- ASDAQ:MULN
- EV Stocks were mixed as Tesla anticipates large quarterly delivery volume.
- Mullen will need its electric delivery truck division to take the lead.
Update: MULN has been trending on news from earlier in the week that the electric vehicle maker could be a top bidder for the assets from bankrupt Electric Last Mile Solutions when an auction is held on Oct. 7. Technically, it is showing signs of strength on the daily chart and has started to correct that September rout. On the weekly chart, a 50% mean reversion comes in at $0.6390.
Update: MULN finished Wednesday at $0.36 per share, up 7.10%. After reaching fresh 2022 lows on Tuesday, Wall Street enjoyed a dramatic U-turn. The Dow Jones Industrial Average added 548 points and settled at 29,683, while the Nasdaq Composite added 2.05% and closed at 11,051. The S&P500 was the best performer, recovering 2.25% and finishing the day at 3,729. Collapsing government bond yields boosted demand for high-yielding assets, as the yield on the 10-year Treasury note shed roughly 20 bps. Market players may have gone too far with the dollar, and profit-taking added to the general mood.
It's yet to be seen whether the recovery is set to continue in a risk-averse environment. On Thursday, the US will release the final version of the Q2 Gross Domestic Product, expected to confirm that the economy contracted at an annual pace of 0.6% in the three months to June.
Mullen Automotive (MULN) extended its downward trend as the EV startup stock fell even further below $1 and has become a full-fledged penny stock. On Tuesday, shares of MULN dropped by 2.6% and closed the trading session at a price of $0.33. It was another volatile session on Wall Street as early morning trading made it seem like we were heading toward a positive day for the indices. By the closing bell, the S&P 500 was in the red for the fifth consecutive day and had briefly made new bear market lows. Overall, the Dow Jones lost 125 basis points, the S&P 500 dropped by 0.21%, and the NASDAQ managed to post a small gain of 0.25%.
Mullen Automotive stock price
Electric vehicle stocks were mixed yet again on Tuesday, as the sector continues to trade with no real direction. Tesla (TSLA) saw a boost early in the session as the company reported that it expected a high delivery order for this quarter. Shares of TSLA closed 2.5% higher. Other EV companies in the red included RIvian (RIVN), Nio (NIO), and XPeng (XPEV), while Lucid (LCID) was a rare riser in the sector. The luxury EV maker received an Overweight rating as Cantor Fitzgerald initiated coverage on the stock.
Although Mullen is kicking off its tour to promote the upcoming launch of its FIVE Crossover EV, the company will likely need its delivery truck business to take the lead for now. The FIVE Crossover is still expected to be ready in 2024 at the earliest, so until then Mullen will need to rely on its partnership with DelPak Logistics and will be competing with the likes of Rivian for more customers.
MULN performance for 9/29/22
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.
Recommended content
Editors’ Picks

EUR/USD stays strongly bid near 1.0500 on German Conservatives election win
EUR/USD stays strongly bid near 1.0500 in the European session on Monday. The pair cheers the German Conservatives Party win in the federal election, which revives hopes for better economic outlook. The further upside could remain elusive due to a cautious market mood. Germany's IFO data eyed.

GBP/USD: Gains remain capped below 1.2700 ahead of BoE-speak
GBP/USD kicks off the new week on a positive note but remains below 1.2700 in the early European trading on Monday. Broad US Dollar weakness helps the pair regain ground but the upside appears capped as traders turn cautious ahead of speeches from several BoE policymakers.

Gold price remains confined in a multi-day-old trading range; sits near all-time peak
Gold price continues to draw support from persistent worries about Trump’s tariff plans. The emergence of fresh USD selling and inflation concerns also underpin the XAU/USD. Hawkish Fed expectations keep a lid on further gains for the non-yielding yellow metal.

Dogecoin bears remain strong despite Elon Musk’s endorsement
Dogecoin extends its decline, trading around $0.23 on Monday after falling 8.55% last week. Coinglass’ long-to-short ratio for DOGE reads below one, indicating more traders are betting for a correction while the technical outlook projects a pullback toward the $0.20 level.

Money market outlook 2025: Trends and dynamics in the Eurozone, US, and UK
We delve into the world of money market funds. Distinct dynamics are at play in the US, eurozone, and UK. In the US, repo rates are more attractive, and bills are expected to appreciate. It's also worth noting that the Fed might cut rates more than anticipated, similar to the UK. In the eurozone, unsecured rates remain elevated.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.