- Global EV market projected to see 24.5% CAGR between 2022 and 2028
- MULN announces plans to modify high-voltage plant to produce packs used for company’s EVs
- Company anticipates using its own revolutionary solid-state battery technology in its second-generation Mullen FIVE EV Crossovers
- Strategic move reduces company’s reliance on third-party suppliers, reduces impact of supply and critical component shortages
Amid a growing global demand for electric vehicles (“EV”), smart companies operating in the space are looking for ways to differentiate themselves from the competition. That’s exactly what Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle manufacturer, has done with its recently announced plans to retrofit a high-voltage facility for production of EV battery packs to support its growing line of electric vehicles (https://ibn.fm/PqP6H). The company expects to also eventually begin the development of solid-state polymer battery packs, which will be a significant advancement over current lithium-ion battery packs (https://ibn.fm/ZdV37).
According to a recent Facts & Figures report, the “global electric vehicle (‘EV’) market size is estimated to cross USD $980 billion by 2028, at a CAGR of 24.5% between 2022 and 2028” (https://ibn.fm/VEK4I). The report, which looked at a variety of different factors and their projected impact on…
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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