Summary by Moomoo AI
Mullen Automotive Inc., an emerging electric vehicle manufacturer, announced a strong financial forecast and significant cost reduction measures in a press release dated October 7, 2024. The company expects to generate $75 million in GAAP revenue over the next six months, driven by sales pipeline and pilot programs. To improve its financial position, Mullen Automotive will implement a $5.5 million reduction in monthly operating expenses, decreasing from $12.8 million to $7.3 million. This reduction includes a 20% cut in workforce, the elimination of certain passenger vehicle programs, and consolidations of facilities. The company has three vehicle lines in full production and is focusing on near-term commercial revenue generation and operational efficiencies. Mullen Automotive has recently made significant commercial sales progress, conducting over 80 vehicle demos or pilots...Show More
