Mullen Streamlines Business Operations To Focus On Near Term Commercial Opportunities, Actions Are Expected To Drive An Estimated $170M Reduction In The Co's Operating And Investing Cash Flow Expenses Over The Next 12 Months When Compared YoY
Portfolio Pulse from Benzinga Newsdesk
Mullen Automotive, Inc. (MULN) announces significant cost reduction and consolidation measures expected to save approximately $170 million over the next 12 months. The company is focusing on the commercial EV segment, aiming to sell 100 units in April, as part of its strategy to align with current market conditions and drive near-term revenue. These actions include prioritizing commercial programs, integrating engineering centers, and expanding the dealer network, aiming for long-term growth and improved financial results.
April 08, 2024 | 12:43 pm
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Mullen Automotive, Inc. (MULN) is implementing cost-saving measures and focusing on the commercial EV market, with an expected $170 million reduction in operating and investing cash flow expenses over the next 12 months. This strategic shift towards commercial EVs, including a goal to sell 100 units in April, is aimed at improving financial results and driving long-term growth.
Mullen Automotive's strategic shift towards cost-saving and focusing on the commercial EV segment is likely to be viewed positively by investors. The clear plan to reduce expenses by $170 million and the focus on a market segment with near-term revenue potential could lead to improved financial health and investor confidence, potentially driving the stock price up in the short term.
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