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.

Stocks Reporter FXStreet

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:

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 remains offered below 1.1600, seems vulnerable near multi-month low

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1530 region, or the lowest level since November 2025, and lower for the third consecutive day on Wednesday. Spot prices slide back below the 1.1600 mark during the Asian session and seem vulnerable to slide further.

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold rebounds ahead of US ADP, will it last?

Gold finds renewed Asian bids and retests $5,230 early Wednesday after the heavy sell-off on Tuesday. The US Dollar stands tall amid escalating Middle East tensions and reduced dovish Fed expectations. Gold defends $5,000 or 50% Fibo level after facing rejection at the 78.6% Fibo resistance at $5,342 amid bullish RSI.