On October 2, 2024, Mullen Automotive Inc., an electric vehicle manufacturer listed on NASDAQ under the symbol MULN, reported significant financial developments in a press release. The company announced preliminary financial results for the fiscal quarter ending September 30, 2024, revealing a substantial revenue increase to approximately $4.5 million, up from $65,235 in the previous quarter, marking a 6791% rise. Additionally, Mullen Automotive disclosed a reduction in its monthly cash burn rate to $12.7 million, down from $18.1 million in the March 2024 quarter, indicating a 30% decrease. The company also reported progress in its operational updates, including receiving $11.9 million from investors with an additional $600,000 expected, and an equity line commitment of $150 million. Mullen Automotive aims to continue reducing operating expenses with a goal to reach cash basis breakeven by the...Show More

On October 2, 2024, Mullen Automotive Inc., an electric vehicle manufacturer listed on NASDAQ under the symbol MULN, reported significant financial developments in a press release. The company announced preliminary financial results for the fiscal quarter ending September 30, 2024, revealing a substantial revenue increase to approximately $4.5 million, up from $65,235 in the previous quarter, marking a 6791% rise. Additionally, Mullen Automotive disclosed a reduction in its monthly cash burn rate to $12.7 million, down from $18.1 million in the March 2024 quarter, indicating a 30% decrease. The company also reported progress in its operational updates, including receiving $11.9 million from investors with an additional $600,000 expected, and an equity line commitment of $150 million. Mullen Automotive aims to continue reducing operating expenses with a goal to reach cash basis breakeven by the end of December 2025. The company's CEO, David Michery, expressed optimism about the company's trajectory for the remainder of 2024. Mullen Automotive has also expanded its commercial dealer network and received IRS approval for federal EV tax credits, along with CARB and EPA certifications for its commercial vehicles. The company's commercial vehicle production began in Tunica, Mississippi, in August 2023, and it has since achieved Foreign Trade Zone status for its manufacturing center there.