- NASDAQ:MULN fell by 21.67% during Friday’s trading session.
- The gap between Tesla and EV startups like Mullen just got wider.
- EV stocks fall to close the week as growth stocks cool off.
NASDAQ:MULN had a bearish close to the week as the EV stock tumbled during Friday’s session. Shares of MULN plummeted by 21.67% and closed the trading week at $2.35. After gaining more than 100% during last week’s trading, shares fell by 33% this week. The stock has recently been a trending ticker on Reddit and Twitter, with the volatility and massive swings characteristic in meme stock behavior. Mullen Automotive fell on a day where the NASDAQ snapped its recent hot streak, as the tech-heavy index fell by 0.16%. Despite this, all three major indices closed the week higher for the second straight week, as investors have mostly shrugged off the rise in interest rates and ongoing crisis in Ukraine.
Stay up to speed with hot stocks' news!
The CarBuzz article that first brought Mullen Automotive back into the spotlight referred to the company as a potential major competitor to Tesla (NASDAQ:TSLA). Given the fact that Mullen does not expect its vehicles to be on the market until 2024, Tesla’s recent advancements have only widened the gap between it and the rest of the market. With the Berlin GigaFactory now open and the Austin GigaFactory opening imminently, Tesla is establishing a global supply chain that most automakers simply cannot compete with. At this point, it seems unlikely Mullen will pose any threat to Tesla when its vehicles are ready.
MULN stock forecast
It was a sea of red for the electric vehicle sector on Friday as nearly every EV maker was trading lower to close the week. Tesla saw its eight-day win streak snapped, while Chinese EV maker Nio (NYSE:NIO) tumbled after providing weak guidance despite beating estimates for its fourth quarter and full year performance. Lucid (NASDAQ:LCID), Rivian (NASDAQ:RIVN), and XPeng (NYSE:XPEV) all closed the week lower as well.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD bounces back above 1.1600 despite market caution ahead of US PPI data
EUR/USD holds the bounce above 1.1600 in the European morning on Wednesday. The pair appreciates amid a modest US Dollar retreat, driven by traders’ caution ahead of the upcoming US Producer Price Index data due later in the day.
GBP/USD extends rebound above 1.3400 after hot UK inflation data
GBP/USD extends the rebound above 1.3400 in the early European session on Wednesday. The pair is helped by an upside surprise in the UK Consumer Price Index (CPI) data for June, which weighs on the BoE rate cut expectations and supports the Pound Sterling. The US PPI data is next in focus.
Gold price sticks to intraday gains amid softer risk tone, subdued USD price action
Gold price regains positive traction during the Asian session on Wednesday and has now reversed a major part of the previous day's slide to the $3,320 area. Investors remain on edge amid persistent uncertainty surrounding US President Donald Trump's trade tariffs.
Trump strikes deal to unblock crypto bills in House, GENIUS Act set for vote
US President Donald Trump steps in to revive momentum for crypto legislation in the US House of Representatives. On Wednesday, Trump announced that 11 of the 12 House representatives have agreed to support the GENIUS ACT bill.
China’s first-half growth remains on track, though activity data signals caution
China's second-quarter GDP beat forecasts again with a 5.2% year-on-year growth, driven by strong trade and industrial production. Yet sharper-than-expected slowdowns in fixed-asset investment and retail sales and falling property prices are a concern.
Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.