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Mullen Automotive (NASDAQ:MULN) stock is on the move Wednesday after the electric vehicle (EV) company revealed patents for its Mullen FIVE EV Crossover program.

According to the company, it has filed more than 130 patents in 24 countries to support this program. The patent covers the design and styling of the Mullen FIVE EV Crossover, an upcoming EV from the company.

Mullen Automotive notes that 19 of those patents for the U.S. and are currently waiting for approval. The remaining 117 are for other countries around the world. Of them, 30 have already been approved. That includes seven patents in Argentina, Australia, Bahrain, China, and New Zealand each.

David Michery, chairman and CEO of Mullen Automotive, said the following about the patent news sending MULN stock higher.

"We fully intend to make the Mullen FIVE available around the world, and these patents, including filings in 24 international countries, show our intended commitment to do so."

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It's worth mentioning that MULN stock is seeing strong movement alongside today's patent news. This has more than 60 million shares on the move as of this writing. That's closing in on the company's daily average trading volume of about 84 million shares.

MULN stock is up 7.9% as of Wednesday morning. However, the company's shares are still sitting down 71.9% since the start of the year.

Investors on the lookout for the latest stock market news will want to stick around!

We've got all the most recent stock market news that traders need to know about for Wednesday! A few examples include Ivanhoe Electric initial public offering (IPO) details, Exela Technologies (NASDAQ:XELA) stock rising on a new contract, and one analyst saying now is the time to buy Tesla (NASDAQ:TSLA) stock. You can catch up on all of this news at the following links!

More Wednesday Stock Market News

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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