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

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.

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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.

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