Shares of Mullen Automotive surged more than 240% in early trading on Wednesday after the struggling California-based EV startup announced plans to begin sales of its debut SUV in Europe this year.
Sales of the Five RS crossover are planned to start in Germany by the end of the year, before expanding to other European countries, the United Arab Emirates and Africa throughout 2026.
A potential U.S. launch is contingent on the vehicle gaining commercial traction overseas.
“The Company also intends to launch the Mullen FIVE RS in the U.S. once it has achieved a proven track record of sales and success throughout key European markets,” the startup said in a statement.
Mullen also announced a manufacturing partnership with Faissner Petermeier Fahrzeugtechnik AG (FPF), a German automotive firm that will be responsible for producing the vehicles.
At the time of writing, Mullen shares were up 224% at $17.11, giving the company a market capitalization of approximately $8.7 million.
Despite Wednesday’s rally, the stock remains deeply depressed from past highs following multiple reverse stock splits, executed to maintain compliance with Nasdaq’s minimum listing requirement of $1.00 per share.
The most recent reverse stock split, a 1-for-100 ratio, was announced last month and took effect on Monday, June 2.
The Five RS is described by Mullen as an “ultra-high-performance EV,” with a top speed of 200 mph, acceleration from 0 to 60 mph in under two seconds, and more than 1,100 horsepower.
The vehicle is built on 800-volt architecture and features all-wheel drive.
Mullen said this week it acquired an additional 21% stake in Bollinger Motors, raising its total ownership to 95% and boosting shareholder equity by approximately $3.5 million.
