- MULN fell by 9.6% during Thursday’s trading session.
- Newly acquired Bollinger Motors reaches a deal with Wabash.
- EV stocks tumble as Tesla, Rivian lead the way lower.
Mullen Automotive (MULN) once again hit a new all-time low price on Thursday as the EV startup continues to struggle in a difficult macroeconomic environment. Shares of MULN sank lower by a further 9.6% and closed the trading day at a price of just $0.37. All three major indices closed lower yet again as global interest rate hikes by central banks raised fears of an impending recession. In the US, treasury bond yields soared to new decade highs after the Fed imposed yet another 75 basis point hike on Wednesday. Overall, the Dow Jones lost 107 basis points, the S&P 500 fell by 0.8%, and the NASDAQ posted a 1.4% loss for the session.
Mullen Automotive stock news
A new partnership for Mullen’s recently acquired subsidiary, Bollinger Motors, still could not move the needle with investors. Bollinger announced it is partnering with Wabash to produce a line of electric last-mile delivery trucks with full refrigeration. Wabash is a manufacturer of truck bodies and frames and is designing Bollinger’s model to be lighter, stronger and with a more efficient charging system. It was not announced when these trucks would be ready for production.
Electric vehicle stocks extended the sector’s downturn on Thursday, led by industry leader Tesla (TSLA), which fell by 4.1% after an unexpected recall of 1.1 million vehicles. Other stocks trending lower were startups like Rivian (RIVN), Lucid (LCID) and Polestar (PSNY). Rising interest rates are seen as impediments to growth for early stage companies. Chinese EV Makers were on the rise as Li Auto (NASDAQ:LI) announced it would be releasing its new L8 SUV earlier than planned due to high EV demand in China.
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