MULN Stock Forecast: Mullen Automotive makes new all-time low, falls 20% on week

NASDAQ:MULN fell by 2.6% during Friday’s trading session.
EV stocks were mixed on Friday, closing out a volatile month of trading.
Tesla holds AI Day Event, makes an interesting announcement about the Cyber Truck.

Stocks Reporter FXStreet

Mullen Automotive (MULN) made yet another all-time low price on Friday as the downtrend for the EV startup continues into October. To close the week, shares of MULN fell by 2.6% and closed the trading session at a price of $0.33. Stocks extended their declines on Friday as all three major indices fell deeper into the red with the S&P 500 making a new 2022 low. This closes out a September that saw the worst market performance since the Covid-19 crash in March 2020. Overall, the Dow Jones lost 500 basis points, while the S&P 500 and the NASDAQ fell by 1.5% each during the session.

Mullen Automotive stock price

Electric vehicle stocks were once again trading in a volatile fashion on Friday. Shares of Tesla (TSLA) lost 1.1% despite Reuters releasing an updated production projection that would see the company execute a 50% production increase in 2023. Rivian (RIVN) and Nio (NIO) were on the rise as the latter company began deliveries of its much anticipated ET5 sedan that is believed to be a major rival to Tesla’s Model 3.

Tesla is holding its annual AI Day Event on Friday night, and some are expecting a prototype of the company’s Optimus robot. Tesla has long been associated with AI through its FSD software and its much discussed Robotaxi. CEO Elon Musk originally stated that full FSD would be ready by 2016, but to date there have only been beta releases with plenty of glitches. The AI Day Event typically does not have a lot to do with its vehicles, but it does provide insight into the future direction of the company.

MULN stock performance 9/30/22

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Stocks Reporter

FXStreet

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