Mullen Automotive Shares Rise 6.3% on Cost Reduction Measures

Dow Jones04-09

By Denny Jacob

Mullen Automotive shares rise 6.3% to $4.25 on cost reduction and consolidation measures in order to reduce expenses as the consumer electric vehicle sector and overall market continue to face pressure.

The stock is down 71% on the year so far.

The automotive company said its actions are expected to reduce roughly $170 million in the company's operating and investing cash flow expenses over the next 12 months when compared to a 12-month period ended Sept. 30, 2023.

Mullen's planned changes include significantly curtailing noncommercial programs, expanding its national commercial dealer network and integrating two engineering centers to improve efficiencies.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 08, 2024 13:30 ET (17:30 GMT)

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