MULN Stock Forecast: Mullen Automotive rises as more details on its crossover EV emerge

NASDAQ:MULN rose higher for the second consecutive day as the EV startup released some vital information about its new upcoming model. On Thursday, shares of MULN gained 2.32% and closed the trading session at a price of $0.54. Stocks pulled back during Thursday’s trading as all three major indices closed the day lower, extending Wall Street’s volatility and likely leading the market to another losing week. A stark forecast from FedEx (NYSE:FDX) spokt to a weaker global economy than some economic data suggests. Overall, the Dow Jones lost a further 173 basis points, the S&P 500 fell by 1.13%, and the NASDAQ dropped by 1.43% during the session.

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While Mullen’s stock has struggled so far this year, the company continues to make updates on its business that are widely seen as positive. On Thursday, the EV maker provided an update on its FIVE crossover EV model that is slated to be ready for prototypes later this fall. The RS model of the FIVE crossover will be what the company calls a high performance model with speeds of up to 200 MPH and an acceleration of 0-60 MPH in just 1.9 seconds. The engine will also house more than 1,000 HP under the hood.

Mullen stock price

One of Mullen’s key-rivals in the electric truck market is Rivian (NASDAQ:RIVN). The stock has also had a bumpy 2022 but one analyst believes it does have some significant upside moving forward. RBC Capital analyst Joseph Spak is bullish on the stock following its agreement with Daimler AG to build electric delivery trucks in Europe. While the agreement will not start for a couple of years, Spak was quick to provide a $75.00 price target for Rivian for the next twelve months.

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