Shares of electric vehicle maker Mullen Automotive Inc. ( MULN ) are trading lower on Thursday.

Automakers’ stocks declined after the White House announced President Donald Trump would introduce new tariffs on auto imports.

In another development, Mullen announced cost-cutting measures on Thursday. As part of its ongoing efforts to optimize operations, the company has implemented additional cost-cutting measures, including workforce reductions and eliminating certain facilities.

The company continues to focus on reducing the current burn rate and increasing its near-term commercial revenue generation.

Yesterday, the company reported a record GAAP revenue of $3.18 million to date for the quarter ending March 31, 2025.

To enhance financial stability, Mullen is ramping up efforts to optimize operations and reduce its ongoing expenses. The newest cost-saving initiatives are set to be implemented in April 2025.

Also Read: Trump’s 25% Tariff Set To Hike Imported Car Prices Up To $15,000 Higher, Goldman Sachs Warns

The company is eliminating more property leases to lower operational costs. Mullen will continue to focus on cell and battery pack developments.

“We continue as an organization, taking every opportunity to adapt our verticals based on market needs, allowing us to remain competitive in an ever-changing economy,” said CEO and chairman David Michery.

“Our continued focus is on selling vehicles and advancing our battery technologies.”

Mullen’s commercial EV lineup includes the Mullen ONE, a Class 1 cargo van, and the Mullen THREE, a Class 3 cab chassis truck.

Both vehicles meet U.S. Federal Motor Vehicle Safety Standards and have received certifications from the Environmental Protection Agency and the California Air Resources Board (CARB), ensuring compliance with stringent clean air regulations.

Mullen’s subsidiary, Bollinger Motors, has recently launched Bollinger B4 Chassis Cab, a Class 4 all-electric commercial truck.

The vehicle, designed with extensive input from fleet operators and upfitters, began customer deliveries in October and is expected to contribute to the company’s commercial expansion.

Price Action: MULN shares traded lower by 6.17% at $0.19 at last check Thursday.

Read Next:

Over 7 Million Vehicles Could Face The Brunt Of Trump’s Auto Tariffs: ‘This Could Drive…The Auto industry Into Recession’