MULN Stock Forecast: Mullen Automotive sees low trading volume ahead of Tesla earnings

NASDAQ:MULN traded completely flat on Wednesday, as the EV startup stock saw little price movement on much lower than usual trading volume. Shares of MULN closed the trading session flat, at a stock price of $1.09. It was another positive day on Wall Street, as investors could be signalling that a bottom is in for stocks. Big tech led the way on strong days from Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL), while all eyes are on Tesla (NASDAQ:TSLA) for its after hours earnings call. Overall, the Dow Jones gained 47 basis points, while the S&P 500 and the NASDAQ rose by 0.59% and 1.58% respectively during the session.

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EV stocks were in the focus on Wednesday as industry leader Tesla reported its second quarter earnings after the closing bell. It was a mostly positive day for EV stocks, as Nio (NYSE:NIO), Rivian (NASDAQ:RIVN), and Lucid (NASDAQ:LCID) all rose alongside other growth stocks. Tesla shares closed the day up 0.80% but were down slightly after hours. The company reported a 42% year over year rise in revenues and beat Wall Street estimates on earnings, but saw declining margins for the quarter.

Mullen stock price

The big question Mullen investors are asking is how much of the electric delivery truck market share can it take? Both Rivian and Canoo (NASDAQ:GOEV) have recently emerged as the leaders, with contracts from Amazon and WalMart (NYSE:WMT) respectively. Canoo is also working with the US Army to develop an electric vehicle option for military deployments. For its part, Mullen did sign a contract with Amazon delivery partner DelPack Logistics, but the scope of the deal does pale in comparison to its two rivals.

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