Shares in Mullen Automotive Inc. (Nasdaq: MULN) climbed 16% after the Brea-based EV maker said it opened a new automotive development center in Irvine.
The company’s stock rose to 91 cents per share and a $431 million market cap.
The new 16,000-square-foot facility, near the corner of Technology Dr and Barranca Pkwy, will house engineering design and development teams while battery, powertrain, thermal and infotainment teams will be located in Monrovia, according to company officials.
Mullen’s Irvine location will house engineering design and development teams, styling, program management, marketing and finance teams, while battery, powertrain, thermal and infotainment teams will be located in Monrovia, according to company officials.
“This facility is a great addition and the logical next step in the evolution of our corporate footprint as we begin to scale our teams and dedicate more resources to support our EV programs,” Mullen CEO and chairman David Michery said in a statement. “Irvine technology’s hub is a great location for us to anchor our EV team and provides us with the space and potential talent pool to support our growth over the next few years.”
For more on Mullen’s expansion plans, see the August 1 print edition of the Business Journal.