GP - EV stocks: Mullen pops Tesla eyes another split and QuantumScape jumps

The electric vehicle sector started off the week with some forward motion as investors continue to size up the near-term headwinds and overall valuation reset in the market. Mullen Automotive (NASDAQ:MULN +10.0%) showed the biggest early gain in the sector after updating investors on its cash position. Tesla (TSLA +5.1%) is also motoring higher after setting a shareholder vote next fall for a new stock split. "We view Tesla's move following the likes of Amazon, Google, Apple and initiating its second stock split in two years as a smart strategic move that will be a positive catalyst for shares going forward," noted Wedbush Securities analyst Dan Ives on the development. Other notable EV gainers in early trading were Embark Technology (NASDAQ:EMBK +8.5%), QuantumScape Corporation (NYSE:QS +4.9%), Nio (NIO +2.9%), Aurora Innovation (AUR +3.9%), GreenPower Motor Company (GP +2.2%) and Faraday Future Intelligent Electric (FFIE -0.5%). The electric vehicle sector could

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EV stocks: Mullen pops, Tesla eyes another split and QuantumScape jumps