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Mullen Automotive sinks lower alongside EV sector sell off

Mullen Automotive sinks lower alongside EV sector sell off

  • NASDAQ:MULN fell by 8.11% during Friday’s trading session.
  • Rivian eyes other forms of commercial vehicles after the launch of delivery trucks.
  • Mullen is hosting its annual shareholder meeting with company updates on July 26th.

NASDAQ:MULN closed out a volatile week where the EV startup posted a 7.27% loss over the past five trading days. On Friday, shares of MULN dropped a further 8.11% and closed the trading week at $1.02. Mullen wasn’t the only EV stock trading lower on Friday, as Nio (NYSE:NIO), Rivian (NASDAQ:RIVN), and Lucid (NASDAQ:LCID) all put up losing efforts. In fact, all three major indices closed the day lower as the markets cooled off into the weekend. Overall, the Dow Jones fell by 137 basis points, the S&P 500 dropped by 0.93%, and the NASDAQ tumbled by 1.87% during the session.

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Earlier this week it was reported that Rivian’s first electric delivery trucks were officially on the roads delivering packages for Amazon (NASDAQ:AMZN). Now, it seems like the EV maker has its sights set on other transport markets. These include different types of cargo and work vans that are used across different industries. Most people just think about consumer EVs, but there is a strong demand for commercial EVs as well. Rivian and Mullen-rival Canoo (NASDAQ:GOEV) is also testing its electric van with the US Army right now.

Mullen stock price

MULN Stock

Mullen has been reminding shareholders of its annual meeting that will be held both in person and virtually on July 26th. Mullen will be providing a company update to shareholders so we could be receiving some updates on its electric delivery truck partnership with DelPack Logistics. Investors will likely be interested in hearing about the progress of its solid-state battery as well as the FIVE crossover EV.

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