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Mullen Automotive labeled ‘Another Fast Talking EV Hustle’ in new Hindenburg Research report

Credit: Mullen Automotive

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Hindenburg Research came out with a new report on Wednesday calling Mullen Automotive “another fast-talking EV hustle,” claiming the up-and-coming electric vehicle startup has “grand promises — and little to back them up.”

Founded in 2014, Mullen has been attempting to build competitive electric vehicles and develop new battery technology that would revolutionize the increasingly-saturated industry. The company’s stock has climbed around 316 percent, according to the report, which has been driven by “retail investor euphoria over bold claims of ground-breaking technology, near term production of its EV vans, and a major as-yet-unnamed Fortune 500 customer.”

A considerable chunk of that growth came recently as Mullen released an update on battery testing, which sent the company’s stock up 145 percent, the report states. “In reality, the “news” appears to be a rehash of testing the company had already announced in 2020,” Hindenburg wrote. The extensive report also questions Mullen’s research and development practices, which have not aligned with what the company has spent investing in developing its products. Hindenburg said Mullen only spent around $3 million in R&D last year, despite the company stating it is on track for commercialization of solid-state batteries within the next 18 to 24 months. Meanwhile, other companies and significant automakers have funneled billions into developing the tech, without much to show for it.

Other claims in the report state that the two electric cargo vans Mullen said it will manufacture are actually Chinese EVs rebranded with a company logo. “Import records show the company recently imported two vehicles from China, one of each model,” the report said.

Additionally, Mullen has major production hurdles to jump over, including EPA certifications and a need for employees.

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Mullen shares (NASDAQ: MULN) dropped as much as 8.27 percent this morning after the report was published. Shares were down around 4.4 percent as of 12:51 PM EST. Mullen did not immediately respond to Teslarati’s inquiry for comment.

The automaker is currently developing its introductory EV, the Mullen Five. An all-electric crossover, Mullen estimates the range will be around 325 miles, with a max speed of 155 MPH and 0-60 in just 3.2 seconds.

Earlier this week, Mullen announced the promotion of former Tesla executive John Taylor to its Global Manufacturing and Strategic Planning Head. “John brings a wealth of experience in the EV manufacturing space. He plays a critical role in the ongoing setup and expansion of Mullen’s Advanced Manufacturing and Engineering Center (AMEC) in Tunica, Mississippi,” CEO David Michery said. “John’s international manufacturing experience will come into play as he strategizes and evaluates Mullen’s other domestic and international manufacturing opportunities.”

Hindenburg Research has released numerous short-seller reports in the past, including one with Nikola Motor that turned out to lead to the company’s eventual restructuring. Founder Trevor Milton stepped down, and was indicted on fraud charges late last year.

The full report against Mullen Automotive is available here.

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Disclosure: Joey Klender is not a Mullen Shareholder.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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Tesla announces closure date on widely controversial Full Self-Driving program

Tesla has said that it will officially bring closure to its free Full Self-Driving transfer program on March 31, 2026, giving owners until the end of the quarter to move their driving suite to another vehicle with no additional cost.

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Credit: Tesla

Tesla has officially announced a closure date for a widely controversial Full Self-Driving program, which has been among the most discussed pieces of the driving suite for years.

The move comes just after the company confirmed it would no longer offer the option to purchase the suite outright, instead opting for a subscription-based platform that will be available in mid-February.

Tesla has said that it will officially bring closure to its free Full Self-Driving transfer program on March 31, 2026, giving owners until the end of the quarter to move their driving suite to another vehicle with no additional cost.

After that date, Tesla owners who purchased the FSD suite outright will have to adopt the exclusive subscription-only program, which will be the only option available after February 14.

CEO Elon Musk announced earlier this month that Tesla would be ending the option to purchase Full Self-Driving outright, but the reasoning for this decision is unknown.

However, there has been a lot of speculation that Tesla could offer a new tiered program, which would potentially lower the price of the suite and increase the take rate.

Tesla is shifting FSD to a subscription-only model, confirms Elon Musk

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Others have mentioned something like a pay-per-mile platform that would charge drivers based on usage, which seems to be advantageous for those who still love to drive their cars but enjoy using FSD for longer trips, as it can take the stress out of driving.

Moving forward, Tesla seems to be taking any strategy it can to increase the number of owners who utilize FSD, especially as it is explicitly mentioned in Musk’s new compensation package, which was approved last year.

Musk is responsible for getting at least 10 million active Full Self-Driving subscriptions in one tranche, while another would require the company to deliver 20 million vehicles cumulatively.

The current FSD take rate is somewhere around 12 percent, as the company revealed during the Q3 2025 Earnings Call. Tesla needs to bump this up considerably, and the move to rid itself of the outright purchase option seems to be a move to get things going in the right direction.

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Tesla Model Y leads South Korea’s EV growth in 2025

Data from the Korea Automobile and Mobility Industry Association showed that the Tesla Model Y emerged as one of the segment’s single biggest growth drivers.

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Credit: Tesla Malaysia/X

South Korea’s electric vehicle market saw a notable rise in 2025, with registrations rising more than 50% and EV penetration surpassing 10% for the first time. 

Data from the Korea Automobile and Mobility Industry Association showed that the Tesla Model Y, which is imported from Gigafactory Shanghai, emerged as one of the segment’s single biggest growth drivers, as noted in a report from IT Home News.

As per the Korea Automobile and Mobility Industry Association’s (KAMA) 2025 Korea Domestic Electric Vehicle Market Settlement report, South Korea registered 220,177 new electric vehicles in 2025, a 50.1% year-over-year increase. EV penetration also reached 13.1% in the country, entering double digits for the first time. 

The Tesla Model Y played a central role in the market’s growth. The Model Y alone sold 50,397 units during the year, capturing 26.6% of South Korea’s pure electric passenger vehicle market. Sales of the Giga Shanghai-built Model Y increased 169.2% compared with 2024, driven largely by strong demand for the all-electric crossover’s revamped version.

Manufacturer performance reflected a tightly contested market. Kia led with 60,609 EV sales, followed closely by Tesla at 59,893 units and Hyundai at 55,461 units. Together, the three brands accounted for nearly 80% of the country’s total EV sales, forming what KAMA described as a three-way competitive market.

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Imported EVs gained ground in South Korea in 2025, reaching a market share of 42.8%, while the share of domestically produced EVs declined from 75% in 2022 to 57.2% last year. Sales of China-made EVs more than doubled year over year to 74,728 units, supported in no small part by Tesla and its Model Y.

Elon Musk, for his part, has praised South Korean customers and their embrace of the electric vehicler maker. In a reply on X to a user who noted that South Koreans are fond of FSD, Musk stated that, “Koreans are often a step ahead in appreciating new technology.”

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Samsung’s Tesla AI5/AI6 chip factory to start key equipment tests in March: report

Samsung Electronics seems to be ramping its efforts to start operations at its Taylor, Texas semiconductor plant.

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Image used with permission for Teslarati. (Credit: Tom Cross)

Samsung Electronics seems to be ramping its efforts to start operations at its Taylor, Texas semiconductor plant, which will produce Tesla’s next-generation AI5 chip. 

Preparing for Tesla’s AI5/AI6 chips

As per a report by Sina Finance, Samsung Electronics is looking to begin trial operations of extreme ultraviolet (EUV) lithography equipment at its Taylor facility in March. These efforts are reportedly intended to support the full production of Tesla’s AI5 chips starting in the latter half of 2026.

The Taylor factory, Samsung’s first wafer fabrication plant in the United States, covers roughly 4.85 million square meters and is nearing completion. Media reports, citing contractors, have estimated that about 7,000 workers now work on the factory, about 1,000 of whom are reportedly working from the facility’s office building. 

Samsung is reportedly preparing to apply for a temporary occupancy permit, which would allow production to begin before the plant is fully completed.

Tesla’s aggressive AI chip roadmap

Elon Musk recently stated that Tesla’s next-generation AI5 chip is nearly complete, while early development on its successor, AI6, is already underway. Musk shared the update in a post on X, which also happened to be a recruiting message for engineers.

As per Musk, Tesla is looking to iterate its in-house AI chips on an accelerated timeline, with future generations, including AI7, AI8, and AI9, targeting a roughly nine-month design cycle. He also stated that the rapid cadence could allow Tesla’s chips to become the highest-volume AI processors in the world.

Previous reports have indicated that Samsung Electronics would be manufacturing Tesla’s AI5 chip, alongside its rival, Taiwan Semiconductor Manufacturing Company (TSMC). The two suppliers are expected to produce different versions of Tesla’s AI5 chip, with TSMC using a 3nm process and Samsung targeting 2nm production.

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