Mullen Automotive's Stock Falls 2.4% After Company Announces Cost Cuts Including 20% Of Headcount -- MarketWatch

Dow Jones10-07

Mullen Automotive Inc.'s stock (MULN) fell 2.4% early Monday, after the maker of commercial electric vehicles announced cost cuts that include a 20% reduction in headcount. The Brea, Calif.-based company said it plans to reduce monthly operating costs by $5.5 million to $7.3 million, by cutting jobs, eliminating programs and consolidating facilities. "Mullen continues to focus on overall near term commercial revenue generation while streamlining operational efficiencies," the company said in a statement. The company is expecting to generate $75 million of GAAP revenue over the next six months, after conducting more than 80 vehicle demos or pilots across various industries in the U.S. over the last few months. The stock has fallen 99.8% in the year to date, while the S&P 500 has gained 20.6%.

-Ciara Linnane

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October 07, 2024 06:18 ET (10:18 GMT)

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