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Short Seller Hindenburg Calls Electric Car Startup Mullen a ‘Hustle’

A Mullen Technologies electric sports car.

A Mullen Technologies electric sports car.

Photographer: Jeenah Moon/Bloomberg

Short-seller Hindenburg Research accused Mullen Technologies Inc. of misrepresenting its operations and misleading investors, the latest electric-vehicle startup to come under scrutiny by the prominent research firm.

Mullen distorted battery-test results and made inaccurate claims about the vehicles it intends to manufacture, causing significant swings in its stock price, Hindenburg said in a report released Wednesday. The firm called Mullen “yet another fast-talking EV hustle.”