10:58 AM EDT, 04/08/2024 (MT Newswires) -- Mullen Automotive ( MULN ) said Monday it has started cost-cutting measures and intends to reduce roughly $170 million in operating and investing cash flow expenditures in the next 12 months, as compared to Sept. 30 last year.

The company had $179 million in operating and $108 million in investing cash flows as of Sept. 30, Mullen added.

Operating cash flows are expected to be reduced by about $69 million, while investment spending is anticipated to be cut by $101 million, the EV manufacturer said.

Mullen said it is implementing cost-cutting programs to streamline business operations and focus on the commercial electric vehicle sector.

Shares of the company were up nearly 5% in recent trading.

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