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MULN stock forecast: Mullen Automotive continues to rise despite fourth day of losses

  • 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.

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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.

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