FX.co ★ Mullen To Cut Overall Monthly Spend; Announces 20% Reduction In Headcount

Mullen Automotive (MULN) has announced immediate measures to decrease its operating costs and total monthly expenses from over $12.8 million to $7.3 million each month, achieving a $5.5 million reduction. These substantial cost savings will be realized through a 20% reduction in workforce across its operations, the discontinuation of the Mullen FIVE passenger vehicle project, and the consolidation of facilities by terminating certain property leases and subleasing non-essential properties.

In the coming six months, Mullen anticipates increasing its monthly revenue to an average of $12.5 million, culminating in a total of $75 million in GAAP revenue. This revenue growth is expected from sales opportunities associated with Mullen Commercial and Bollinger Motors.