MULN Stock Forecast: Mullen Automotive extends losses as EV Delivery Van race heats up
|- NASDAQ:MULN fell by 1.80% during Wednesday’s trading session.
- The EV Van race is heating up with Canoo and Rivian as challengers.
- Rivian announces it is working on a new cost-cutting plan.
NASDAQ:MULN dropped lower for the third consecutive session as some big news from a couple of EV rivals has derailed Mullen’s bullish momentum. On Wednesday, shares of MULN fell by a further 1.80% and closed the trading session at $1.09. It was another volatile day for stocks as all three major indices closed the day in the red. The CPI figure for June came in higher than expected with a 9.1% year over year increase from 2021. As a result, the Dow Jones fell by 208 basis points, the S&P 500 sank by 0.45%, and the NASDAQ inched lower by 0.15% during the session.
Stay up to speed with hot stocks' news!
Mullen’s announcement of a partnership with Amazon (NASDAQ:AMZN) delivery partner Delpack Logistics was a breath of fresh air for the EV startup. This firmly places Mullen in direct competition with Rivian (NASDAQ:RIVN) who has a deal to make 100,000 electric delivery vans for Amazon itself. On Tuesday, Canoo (NASDAQ:GOEV) announced it had signed an agreement for up to 10,000 electric vans for WalMart (NYSE:WMT). The electric delivery van race is just heating up, and these three EV startups are vying for share of a relatively uncharted market.
Mullen stock price
Rivian also announced that it would be releasing a cost-cutting plan to its staff on Friday. It is believed the plan will include cutting at least 5% of its staff, although other measures have yet to be released. On Wednesday, Canaccord Genuity initiated coverage of the stock and provided a Buy rating for Rivian, with a price target of $61.
Like this article? Help us with some feedback by answering this survey:
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.