MULN Stock Forecast: Mullen Automotive extends gains after patent applications

NASDAQ:GGPI gained 5.26% during Wednesday’s trading session.
Mullen Automotive announces it has filed patent applications in 24 different countries.
Tesla CEO Elon Musk says the new GigaFactories are burning cash.

Stocks Reporter FXStreet

NASDAQ:GGPI soared higher again for the sixth consecutive session as the company and shareholders prepare for the merger vote with Mullen Automotive. On Wednesday, shares of GGPi gained a further 5.26% and closed the trading session at $1.60. Stocks failed to choose a direction on Wednesday, although ultimately all three major indices closed the day in the red. Fed Chairman Jerome Powell spoke to congress on Wednesday and remained hawkish in his resolve to tame inflation in the US economy. The Dow Jones fell by 47 basis points, the S&P 500 dropped lower by 0.13%, and the NASDAQ posted a 0.15% loss during the session.

Stay up to speed with hot stocks' news!

Mullen Automotive issued another press release on Wednesday as the company revealed it is filing applications for more than 130 patents across 24 different countries. These patents are for the design and style of the Mullen FIVE crossover EV. Mullen stated that 19 of those patents are in the US, with the rest of the 117 patents for international markets. This provides some insight into Mullen’s international plans for expansion once it launches in the US market. Its patents were filed in countries like China, Australia, Argentina, and New Zealand.

Mullen stock price

Tesla (NASDAQ:TSLA) CEO Elon Musk was quoted as saying that the new GigaFactories in Berlin and Texas are bleeding cash right now. A shortage of batteries and Chinese port issues have cost the plants billions of dollars. Currently, the Texas GigaFactory in particular is struggling to produce only a small number of vehicles. Musk also revealed that the long-awaited Cybertruck has finally locked-in its design and will likely commence production in 2023. Shares of TSLA were down by 0.40% during Wednesay’s trading session.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD looks vacillating around 1.1800

EUR/USD alternates gains with losses around the 1.1800 neighbourhood amid marginal gains at the end of the week. The pair’s tepid move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the irresolute price action in the US Dollar.

GBP/USD slips back to daily lows near 1.3450

GBP/USD trades on the back foot on Friday, adding to Thursday’s losses around the 1.3450 region. Cable’s move lower comes amid the lacklustre performance of the Greenback in a context of a wide spread absence of volatility.

Gold flirts with four-week highs past $5,200

Gold adds to the ongoing recovery, up for the third day in a row and surpassing the $5,200 mark per troy ounce on Friday. The relentless uptick in the precious metal remains bolstered by steady geopolitical tensions and persistent uncertainty surrounding the US trade policy.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.