The latest news follows on the heels of Mullen’s Wednesday announcement that its legal representatives had uncovered evidence of spoofing that had led to 5 billion MULN shares trading at artificially-deflated prices in the two years following its debut on the NASDAQ exchange in November 2021.
Bulls will watch to see if MULN can hold to the $0.15 level. If so, then a break above $0.17 may incline some to ride the wave up to the former support at $0.2210.
Despite the spoofing litigation’s possible billion dollar payday – which is a lot for a company with a $64 million market cap – most traders know the thin likelihood of that payout is far in the future if at all. For now, traders are focused on the reverse stock split shareholder vote scheduled for December 15. There’s little urge to purchase shares ahead of reverse splits.
China’s BYD is by far the largest manufacturer of EVs in the world. In 2022 it sold 1.8 million EVs and in the second half of the year made up 20% of the global market. The asterisk given to BYD is that the vast majority of these vehicles are hybrids. Tesla’s 12% market share is often treated as more significant than BYD, because it only sells BEVs and is the most famous EV brand in the world. Volkswagen, BMW and Wuling then round out the top five. As a new sector with heavy investment though, many startups have flooded the market. These include China’s Nio, Li Auto and Xpeng; a Swedish-Chinese manufacturer called Polestar; and Lucid and Rivian from the US.
Mullen stock forecast
On Friday morning, Mullen announced it had filed a new spoofing complaint against several broker-dealers it contends have been involved in manipulating its stock price over the past two years.
Mullen Automotive (MULN) stock lost ground for the fourth session in a row on Friday despite the broader market seeing gains across categories. MULN stock lost 5.13% on Friday, closing at $0.1480 . All three major indices – Dow Jones, S&P 500 and NASDAQ Composite – closed up near 0.4%.
EVs are growing from a small base, but they rose from 9% of global new auto sales in 2021 to 14% of the total in 2022. This was a 65% YoY growth rate, and the industry delivered 10.2 million EVs worldwide in 2022. Projections show this number climbing above 16 million in 2023. Across the world, market shares differ greatly among nations. Nearly 88% of Norwegian new car sales in 2022 were EVs. On the other hand, the United States, where much of the modern innovation in EVs was forged, had less than 8% of new vehicle sales go to EVs in 2022. The largest EV market in the world, China, saw 30% of the market go to EVs that year.
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- Mullen said its new spoofing complaint will replace its short-selling litigation announced in August.
- Law firm says spoofing litigation could amounts to “billions” in compensation.
- MULN trades lower for fourth consecutive session on Friday.
- Traders wait for December 15 shareholder vote on reverse split.
Electric vehicles or EVs are automobiles that use rechargable batteries and electric motors to accelerate rather than internal combustion engines (ICEs). They have been around for more that 100 years, but battery technology research & development was meager for much of the 20th century. Lithium-ion battery technology became advanced enough to produce EVs at scale in the late 1990s and 2000s, and sales have been steadily increasing since then Tesla’s Roadster was unveiled in 2008. EVs are viewed as a means of reducing carbon emissions since battery electric vehicles (BEVs) themselves produce zero emissions. Other vehicles called plug-in hybrid electric vehicles (PHEVs) utilize both battery electric power and ICEs as a backup.