A 69,000% EV Dilution Machine Runs Out of Road: Chris Bryant

Electric-vehicle startups that don’t have Saudi Arabia or Jeff Bezos bankrolling them are resorting to desperate tacticsto keep the lights on. Retail investors chasing the next Tesla Inc. risk being taken for a very costly ride.

Consider California-based Mullen Automotive Inc., which has yet to generate significant revenue and whose shares have lost 99% of their value since the start of 2022. Why? Look no further than its share count which has ballooned by almost 700 times during the same period, a near 70,000% increase.

Unlike rivals such as Lordstown Motors Inc., which filed for bankruptcy last month, Mullen remains a going ...