- NASDAQ: MULN rose 4.96% in Wednesday’s session.
- Toyota announces major investment in the U.S. electric vehicle industry.
- Following its most recent 3-for-1 stock split, Tesla is down again.
NASDAQ: MULN for the second day in a row Outperformed in the broader market as the electric car startup shut down strongly in August. On Wednesday, MULN shares rose a further 4.96% and closed at $0.67 on the last trading day of the month . Stocks extended their recent losses as Wall Street ended August with a monthly loss and a four-day losing streak. The three major stock indexes closed lower again as further comments from the Federal Reserve indicated that its hawkish stance on interest rates will continue into 2023. Overall, the Dow lost 280 basis points, the S&P 500 lost 0.78 percent and the Nasdaq lost 0.56 percent during the session.
Stay up to date with news on popular stocks!
Major headlines in the electric vehicle industry Wednesday were Toyota’s pledge to spend $5.6 billion in battery production in the U.S. and Japan. Battery production will begin between 2024 and 2026, with an initial capacity of more than 500,000 electric vehicles. Toyota has long been criticized for lagging the electric vehicle market, but the global auto leader has recently made strides to catch up with the rest of the industry. Mullen share price
After Toyota’s announcement, we saw industry leader Tesla (NASDAQ: TSLA) drop again. TSLA shares fell a further 0.75%, down nearly 10% in the past few weeks since the 3rd 1 stock split. Other EV stocks in action included Rivian (NASDAQ: RIVN) and Lucid (NASDAQ: LCID), which rose 2.57% and 1.25%, respectively, during the session. NIO (NYSE:NIO) also edged higher ahead of the Chinese electric car maker’s August deliveries report on Thursday.
Like this article? Help us provide some feedback by answering this survey:
The information on these pages contains forward-looking statements that involve risks and uncertainties. The markets and instruments described on this page are for informational purposes only and should not be taken as a recommendation to buy or sell these assets in any way. You should conduct your own thorough research before making any investment decision. FXStreet does not warrant in any way that this information is free of errors, errors or material misstatements. It also does not guarantee that the information is timely. Investing in public markets involves a number of risks, including loss of all or part of your investment, and emotional distress. All risks, losses and costs associated with investing, including the entire loss of principal, are borne by you. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of FXStreet or its advertisers. The author is not responsible for the information at the end of links published on this page.
Unless otherwise expressly mentioned in the text of the article, at the time of writing, the author is in any stock mentioned No positions are in this article and have no business relationship with any of the companies mentioned. Other than from FXStreet, the author did not receive any compensation for writing this article.
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 shall not be liable for any errors, omissions or any loss, injury or damage arising out of this information and its display or use. Errors and omissions excluded.
The author and FXStreet are not registered investment advisors and nothing in this article is investment advice.
