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Why is Mullen (MULN) stock hot today?


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Mullen (NASDAQ:MULN) shares rise Friday on news that Ronald Dixon has joined as the company’s managing director of government sales.

It’s worth noting because Dixon is a former employee of General Motors (NYSE:GM). Apparently, the executive spent more than 20 years with the legacy automaker and led its federal government fleet sales team. His overall industry experience spans 42 years.

David Michery, President and CEO of Mullen, said the following about Dixon’s arrival at the company:

“This was a strategic move on our part to bring Ron in and open the door to government fleet sales opportunities. […] His background is a perfect fit with us and our vision for commercial electric vehicle sales success.

How MULN can benefit from leasing

Bringing Dixon on will go a long way in helping Mullen work with the federal government for electric vehicle (EV) orders. While at General Motors, Dixon was responsible for selling over 500,000 units to the US government.

Dixon’s addition makes sense, especially as the U.S. government increasingly focuses on electric vehicles. This includes federal plans to replace 650,000 government vehicles with American-made electric vehicles. So far, only around 1% of the fleet has gone electric, meaning there is still plenty of room for Mullen electric vehicles.

MULN stock is up 2.9% since Friday morning, but also down 96.6% year-to-date (YTD).

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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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