What’s going on with Mullen Automotive stock on Monday?

Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher on Monday. The company announced the formation of Mullen Credit Corporation (MCC) to support its growing dealer network with vehicle space planning.

MCC, a wholly owned subsidiary of Mullen Automotive, will offer attractive financing options for fleet and small business customers. Additionally, MCC will allow dealers to finance inventory in advance, allowing them to repay the loan plus interest upon vehicle sale.

Mullen’s commercial electric vehicle offerings include the Mullen ONE Class 1 truck and the Mullen THREE Class 3 chassis truck, both designed for urban last-mile delivery and fully compliant with U.S. safety and environmental standards .

The dealer network now includes partners such as Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto and Randy Marion Auto Group, providing sales and service in key West Coast, Midwest and Pacific markets offering Northwest, New England and Mid-Atlantic regions.

David Michery, chairman and CEO, said: “Our business is experiencing rapid growth, with forecast sales for 2025 expected to increase significantly. As a result, our financing needs have also evolved.”

“Mullen Credit Corporation will provide financing flexibility to our dealers and customers as we pursue accelerated growth and expand our market share.”

Last week, the company said it aims to achieve GAAP revenue of $75 million from commercial and Bollinger Motors sales, with a monthly average of $12.5 million.

Additionally, Mullen Automotive planned to reduce its workforce by 20%, cutting expenses by $5.5 million and eliminating the Mullen FIVE program.

Price action: MULN shares were up 5.63% at $2.25 at last check on Monday.

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This article: What’s Happening With Mullen Automotive Stock on Monday? originally appeared on Benzinga.com

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