- NASDAQ:MULN gained 4.96% during Wednesday’s trading session.
- Toyota announces a major investment into the US EV sector.
- Tesla falls yet again following its recent 3 for 1 stock split.
NASDAQ:MULN defied the broader markets for a second straight day as the EV startup closed out August on a strong note. On Wednesday, shares of MULN gained a further 4.96% and closed the final trading session of the month at a price of $0.67. Stocks extended their recent losing streak as Wall Street finished August with monthly losses and four straight consecutive red days. All three major indices closed lower yet again as further comments from the Fed suggested their hawkish stance on interest rates will remain into 2023. Overall, the Dow Jones lost 280 basis points, the S&P 500 dropped by 0.78%, and the NASDAQ fell by 0.56% during the session.
The major headline in the EV sector on Wednesday was that Toyota is committing $5.6 billion USD to battery output in both the US and Japan. Battery production will begin between 2024 and 2026, and will have an initial capacity of over 500,000 electric vehicles. Toyota was long criticized for lagging the EV market but the global automotive leader has made great strides recently to catch up to the rest of the sector.
Mullen stock price
Following Toyota’s announcement we saw industry leader Tesla (NASDAQ:TSLA) drop lower yet again. Shares of TSLA fell a further 0.75% and has lost nearly 10% over the past couple of weeks since the 3 for 1 stock split. Other EV stocks making moves included both Rivian (NASDAQ:RIVN) and Lucid (NASDAQ:LCID) which rose by 2.57% and 1.25% respectively during the session. Nio (NYSE:NIO) also edged higher ahead of the August delivery report for Chinese EV makers on Thursday.
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. 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.