GreenEnergyBreaks – 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.”

To view the full press release, visit https://ibn.fm/11J23

About Mullen Automotive Inc.

Mullen 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 (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. For more information about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

About GreenEnergyStocks

GreenEnergyStocks (“GES”) is a specialized communications platform with a focus on companies working to shape the future of the green economy. GreenEnergyStocks is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, GES is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists, and the general public. By cutting through the overload of information in today’s market, GES brings its clients unparalleled recognition and brand awareness. GES is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from GreenEnergyStocks, text “Green” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.GreenEnergyStocks.com

Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer

GreenEnergyStocks
Los Angeles, CA
www.GreenEnergyStocks.com
310.299.1717 Office
Editor@GreenEnergyStocks.com

GreenEnergyStocks is powered by IBN