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Mullen Automotive tumbles as EV stocks erase early morning gains

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  • NASDAQ:MULN fell by 14.7% during Monday’s trading session.
  • EV stocks closed the day mixed as Tesla, Nio stumble.
  • Mullen is set to start its cross-country tour to promote the upcoming FIVE crossover EV. 

Mullen Automotive (MULN) sank lower to start the week as the EV startup company fell to yet another all-time low closing price. On Monday, shares of MULN tumbled by a further 14.7% and closed the trading session at a price of $0.34. According to the company, the SEC has set a deadline for March 2023 for Mullen to raise its stock back over $1.00 to remain listed on the exchange. Stocks did not fare much better than Mullen on Monday as all three major averages closed lower for the fifth consecutive day. Overall, the Dow Jones fell into bear market territory after losing 329 basis points, the S&P 500 closed at its lowest point since 2020 after falling by 1.03%, and the NASDAQ posted a loss of 0.6% during the session.

Mullen Automotive stock price

EV stocks were mixed on Monday despite what looked to be a positive start to the day for most companies. Shares of Tesla (TSLA) closed the day higher by 0.25% despite being up by more than 5% during the morning. Rivian (RIVN) and Lucid (LCID) also eked out positive days, although both had also erased most of their gains from morning trading. Chinese EV makers Nio (NIO) and XPeng (XPEV) were trading higher after Beijing extended its tax break for purchasing an electric or hybrid vehicle.  

Mullen is set to kick off its Strikingly Different tour in October as the company prepares to hit several major cities across the country. The tour will be showcasing its upcoming FIVE crossover EV and will follow this up with the second part of the tour in Spring 2023. This subsequent leg in the tour will feature the new FIVE RS premium model, which will be available for preorder on the tour. 

MULN 1-day chart

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