Should I buy Mullen Automotive stock in 2025? NZ Expert Analysis

What is Mullen Automotive?

How much is the Mullen Automotive stock?

The price of Mullen Automotive stock is falling this week. As of now, MULN is trading at $0.1069 USD, with a sharp 24-hour drop of 29.67% and a weekly decline of 33.40%. The company's market capitalisation stands at $5.79 million, and its average trading volume over the past three months is 18 million shares.

No price/earnings ratio or dividend yield is available, reflecting ongoing losses, and the stock carries a high beta of 1.42, indicating elevated volatility.

Given these strong price swings and the lack of dividends, investors in New Zealand should be mindful of the significant risks and rapid market movements associated with MULN.

Our complete analysis of the Mullen Automotive stock

Having thoroughly reviewed Mullen Automotive’s latest financial disclosures and analysed the stock’s performance trajectory over the past three years, we have synthesised multiple streams of data—including key financial ratios, technical trading signals, market analytics, and peer benchmarks—leveraging our proprietary research frameworks. This multidimensional analysis positions us to draw informed conclusions about Mullen Automotive’s evolving profile within the electric vehicle landscape. So, why might Mullen Automotive stock offer a timely entry point for growth-oriented investors eyeing the EV sector in 2025?

Recent Performance and Market Context

Despite pronounced volatility in the first half of 2025, Mullen Automotive (NASDAQ: MULN) continues to command the attention of investors seeking differentiated exposure within the electric vehicle (EV) segment. The stock is currently quoted at $0.1069 USD, a level reflecting a substantial adjustment after a reverse stock split, and marking a dramatic correction from prior year highs. Over the past week, MULN has posted a -33.40% movement, and on a six-month horizon the decline reaches an extraordinary -99.96%, underlining the depth of the recent drawdown. Yet, this turbulence also signals a decisive reset in market expectations and capital structure, potentially clearing the path for a new growth phase.

Critical recent corporate actions set important precedents. Notably, the successful completion of a four-year legal dispute with GEM Group, the operational refocus after a significant 20% workforce reduction, and the newly announced partnership with Enpower Greentech in advanced semi-solid battery technology all suggest a company willing to make bold changes. From a macro perspective, the global push for electrified commercial fleets—including in New Zealand, where government incentives and ambitious decarbonisation policies are accelerating EV infrastructure—provides a constructive backdrop that could amplify the impact of such strategic shifts.

Technical Analysis

Current technical metrics strongly support the potential for a near-term rebound. The 14-day RSI sits at 20.86, deep within oversold territory, indicating that recent selling pressure may be approaching exhaustion. The MACD remains significantly negative (-19.82), with the price sustaining seven consecutive sessions of decline—yet historically, such extremes often foreshadow sharp reversals.

Price action analysis reveals robust technical support at $0.1021, very close to the current quote. The recent daily high of $0.1277 forms an initial resistance to monitor for upside momentum. Importantly, MULN is trading far below all major moving averages (the 50-day is $17.69), underscoring the washout in sentiment but also setting the stage for accelerated percentage moves should a reversal materialise. The setup is akin to historical “capitulation” phases, where subsequent newsflow or capital inflows can quickly shift market dynamics. For investors who appreciate asymmetric risk-reward profiles, such oversold setups deserve close attention.

Fundamental Analysis

Beneath the surface volatility, Mullen Automotive’s recent operational execution signals positive underlying trends. Second-quarter revenues surged to $5.0M (from just $33,000 in Q2 2024), translating to a remarkable 14,900% year-on-year revenue expansion. This growth—though emerging from a low base—positions Mullen amongst peers with the steepest revenue acceleration in the US-listed EV sector.

Though net losses remain considerable (-$53.9M in Q2, with a trailing twelve-month loss exceeding $439M), these figures are common among early-stage disruptors pursuing rapid market share in highly capital-intensive industries. Importantly, the company is pivoting decisively toward commercial EVs, where customer contracts (including those with FedEx and Amazon DSP) and robust order pipelines underpin the business case. The absence of positive earnings (no meaningful P/E or PEG multiples yet) is balanced by strong innovation credentials, particularly in the battery and powertrain space. Valuation at these levels, with a market capitalisation of only $5.79M, prices in significant pessimism—and arguably fails to reflect the optionality linked to future technological or commercial breakthroughs.

Strategically, Mullen’s limited but focused offering—concentrating on Class 1 to Class 4 commercial vehicles—positions it in a sweet spot for urban logistics, last-mile delivery, and specialised business fleets. This explicit market focus can help smooth the path to profitability as sector adoption curves steepen, particularly in eco-conscious markets like New Zealand and Australia.

Volume and Liquidity

A significant technical and sentiment anchor is found in trading volume. The past trading day saw turnover reach 45.42M shares—a substantial 252% above the recent 65-day average of 18M shares per day. Such elevated activity, especially at capitulation price levels, often reflects the presence of institutional players repositioning, and suggests that market participants are actively reassessing the risk/reward calculus.

From a liquidity perspective, MULN’s relatively compact float (~54.14M shares post-restructuring) enables heightened price responsiveness to news and buying interest—a structural feature supporting dynamic valuation scenarios. For active investors and traders, this combination equals a more flexible toolkit for entering or exiting positions at optimal inflection points.

Catalysts and Positive Outlook

While recent history has presented tangible challenges, multiple catalysts line the horizon for Mullen Automotive:

• New Product Deliveries: 2025 and beyond will see the continued ramp-up of Mullen ONE and THREE electric commercial vehicles, already intersecting major customer supply chains.
• Expansion of Dealership Networks: Strategic alliances and new retail/distribution footprints aim to broaden MULN’s addressable market and improve revenue visibility.
• Advanced Battery Initiatives: The partnership with Enpower Greentech opens new pathways for technology differentiation in battery energy density and charging efficiency—both key competitive edges.
• Commercial Fleet Contracts: Ongoing engagement with blue-chip logistics providers (notably FedEx and Amazon DSP contractors) offers recurring potential revenue streams that counter current market scepticism.
• Restructuring Milestones: The settlement of outstanding litigations and organisational streamlining reduce legacy overhangs and enable sharper operational focus moving forward.

Layered atop these catalysts is the broader context of accelerating EV adoption in core international markets. As governments (including NZ’s own Ministry of Transport) stress commercial decarbonisation and incentivise zero-emission vehicles for public and private sector fleets, demand tailwinds are expected to strengthen further.

Investment Strategies

Mullen Automotive’s technical and fundamental backdrop presently aligns to justify serious consideration for new capital deployment—whether oriented to the short, medium, or longer term:

• Short-Term Approach: The combination of an extreme oversold technical condition and potential catalyst events (reverse split completion, partnership announcements) argues for a tactical positioning strategy at or near current support ($0.1021), with upside to first resistance ($0.1277) and beyond.
• Medium-Term View: As new partnership initiatives and product deliveries translate to material revenue recognition, there is potential for sharper re-rating, particularly as sentiment normalises and the reset capital structure wins investor confidence. This thesis is especially compelling should the trend of positive sales momentum continue into Q3/Q4 2025.
• Long-Term Hold: For high-conviction investors, today’s severely depressed market capitalisation offers leveraged upside to the company’s growing role in the commercial EV transition. With multiple proprietary technologies, expanding B2B client relationships, and a management team proven willing to take strategic (if sometimes painful) decisions, the stock appears primed for secular participation in global transport electrification—a trend robustly represented in New Zealand’s own policy and commercial landscape.

Is it the Right Time to Buy Mullen Automotive?

Mullen Automotive stands at a unique inflection point—undervalued, globally relevant, and armed with a rapidly expanding revenue base. The stock’s deep oversold technical profile, surging transactional volume, and array of imminent catalysts collectively endorse the idea that it may be entering a new bullish phase. Its strategic pivot to commercial vehicles, accelerating order flow, and pioneering battery innovations all support the view that the current depressed valuation may not persist.

While prudent risk management remains essential due to the company’s recent volatility and capital structure history, the present convergence of technical, fundamental, and sector themes seems to represent an excellent opportunity for those seeking exposure to the electric mobility revolution. As these operational milestones materialise and the EV landscape continues to evolve, the fundamentals justify renewed interest in MULN—giving both growth-oriented and tactical investors numerous reasons to keep Mullen Automotive closely on their radar.

For market participants eager to participate in the resurgence of next-generation transportation, Mullen Automotive presents a compelling blend of innovation-driven potential and timely value—a setup rarely seen this deep in the cycle.

How to buy Mullen Automotive stock in New Zealand?

Buying Mullen Automotive (MULN) stock online is straightforward and secure when using a regulated, reputable broker in New Zealand. Investors can choose between cash (spot) purchases, which provide direct ownership of shares, or CFD (Contract for Difference) trading, which allows exposure to the share price without owning the shares themselves. Both methods are fully online, with clear terms and robust security offered by established brokers. Each approach suits different risk profiles and goals. For a full overview and to help select the platform that best matches your needs, see our detailed broker comparison further down the page.

Cash Buying

A cash purchase means you buy Mullen Automotive shares outright, holding them in your name. Orders are processed via your broker, typically with a fixed commission fee—for New Zealand retail investors, this is often around NZD $5 to $15 per order.

Example

If the Mullen Automotive share price is USD $0.1069 (approx. NZD $0.17), and you invest NZD $1,000, after a NZD $5 commission, you could buy about 5,850 shares (1,000 - 5 = 995 / 0.17 ≈ 5,850).
✔️ Gain scenario: If the share price rises by 10%, your shares would then be valued at NZD $1,100.
Result: That’s a gross gain of NZD $100, or +10% on your original investment (excluding currency fluctuations and taxes).

Trading via CFD

CFD trading lets you speculate on Mullen Automotive’s price movements without owning the underlying shares. CFDs are often used for short-term trading, and you can use leverage to multiply your exposure. Fees are usually based on the spread (the difference between buy/sell price) and may include an overnight financing charge if held beyond a day.

Example

With a stake of NZD $1,000 and 5x leverage, you gain exposure to NZD $5,000 worth of MULN shares.
✔️ Gain scenario: If the MULN share price climbs by 8%, your position grows by 8% × 5 = 40%, resulting in a net gain of NZD $400 (excluding fees and currency fluctuations).

Final Advice

Before investing, it’s essential to compare the fees, terms, and features among different brokers—costs can vary significantly depending on whether you choose spot buying or CFD trading. Ultimately, the best method depends on your objectives, risk tolerance, and investment horizon. Take the time to assess your goals and consult our comprehensive broker comparator further down the page to make a confident, informed choice.

Our 7 tips for buying Mullen Automotive stock

The latest news about Mullen Automotive

Mullen Automotive achieved a 14,900% year-on-year revenue growth in Q2 2025, reaching $5 million in sales. This exceptional revenue performance—driven by initial deliveries of its commercial electric vehicles—was the standout positive in the company's recent results, indicating tangible demand and market traction for its electrified fleet products. While Mullen remains loss-making, this revenue leap substantially outperformed expectations, suggesting some operational progress that may support future partnership opportunities in international markets such as New Zealand, where commercial EV adoption is a key policy focus.

Mullen Automotive settled a multi-year legal dispute with GEM Group in May 2025, improving legal certainty. The resolution of its four-year disagreement with GEM Group signals a reduction in litigation risk and removes a substantial overhang from the company’s legal framework. This outcome clarifies Mullen’s corporate structure and may bolster confidence among institutional investors and stakeholders, including those in NZ evaluating potential supplier or partnership relationships with US EV manufacturers.

On 29 May 2025, Mullen Automotive announced a 1-for-100 reverse stock split effective 2 June 2025. Though typically undertaken to address minimum listing requirements or shore up share price optics, execution of this split demonstrates the company’s desire to remain NASDAQ-listed. For New Zealand-based investors seeking US-listed EV exposures, this underscores both the heightened volatility of the stock and Mullen’s ongoing commitment—at substantial cost—to maintaining access to public capital markets.

Mullen’s April 2025 partnership with Enpower Greentech advances its next-generation semi-solid battery roadmap. This alliance positions Mullen at the forefront of advanced battery development, which is highly relevant given New Zealand's regulatory settings encouraging low-emission fleet upgrades and innovation in transport electrification. The collaboration has positive implications for product differentiation and could facilitate future technology transfer or local licensing opportunities if the batteries prove commercially viable.

The company’s EV commercial focus—with deliveries of Mullen ONE and THREE and prominent fleet contracts—aligns with NZ’s transport electrification goals. Mullen’s prioritization of last-mile delivery solutions and successful shipment to well-known logistics firms globally strengthens its strategic fit with NZ's government and private sector ambitions to decarbonize fleets. This direction suggests that, despite current financial headwinds, Mullen’s longer-term alignment with sustainable transport trends may retain its relevance to NZ-based analysts and institutional investors monitoring the sector.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.