MULN Stock Forecast: Mullen Automotive snaps win streak as markets weighed down by big tech

• NASDAQ: MULN fell by 0.3% during Thursday’s trading session.
• Mullen is hopeful its Strikingly Different tour can renew investor interest in the company.
• Rivian received a less-than-flattering review from an important auto industry source. 

Mullen Automotive (MULN) snapped its six-day winning streak on Thursday and succumbed to the selling pressure that hit the tech-heavy NASDAQ. Shares of MULN fell by 0.3% and closed the trading session at a price of $0.54. The sharp plunge of Meta Platforms (META) weighed down the NASDAQ on Thursday and overshadowed some promising GDP data that showed the US economy grew more than expected last quarter. Overall, the Dow Jones managed to add 0.6%, the S&P 500 fell by 0.6%, and the NASDAQ tumbled by 1.6% during the session. 

Mullen Automotive stock price

On Thursday, Mullen kicked off the first leg of its Strikingly Different nationwide tour. The tour is meant to showcase its upcoming FIVE crossover EV, with the first working prototype for the public to see. While no concrete date for the release of the vehicle has been set, production should be able to begin shortly following the acquisition of the Electric Last Mile Solutions (ELMSQ) plant in Indiana. Mullen is hoping that this tour will reignite investor interest in the company after the stock has fallen by more than 90% from last year’s highs. 

Electric truck rival Rivian (RIVN) received a less-than-flattering review from online automotive source Edmunds. The review came from five months of experience with the R1T electric truck, and while they were impressed they also came across multiple issues that need to be addressed for future models. On Thursday, shares of RIVN initially fell but closed the day higher by 0.2%. 

MULN 5-minute chart 10/27/22