02:10 PM EDT, 10/21/2024 (MT Newswires) -- Volcon ( VLCN ) is discontinuing its Stag vehicle line with new vehicles brought to the market "over the course of the next year," Chief Executive Officer John Kim said Monday in a video on YouTube.

"We've decided to sunset the Stag so we can bring these new vehicles to the market at a price point that's better suited for current market conditions," Kim said.

The company notified the supplier of the Stag of its intent to end their deal and "is evaluating the carrying value of certain inventory on its balance sheet related to the product line," according to a regulatory filing Monday.

Volcon ( VLCN ) shares fell 6.5% in recent Monday trading.

Price: 0.86, Change: -0.07, Percent Change: -7,54