MULN Stock Forecast: Mullen Automotive stumbles as EV startup stocks fall alongside Lucid
- NASDAQ:MULN fell by 8.63% during Thursday’s trading session.
- EV stocks have a mixed session after Lucid earnings, Tesla stock split.
- Canoo could be on the verge of signing yet another partnership.
NASDAQ:MULN erased most of its gains from earlier in the week as the EV startup stock changed course during Thursday’s session. Shares of MULN tumbled by 8.63% and closed the trading day at $0.84. Stocks were unsettled on Thursday as investors awaited the key July jobs report which will be released on Friday morning. Employment figures have been a crucial statistic that the Federal Reserve has used to deny an economic recession. Overall, the Dow Jones fell by 85 basis points, the S&P 500 edged lower by 0.08%, and the NASDAQ eked out a 0.41% gain during the session.
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Electric vehicle stocks were mixed on the heels of another disappointing quarter from Lucid (NASDAQ:LCID). Shares of LCID were down by 9.73% on Thursday, while Rivian (NASDAQ:RIVN) and Canoo (NASDAQ:GOEV) were also trading lower in sympathy. Chinese EV makers extended their strong streak as Nio (NYSE:NIO) and XPeng (NYSE:XPEV) rose higher, along with Tesla (NASDAQ:TSLA) which is holding its annual shareholder meeting after the close. The main topic up for vote will be the proposed 3 for 1 stock split that was announced earlier this year.
Mullen stock price
Speaking of Canoo, there is a rumor circulating that it is working with BMW-owned Mini to provide the platform for its upcoming electric van. Canoo is already working with WalMart (NYSE:WMT) to provide electric delivery vans, as well as the US Army and NASA. Adding another automaker to its portfolio would certainly raise its legitimacy in the industry even more.
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