Mullen Automotive’s stock dropped 12.41% to hit $0.1891. Once a promising EV sector player, Mullen is struggling to keep up with the fast pace. Its investors are not used to this type of performance, as the chart shows the stock steadily declining from a high above $7 earlier in the year. The stock remains trapped in a downward spiral, showing no sign of recovery.
The crucial support level is now near $0.16; slipping below that could push the stock further into trouble. Investors are anxiously watching to see if this support will hold or if Mullen will continue its fall.
Despite recent efforts to boost confidence, such as announcements of partnerships and potential new models, the market remains sceptical. NASDAQ: MULN struggles with production delays and financial pressures have left investors unsure about the company’s future.
While Mullen once aimed to make waves in the electric vehicle market, it’s now fighting to stay relevant. Rivals like Tesla and Rivian consistently deliver on their promises, leaving Mullen struggling to keep up. Mullens’s current focus is on survival rather than competing for the top spot.
Can Mullen turn things around? Investors will wait to see if the company can deliver on its goals, but until then, the stock’s direction appears firmly downward.
Read about MULN Stock Price Forecast 2024, 2025, 2030.
This post was last modified on Sep 09, 2024, 12:15 BST 12:15