Mullen Automotive sells $5.5M commercial EVs, cuts burn rate by more than half
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13 hours ago
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- Mullen Automotive (NASDAQ:MULN) sold 43 Class 1 and 57 Class 3 EV cargo vans and trucks since the end of September, generating $5.5M in sales.
- The company also cut its burn rate by more than half for October and November to $5.3M from $11.8M in September.
- The news launched shares more than 23% higher.
- “We are working diligently to expand our efforts both domestically and internationally and being considerate of current market conditions on a global level, while managing the risk and expectations of placing our products in different use case scenarios,” said CEO David Michery.
- The company’s Mullen THREE qualifies for a $15K incentive through the State of Massachusetts MOR-EV program, and a $45K cash rebate voucher through the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program.
- Both vehicles also qualify for the government’s $7,500 tax incentive program.
- Press Release