Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | X
U.S. startup Mullen Automotive announced on Thursday that intends to expand its commercial vehicle distribution in Europe, aiming to sell 800 units starting later this year. In the statement, the specific countries where Mullen models would distributed were not specified.
The company added that achieved the production of its 500th commercial vehicle at its Tunica, Mississippi facility.
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Mullen currently boasts 18 active commercial vehicle pilots involving fleets, municipalities, universities, and campuses.
In June 2024, the manufacturer plans to expand its U.S. retail network, with dealerships opening in the West Coast, Midwest, and Mid-Atlantic regions.
Earlier this month, Mullen announced the starting of a “significant cost reduction and consolidation measures” expecting the measures to save $170 million over the next 12 months.
Mullen expects to sell 100 commercial EVs this month via its partner Randy Marion Automotive Group. The group’s Vice President Automotive Fleet Operations endorsed the goal saying that “building on March transactions, our April goal is to move 100 units of Mullen Commercial EVs.”
Operating and investing cash flows were $179 million and $108 million, respectively, for the 12 months ended on September 30th, 2023. The move aims to “refine business operations and better align focus on the commercial EV segment that has opportunity to drive near term revenue,” the company said.
Reductions in operating cash flows are estimated to be approximately $69 million and investment spending is estimated to contract by $101 million over the next 12 months when compared to the Company’s spend over the last fiscal year.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | X
