Mullen Automotive Inc (NASDAQ:MULN) shares are trading lower Wednesday after Hindenburg Research issued a short report on the stock.
Hindenburg suggests that Mullen will be unable to follow through on several "grand promises" the company has made.
The research firm points out that Mullen is yet to produce a sellable vehicle. The EV startup said it has solid-state battery technology that is on track for commercialization in less than two years, but Hindenburg notes the timeline would put Mullen ahead of all the other major tech and auto companies who have collectively invested billions in research and development.
Hindenburg claims that recent announcements from Mullen are being portrayed as news but were previously announced years before.
"We have seen this story before, but Mullen strikes us as one of the worst. With echoes of Nikola Corp (NASDAQ:NKLA), Lordstown Motors (NASDAQ:RIDE), Kandi Technologies Group Inc (NASDAQ:KNDI) and Ideanomics Inc (NASDAQ:IDEX), we think Mullen is just the latest in a long line of EV hustles," Hindenburg said.
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MULN 52-Week Range: $0.52 - $15.90
According to data from Benzinga Pro, the stock was down 3.68% at $2.62 at time of publication.
Photo: courtesy of Mullen.
