- NASDAQ:MULN fell by 6.58% during Tuesday’s trading session.
- Mullen Automotive is relying on delivery trucks to carry it forward.
- EV stocks tumble as Tesla snaps its recent winning streak.
NASDAQ:MULN nearly hit its 52-week low price of $0.52 per share on Tuesday as the markets sold off following a hotter than expected CPI print. Shares of MULN sank by a further 6.58% and closed the trading session at a price of $0.54. It was an ugly day on Wall Street as August’s CPI came in higher than expected with a slight sequential increase from July. The result was the worst trading day since June of 2020. Overall, the Dow Jones lost 1,276 basis points, the S&P 500 dropped by 4.32%, while the NASDAQ posted a loss of 5.16% during the session.
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Mullen Automotive recently acquired a majority stake in Bollinger Motors, an electric truck startup that made some headlines as a potential Tesla (NASDAQ:TSLA) Cybertruck competitor. Mullen is also involved in providing electric delivery trucks for an Amazon (NASDAQ:AMZN) delivery partner, DelPack Logistics. All of this despite Mullen being most widely known for its upcoming Crossover FIVE electric vehicle for the consumer market. Can Mullen juggle all of these balls without needing to raise capital to increase production capacity? This is likely one red flag that current shareholders must be prepared for.
Mullen stock price
As can be expected when the NASDAQ suffers a steep sell off, electric vehicle stocks also tumbled during the session. Tesla, Lucid (NASDAQ:LCID), General Motors (NYSE:GM), and Ford (NYSE:F) were all trading well below water. One bright spot was Chinese EV makers like BYD and Nio (NYSE:NIO). Barclays initiated coverage of BYD with an Outperform rating and a $40.00 per share price target. The firm says that BYD could potentially outperform Tesla on a global scale, but particularly in the domestic market of China.
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