MULN Stock Forecast: Mullen Automotive keeps advancing despite the sour mood

• NASDAQ:MULN extended its advance on Wednesday, despite the poor performance of Wall Street. 
• EV stocks are mixed amidst Tesla unrest, Chinese EV deliveries.
• Mullen is about to enter a crowded market at a time when costs are rising.

Update: NASDAQ:MULN added roughly 5% on Wednesday, ending the day at $0.67, ignoring the dismal market mood that sent Wall Street into the red for a second consecutive day. A weaker than anticipated US employment-related report weighed on investors’ mood. The revamped ADP survey on private job creation posted a modest 132K in August, well below the market’s expectations.

The Dow Jones Industrial Average lost 0.885 and settled at 31,511, while the S&P 500 lost 0.10% and finished the day at 3,982. Finally, the Nasdaq Composite closed at 11,816, down 67 points. 

NASDAQ:MULN surprised investors on Tuesday and outperformed the broader markets which extended their slump from last week. Shares of MULN bounced back by 3.02% and closed the trading session at $0.64. Stocks extended their declines following the Jackson Hole Symposium last week as all three major indices sank lower for the third straight day. The downturn almost certainly means that the markets will be closing August with another losing month. Overall, the Dow Jones lost a further 308 basis points, the S&P 500 dropped by 1.10%, and the NASDAQ posted a 1.12% loss for the session.

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EV stocks were mixed on Tuesday although a majority of companies were still trending lower. Tesla (NASDAQ:TSLA) fell a further 2.50% as the sell off continues following the company’s 3 for 1 stock split last week. Tesla was also hit with a hunger strike by its customers as there seems to be some unrest in the EV hot bed of Norway. Other EV stocks on the decline include Rivian (NASDAQ:RIVN), Lucid (NASDAQ:LCID), and Ford (NYSE:F). Chinese EV stocks are set to report August deliveries on Thursday, and XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) were below water on Tuesday, while Nio (NYSE:NIO) eked out a modest gain.

Mullen stock price

After Mullen’s recent announcement about having working demo vehicles of their FIVE crossover EV ready for October, it’s time to consider how well Mullen can even compete. It’s a crowded industry now, and with legacy automakers like Toyota and General Motors (NYSE:GM) really making a push, it’s hard to see Mullen gaining a significant market share around the world. Its solid-state battery technology is promising, but time will tell how well it can do in this market.