The stock of EV startup Mullen Automotive hit an all-time low Wednesday evening following a delisting determination sent by the Nasdaq Stock Market for failure to maintain a minimum bid price of $1. This news comes as the latest blow to a company that has consistently sparring with financial firms and analysts lately and must now fight being delisted altogether.
Mullen Automotive ($MULN) is a Southern California-based EV startup approaching its 10-year anniversary while still working to bring its first passenger EV to market. The startup appeared closest to its goal following a 2020 merger in which it pivoted toward building its own bespoke EV model – the FIVE crossover SUV.
However, we started scratching our heads in the fall of 2022 when Mullen claimed a majority stake in Bollinger Motors’ commercial EV business, vowing to resurrect the latter’s ill-fated B1 and B2 electric trucks into production as well.
Then there’s last April’s partnership with EVT – a company led by convicted fraudster Lawrence Hardge – yet another interesting decision. Believe it or not, financial firms and stockholders follow these movements and invest their money as such. As a result, Mullen’s stock has had a tough go of it.
The startup implemented a 1-for-25 reverse stock split in May, followed by a 1-for-9 reverse split in August, but still fell below the $1 threshold where it has remained since August 16. Due to this non-compliance, the Nasdaq has determined Mullen’s stock must be delisted, but the company is of course, fighting back.
Mullen requests hearing to avoid stock delisting
In a press release sent out by Mullen Automotive today, the startup acknowledged it has received a letter of non-compliance from the Listing Qualifications Department of The Nasdaq Stock Market after missing its September 5, 2023 deadline to get its stock back above $1.
Mullen followed by stating it immediately filed a request for a hearing before the Nasdaq Listing Qualifications Panel on September 6, seeking an “extension of time and (to) present its plan to regain compliance.”
Due to the filed request, Mullen’s stock will stay listed for now and the Nasdaq Panel now has the power to decide if it will grant the startup an additional 180 days from the original September 5 deadline to regain compliance, but there is no guarantee.
Today’s news represent’s Mullen stock’s last deep inhale before potentially sinking for good. The last month alone has been a whirlwind ride of stock splits, buyback programs, and an open letter from CEO David Michery trying to calm down shareholders while a towering inferno of concern figuratively blazes behind him.
Most recently, Mullen has filed a lawsuit against some major players in stock trading, including TD Ameritrade and Charles Schwab, alleging a scheme in which these firms manipulated share prices unlawfully. Whether that’s true or not is not for us media to determine, but when you point the finger at someone, there’s situations when it’s important to remember that there are still three fingers pointing back to you.
As of market opening Thursday, Mullen’s stock sat at $0.40 per share, down another five cents since market close last night, which remains its lowest value to date.
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The third of a quintet of West Virginia solar farms just came online, and while that’s a renewable milestone, there’s a disappointing hitch.
3 out of 5 West Virginia solar farms are online
FirstEnergy subsidiaries Mon Power and Potomac Edison have launched a 5.75 megawatt (MW), 17,000-panel solar farm at Marlowe in Berkeley County. The new solar farm sits on about 36 acres of land along I-81 and the Potomac River – land that used to store ash from the retired R. Paul Smith Power Station.
In 2022, FirstEnergy wrapped up a major cleanup effort, pulling more than 3 million tons of ash from the site to be reused in cement manufacturing. With the landfill officially closed, the company cleared the way to turn the former waste site into a clean energy generator as part of its solar program. Fifty-four local union workers constructed the solar farm, which features US-made solar panels, a racking system, and electrical equipment.
It’s the third of Mon Power and Potomac Edison’s five solar farms that will generate up to 50 MW of clean energy combined. The companies completed their first solar farm at Fort Martin Power Station (18.9 MW) in early 2024, and their Rivesville solar site (5.5 MW) came online last fall. In total, the companies now have 30 MW of solar capacity.
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Electrek’s Take
Combined, the five projects will create more than 87,000 Solar Renewable Energy Credits (SRECs) available for purchase by customers for 4 cents per kilowatt hour in addition to normal rates. Aside from the essential benefit of cutting carbon emissions, there isn’t anything else in it for customers, apart from spending, on average, an extra $40 or so a month out of the goodness of your heart to go solar. Heck, you don’t even get a T-shirt.
Mon Power and Potomac Edison – why are customers being charged MORE to buy into solar in West Virginia? That’s a stick, not a carrot. (And WV? Coal’s not coming back. It doesn’t matter what Trump says.)
But solar growth anywhere is something to be cheerful about, and solar energy in coal-state West Virginia is progressing. According to the Solar Energy Industries Association, as of Q4 2024, 205 MW of solar is installed in West Virginia. So, it’s no surprise that it’s at the bottom – it’s ranked 49th in the US for the amount of solar installed. However, it’s projected to reach 40th place over the next five years with 1,064 MW, so at least it’s expected to improve.
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Is the Kia EV4 GT the affordable electric sports car we’ve been waiting for? Kia’s first global electric sedan is about to get a sporty upgrade. After the EV4 GT was spotted in public, we’re finally getting a glimpse of the interior.
Kia EV4 GT spotted, revealing first look at the interior
The EV4 arrives as one of the most highly anticipated electric cars of 2025. After opening orders in Korea earlier this year, Kia will launch it in Europe later this year and the US in 2026.
Kia’s electric sedan starts at just 41.92 million won, or around $30,000 in Korea. Although prices for Europe and North America have yet to be revealed, the entry-level EV is expected to start at around $35,000 to $40,000.
Despite its typical four-door design, Kia labels it as an “entirely new type of EV sedan” with a wide stance and fastback silhouette.
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Although the EV4 already has that sports car look, Kia is about to introduce an upgraded GT variant that could be a true Tesla Model 3 Performance challenger.
Kia EV4 GT-Line (Source: Kia)
Who could forget the EV6 GT? It hit the market in 2022 as “the most powerful Kia production vehicle ever.” With 576 hp, the high-performance EV could hit 0 to 60 mph in just 3.4 secs, faster than the average Ferrari or Lamborghini.
With significant advancements in battery technology, powertrain, and other areas over the past few years, the EV4 GT will likely offer even more.
Kia EV4 GT-Line (Source: Kia)
The EV4 GT was spotted outside Kia and Hyundai’s facility in Korea, and a few spy photos give us a glimpse of the interior for the first time.
The new video from HealerTV reveals a few interior upgrades the GT model will get over the standard EV4. As you can see, it resembles the EV9 GT interior almost identically. The only slight difference that we can see is the different material on the upper part of the seating.
Kia EV4 GT interior first look (Source: HealerTV)
Like the EV6 GT and EV9 GT, the EV4 GT will also include an adjustable ambient lighting feature, allowing you to customize the interior color and brightness.
Although it’s covered, the EV4 GT is expected to feature Kia’s new ccNC infotainment system. The panoramic curved display includes dual 12.3″ driver and navigation screens.
Kia EV4 GT-Line interior (Source: Kia)
The exterior is likely to receive a more aggressive front-end design and larger wheels, similar to those of other Kia GT vehicles. Although the final specifications have yet to be revealed, the EV4 GT is expected to feature an all-wheel-drive (AWD) dual-motor powertrain.
In Korea, the EV4 is available in two battery options: 58.2 kWh and 81.4 kWh, offering a driving range of 237 miles or 331 miles (533 km). The GT variant is likely to use the larger 81.4 kWh battery pack, similar to other GT models.
2026 Kia EV4 electric sedan (Source: Kia)
Kia will launch the EV4 in the US next year, featuring a built-in NACS port to access Tesla Superchargers and an EPA-estimated driving range of up to 330 miles. Prices will be revealed closer to launch, but the EV4 is expected to start at around $35,000 to $40,000. The GT variant could cost upwards of $50,000 to $55,000, with the 2025 Kia EV6 GT starting at $63,800.
The Tesla Model 3 Performance starts at $54,990 in the US with 298 miles range and a 0 to 60 mph time in 2.9 seconds.
Will the Kia EV4 GT match it? Let us know your thoughts in the comments.
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Trump’s tariffs are about to drive up the cost of clean energy projects in the US, and energy storage is set to take the biggest hit, according to new analysis from Wood Mackenzie.
In its latest report, “All aboard the tariff coaster: implications for the US power industry,” Wood Mackenzie lays out what the power sector could be in for as new tariffs raise costs across the board. The biggest tariff hit will be on utility-scale energy storage, where US projects still overwhelmingly rely on imported battery cells from China.
“In a business with 5-to-10-year planning cycles, not knowing what a project will cost next year or the year after is disruptive and causes massive uncertainty,” said Chris Seiple, vice chairman of power and renewables at Wood Mackenzie. “We will definitely see impacts on power sector capital projects. The severity depends on what scenarios play out.”
The firm modeled two scenarios: one where tariffs settle at an effective rate of 10% by 2026, and a more extreme “trade war” scenario where that rate climbs to 30% and stays there through 2030. Either way, energy storage takes a big hit.
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Wood Mackenzie estimates energy storage project costs could rise from 12% to over 50%, depending on the scenario. That’s because, in 2024, nearly all utility-scale battery cells used in the US came from China. And the domestic supply is nowhere near ready to take over.
“While US battery cell manufacturing capacity is expanding, it is not expanding at a pace nearly fast enough to meet even a small fraction of battery projects in the US,” Seiple said. “In 2025, we estimate there is sufficient domestic manufacturing capacity to only meet about 6% of demand, and by 2030, domestic manufacturing could potentially meet 40% of demand.”
The solar sector is getting a rough deal, too. With existing tariffs and tough interconnection rules already making solar builds more expensive in the US, new tariffs would pile on. Wood Mackenzie says utility-scale solar could end up 54% more expensive than in Europe, and a staggering 85% pricier than new solar plants in China.
“An increase in tariff levels will only worsen this premium US energy consumers need to pay to access renewable energy,” Seiple said.
Wood Mac’s bottom line: Current trade policies are making clean energy more expensive to build in the US than almost anywhere else, and the industry will have to brace for more uncertainty and higher costs ahead.
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