Mullen Automotive (MULN) said Monday it will establish a new unit to provide a vehicle floor plan to dealers and financing options to fleets and small business customers.

The Mullen Credit subsidiary will provide floor planning, enabling dealerships to finance inventory upfront and pay back the loan and interest when the vehicle is sold, the electric vehicle maker said.

Mullen shares were up 5.2% in recent Monday trading.

Price: 2.24, Change: +0.11, Percent Change: +5.16