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StockNews.com
StockNews.com
Business
Malaika Alphonsus

3 Auto Stocks That Are Better Buys Than Mullen

Mullen VWAGY HMC MZDAY MULN Mazda Motor Corporation Supply chain United States Volkswagen

The past year has been challenging for the automotive industry as it grappled with supply chain issues, high raw material prices, and rising interest rates. Total new vehicle sales in the United States declined 8% year-over-year in 2022, registering its worst performance in over a decade.

Electric vehicle (EV) manufacturer Mullen Automotive, Inc.’s (MULN) loss from operations for the third quarter that ended September 30, 2022, widened 332.9% year-over-year to $96.99 million. Net loss attributable to MULN shareholders widened significantly year-over-year to $739.53 million.

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