MULN stock keeps rallying as equities are not spooked by Powell testimony

• NASDAQ:MULN rose by 32.0% over the last week of trading.
• Mullen releases some promising updates for its solid-state battery technology.
• Mullen hires a new executive to run its global operations division.

NASDAQ:MULN continues its volatile performance this year as the electric vehicle startup posted a 32% gain last week. The main catalyst that sent shares of Mullen higher was the announcement that the stock will be joining both the Russell 2000 and Russell 3000 indices at the end of June. This is significant for Mullen as the Russell 2000 is the benchmark index for US-based small cap companies. This means Mullen will be included in ETFs like the iShares Russell 2000 ETF (NYSEARCA:IWM), which has more than $50 billion in assets under management from both retail and institutional investors.

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Over the weekend, Mullen saw another bullish catalyst when it reported better than expected results for its solid-state battery technology. The summary of the results are that when converted to a vehicle battery pack level, a 150 kW/hour battery will be able to provide over 600 miles of range on a single charge. This would surpass the range of 520 miles from the Lucid (NASDAQ:LCID) Air Dream sedan which is currently the longest range in the EV industry. Does this make Mullen the new solid-state battery king? The company is still pre-revenue and does not have any timeline for the launch of these batteries so time will tell if Mullen still has the longest range when they hit the market.

Mullen stock price

In a sign that Mullen is going to be looking internationally in the future, the company has hired Richard Curtis to oversee its global operations. Previously Curtis worked for several other automakers including Imperium Motor Company and Lithia Automotive Group. No plans yet have been revealed on an international expansion for the company.