Mullen Automotive Plans To Take EV Battery Production In-House

Mullen Automotive Inc (NASDAQ:MULN) plans to start Electric Vehicle battery pack production in its research & development facility in California.
The company is redeveloping the facility to make room for EV battery packs production.
The battery packs will be used in Mullen's EV vehicle lineup, including the ONE EV Cargo Van, FIVE EV Crossover, and DragonFLY EV Sportscar programs.
The initiative is an attempt to reduce dependency on third-party suppliers and reduce the risk associated with material and supply shortages.
"The entire industry is struggling with supply chain issues and the more control we have in-house, the better off our vehicle programs will be," said chairman and CEO David Michery.
Price Action: MULN shares are trading higher by 5.09% at $2.27 in premarket on the last check Monday.