MULN Stock News: Mullen Automotive dips despite EV sector surge from record EV registrations

NASDAQ:MULN fell by 2.56% during Tuesday’s trading session.
US EV registrations hit record high with a 60% increase over last year.
EV stocks swing higher as growth stocks rebound on Tuesday.

Stocks Reporter FXStreet

NASDAQ:MULN saw its recent four-day winning streak snapped on Tuesday, despite a broader market rally that saw EV stocks rebound. Shares of MULN dropped by 2.56% and closed the trading session at $1.14. Even as Fed Chairman Jerome Powell hinted that more rate hikes are to come to battle rising inflation, all three major indices soared higher. The Dow Jones rose for the second straight day, adding 431 basis points, while the S&P 500 added 2.02%, and the NASDAQ jumped by 2.76%. The US markets continue to see a relief rally after hitting year to date low prices last week.

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A recent report from Experian Automotive shows that US EV registrations are up a staggering 60% year over year, hitting new record highs. Electric vehicles now account for 4.6% of the US auto market, which is the highest level that it has ever been. In the first quarter, Tesla (NASDAQ:TSLA) owned 70% of the US market with all four of its models in the top ten EVs owned, with the Model 3, the Model Y, and the Model S as the top three most registered models.

MULN stock forecast

Tesla saw a nice bounce back from recent weakness as the EV industry leader gained 5.14% during the session. Investors were also reacting to CEO Elon Musk’s acquisition of Twitter (NYSE:TWTR) potentially falling through. Other EV stocks on the rise included Lucid (NASDAQ:LCID), Rivian (NASDAQ:RIVN), and Ford (NYSE:F). All three major Chinese EV makers rose as Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) benefited from the recent change in tone from the Chinese government over supporting the growth and development of publicly listed companies.

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Stocks Reporter

FXStreet

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