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Can government selloffs help hard-hit Mullen (MULN) stocks rally?

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Mullen Automotive (NASDAQ:MULN) shares rise on Friday as investors react to a new hire that could boost government sales.

Joining the Mullen team is Ronald Dixon, who takes on the role of General Manager of Electric Vehicle Government Sales (VE) maker. Previously, Dixon spent more than 20 years in a similar role at General Motors (NYSE:GM).

MULN stock investors are hoping Dixon joining the company means government sales are on the table. After all, during his time at GM, Dixon was responsible for over 500,000 unit sales to the US government.

There is also a lot of potential for Mullen to make sales to the federal government. As reported last year, the government is looking to replace 650,000 of its vehicles with electric vehicles. So far, it has only replaced about 1%. That means there’s still plenty of opportunity for Mullen to snag some of those EV sales.

Could MULN Stock Recover in 2023?

There’s no denying that 2022 is already a bust for Mullen. The year is almost over and during this time MULN stock has fallen 96%. Along with this decline comes supply chain issues, economic pressures, and other headwinds.

Even so, large government orders could be just the catalyst MULN shares need for a recovery next year – as long as the company can secure orders and make deliveries. Otherwise, the future does not look bright for this manufacturer of electric vehicles.

MULN stock is up 2.9% on Friday morning.

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As of the date of publication, William White has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.


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