Mullen Automotive Inc., an emerging electric vehicle manufacturer, announced a strong financial forecast and significant cost reduction measures in a press release dated October 7, 2024. The company expects to generate $75 million in GAAP revenue over the next six months, driven by sales pipeline and pilot programs. To improve its financial position, Mullen Automotive will implement a $5.5 million reduction in monthly operating expenses, decreasing from $12.8 million to $7.3 million. This reduction includes a 20% cut in workforce, the elimination of certain passenger vehicle programs, and consolidations of facilities. The company has three vehicle lines in full production and is focusing on near-term commercial revenue generation and operational efficiencies. Mullen Automotive has recently made significant commercial sales progress, conducting over 80 vehicle demos or pilots...Show More

Mullen Automotive Inc., an emerging electric vehicle manufacturer, announced a strong financial forecast and significant cost reduction measures in a press release dated October 7, 2024. The company expects to generate $75 million in GAAP revenue over the next six months, driven by sales pipeline and pilot programs. To improve its financial position, Mullen Automotive will implement a $5.5 million reduction in monthly operating expenses, decreasing from $12.8 million to $7.3 million. This reduction includes a 20% cut in workforce, the elimination of certain passenger vehicle programs, and consolidations of facilities. The company has three vehicle lines in full production and is focusing on near-term commercial revenue generation and operational efficiencies. Mullen Automotive has recently made significant commercial sales progress, conducting over 80 vehicle demos or pilots across various industries in the U.S. The company's commercial vehicle production began in Tunica, Mississippi, in August 2023, and its vehicles have received IRS approval for federal EV tax credits. Mullen Automotive's commercial dealer network has expanded to seven dealers, and the company has also secured Foreign Trade Zone status for its Mississippi manufacturing center, offering additional financial benefits.