NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 04/08/2024 4:26:32 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Streamlines Operations to Focus on Commercial Segment
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that the company has initiated significant cost reduction and consolidation measures, aligning budget to current conditions. Actions are expected to drive an estimated $170 million reduction in Mullen’s operating and investing cash flow expenses over the next 12 months when compared to operating and investing cash flows for the 12 months ended Sept. 30, 2023. The company is making these changes to refine business operations and better align focus on the commercial EV segment that has opportunity to drive near term revenue for Mullen, including projected April sales of 100 commercial EVs by Randy Marion Automotive Group (“RMA”). “Momentum is increasing and we have transactions with fleets of varying sizes and vocations,” said Brad Sigmon, VP of Randy Marion Automotive Fleet Operations. “Building on March transactions, our April goal is to move 100 units of Mullen Commercial EVs.”
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that the company has initiated significant cost reduction and consolidation measures, aligning budget to current conditions. Actions are expected to drive an estimated $170 million reduction in Mullen’s operating and investing cash flow expenses over the next 12 months when compared to operating and investing cash flows for the 12 months ended Sept. 30, 2023. The company is making these changes to refine business operations and better align focus on the commercial EV segment that has opportunity to drive near term revenue for Mullen, including projected April sales of 100 commercial EVs by Randy Marion Automotive Group (“RMA”). “Momentum is increasing and we have transactions with fleets of varying sizes and vocations,” said Brad Sigmon, VP of Randy Marion Automotive Fleet Operations. “Building on March transactions, our April goal is to move 100 units of Mullen Commercial EVs.”
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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