Mullen Automotive dips below $1.00 despite debt reduction

  • NASDAQ: MULN fell 8.32% in Tuesday’s trading session.
  • Mullen Automotive announces that it has eliminated $17.5 million in debt.
  • Tesla is about to close some of its factories to increase production capacity.

NASDAQ: MULN kicked off the shortened July 4 week on the back foot as VE startup stock fell back below the $1.00 price level. On Tuesday, shares of MULN fell 8.32% and closed the trading session at $0.99. The closing price is the first time Mullen has traded below $1.00 since May.

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Stocks rallied on Tuesday on the strength of mega-cap tech stocks. The Dow Jones trailed, posting a loss of 129 basis points, while the S&P 500 and NASDAQ rose 0.16% and 1.75% respectively during the session.

Mullen Automotive announced through a press release on Tuesday that it had reduced its total debt by nearly $17.5 million. This brings the company’s outstanding debt to approximately $11 million, or one-third of the total debt the company had on its balance sheet at the end of 2021. Mullen has done a great job of strengthening its position. financial, while the manufacturer of electric vehicles is gaining momentum. production of its FIVE crossover EV model which is expected to hit US markets in 2024.

Mullen share price

In other electric vehicle news, Tesla Inc (NASDAQ:TSLA) announced that it will be temporarily closing several of its GigaFactories to be refitted for increased production efficiency. Closures will begin with Shanghai and Berlin in July. Production facility upgrades could apparently double capacity by August this year, as Tesla tries to recover from a slow second quarter this year. Shares of TSLA closed the session up 2.55%.

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