shares, know that it is not a long-term bet for the faint of heart. Yes, it may offer a short-term surge driven by speculation or PR headlines. But until the company starts acting in a consistent and transparent manner, the stock may remain stuck in a downward trajectory.
Bottom line: Hope is not a strategy. Watch the numbers—not just the hype.