Curated News
By: NewsRamp Editorial Staff
October 07, 2024

Mullen Automotive (NASDAQ: MULN) Expects $75 Million in Revenue from Commercial Sales

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Source News Release

TLDR

  • Mullen Automotive expects to ramp up commercial sales to a monthly average of $12.5 million, with a forecasted $75 million in estimated GAAP revenue over the next six months.
  • Mullen Automotive is an emerging electric vehicle manufacturer with two US-based vehicle plants and a focus on revenue growth and expense reduction.
  • Mullen's commercial electric vehicles contribute to a sustainable future, with IRS-approved federal EV tax credits and CARB and EPA certified models available for sale in the US.
  • Mullen's commercial vehicle production and sales momentum are increasing, with expansion of its commercial dealer network and Foreign Trade Zone status approval.

Impact - Why it Matters

This news matters as it highlights the significant revenue growth and expense reduction initiatives of Mullen Automotive, a key player in the emerging electric vehicle industry. The company's efforts to increase cash flow and expand its commercial dealer network can impact the EV market and provide opportunities for investors and potential customers.

Summary

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, expects to ramp up its commercial sales to a monthly average of $12.5 million, with estimated GAAP revenue of $75 million over the next six months. The company also announced a reduction in overall spend by $5.5 million through a 20% reduction in headcount, elimination of passenger vehicle programs, and facility consolidations. Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”), with two United States-based vehicle plants located in Tunica, Mississippi, and Mishawaka, Indiana.

Source Statement

This curated news summary relied on this press release disributed by InvestorBrandNetwork (IBN). Read the source press release here, Mullen Automotive (NASDAQ: MULN) Expects $75 Million in Revenue from Commercial Sales

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