MULN Stock Forecast: Mullen Automotive extends gains as EV stocks continue to rise

NASDAQ:MULN gained 5.59% during Tuesday’s trading session.
Rivian says that the new climate bill favors lower-priced vehicles.
EV stocks rise as Tesla extends streak ahead of stock split.

NASDAQ:MULN rose for the second straight day as the EV startup looked to climb back above the key $1.00 price level. On Tuesday, shares of MULN added a further 5.59% and closed the trading session at $0.92. Mullen certainly outperformed the broader markets as all three major averages slipped lower for the second straight session to begin August. The two negative days have erased some of the gains made during last week’s rally, and have been a reminder to investors that stocks remain in a bear market. Overall, the Dow Jones fell by 402 basis points, the S&P 500 sank by 0.67%, and the NASDAQ posted a loss of 0.16% during the session.

Stay up to speed with hot stocks' news!

One of Mulen’s rivals in the electric delivery van sector, Rivian (NASDAQ:RIVN) has spoken out against the proposed climate bill. According to Rivian, the bill will provide subsidies for lower-priced vehicles from rivals like Tesla (NASDAQ:TSLA) and General Motors (NYSE:GM). These automakers have had more time to scale operations and can provide models below the $80,000 threshold. Rivian is not planning to offer a mass market model until 2025 at the earliest and is therefore concerned that the $7,500 incentive will push consumers away from its brand.

Mullen stock price

As a whole, EV stocks continued their upward trajectory led by industry leader Tesla (NASDAQ:TSLA) which gained a further 1.11% on Tuesday. The vote for Tesla’s stock split is set to take place on August 4th. Other stocks on the rise included Rivian, Canoo (NASDAQ:GOEV), and Lucid (NASDAQ:LCID) which will report its quarterly earnings on Wednesday.

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

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.