- NASDAQ:MULN gained 8.96% during Friday’s trading session.
- Mullen’s first specifications and details on the FIVE EV are impressive.
- EV stocks extend losses on Friday during broader market sell off.
NASDAQ:MULN snapped its recent losing streak and managed to close out the week on a positive note. On Friday, shares of MULN gained 8.96% and closed the trading session at a price of $0.40. All three major averages tumbled on Friday as stocks continued to sell off following September’s 75 basis point rate hike on Wednesday. It also marked the fourth consecutive losing session on Wall Street and the fifth losing week out of the past six. Overall, the Dow Jones hit a new 2022 low after losing 486 basis points, the S&P 500 fell by 1.72%, and the NASDAQ dropped lower by 1.80% during the session.
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Mullen did recently unveil some specifications for its long-awaited FIVE crossover EV model. While the nationwide tour will begin next month for Mullen, it did provide some preliminary figures for the powerful FIVE RS edition. These numbers include a top speed of 200 miles per hour, 1,000 horsepower in the engine, and acceleration of 0-60 miles per hour in just 1.9 seconds. These are some pretty powerful figures for the vehicles but one noticeably absent number so far is the price of the model. The FIVE RS will join the second leg of Mullen’s tour in 2023.
Mullen stock price
Electric vehicle stocks extended their declines on Friday and overall the sector put together a very weak and volatile week of trading. Industry leader Tesla (NASDAQ:TSLA) sank a further 4.59% as the fallout from its recent recall continued. Other EV stocks in the red included Lucid (NASDAQ:LCID) and Nio (NYSE:NIO), while Rivian (NASDAQ:RIVN) eked out a positive day of trading alongside Mullen.
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