Mullen Automotive (NASDAQ:MULN) stock is jumping on Monday after the electric vehicle (EV) company announced new cost-cutting plans.
Mullen Automotive says that it intends to cut $170 million from its operating and investing cash flow expenses over the next year. For perspective, 2023 operating expenses were $179 million and 2023 investing cash flow expenses were $108 million.
Mullen Automotive is making these changes to focus more on its commercial EV segment. This is the area where the company believes there is more opportunity for near-term revenue.
Mullen Automotive Chairman and CEO David Michery said the following about the plans:
“Our refined business operational focus will improve our financial results and allow us to take advantage of current market opportunities while also driving long-term growth and shareholder value.”
MULN Stock Movement Today
While investors are excited about today’s cost-cutting news, it doesn’t come with heavy trading for MULN stock. Instead, only about 289,000 shares have changed hands. That’s well below its daily average trading volume of about 744,000 shares.
MULN stock is up 3.3% as of Monday morning but still down 67.7% since the start of the year.
Investors will find more of the most recent stock market stories ready to go below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
