- NASDAQ:MULN fell by 8.22% during Monday’s trading session.
- Mullen is falling behind its rivals in the electric delivery van market.
- EV stocks dip lower despite a strong trading day from Tesla.
NASDAQ:MULN kicked the week off on the back foot as the stock tumbled lower and hit a new all-time low. On Monday, shares of MULN fell by 8.22% and closed the trading session at a price of $0.46. Stocks were on the rise as all three major indices jumped higher ahead of the Fed’s key September rate hike announcement on Wednesday. Following a higher than expected CPI and inflation report for August, many investors are anticipating another aggressive hike this month. Overall, the Dow Jones gained 197 basis points, the S&P 500 added 0.69%, and the NASDAQ rose by 0.76% during the session.
It should come as no surprise that market sentiment around Mullen’s stock has been extremely bearish as of late. The stock continues to trade well below the NASDAQ requirement of $1.00 per share, with no sign of a rebound anytime soon. On top of that, one of the company’s recent developments has paled in comparison to new deals of other electric delivery truck makers. Mullen’s deal with DelPack Logistics is a drop in the bucket compared to Rivian’s (NASDAQ:RIVN) partnerships with Amazon (NASDAQ:AMZN) and Mercedes Benz. In addition to this, Mullen can’t even compare to the deal Canoo (NASDAQ:GOEV) made with WalMart (NYSE:WMT) a few months back. In a market that is also getting the Tesla (NASDAQ:TSLA) Semi this year, Mullen looks like it will be left behind by the competition.
Mullen stock price
Electric vehicle stocks showed more volatility on Monday as the US 10-year treasury bond yields hit a fresh 11-year high. Stocks like Tesla (NASDAQ:TSLA) and Nio (NYSE:NIO) managed to post positive gains, while Lucid (NASDAQ:LCID), Rivian, and Canoo were all trading in the red.
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