Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher on Monday. The company disclosed the establishment of Mullen Credit Corporation (MCC) to support its growing dealership network with vehicle floor planning.

MCC, which will be a wholly owned subsidiary of Mullen Automotive, will offer attractive financing options for fleets and small business customers. Also, MCC will enable dealerships to finance inventory upfront, allowing them to repay the loan plus interest upon vehicle sale.

Mullen’s commercial EV lineup includes the Class 1 Mullen ONE cargo van and Class 3 Mullen THREE cab chassis truck, both designed for urban last-mile delivery and fully compliant with U.S. safety and environmental standards.

The dealer network now features partners like 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 across key markets in the West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic regions.

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

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

Last week, the company stated that it aims to reach $75 million in GAAP revenue through commercial and Bollinger Motors sales, with a $12.5 million monthly average.

Also, Mullen Automotive planned a 20% headcount reduction, cutting spending by $5.5 million and eliminating the Mullen FIVE program.

Price Action: MULN shares are up 5.63% at $2.25 at the last check Monday.

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This article What's Going On With Mullen Automotive Shares Monday? originally appeared on Benzinga.com

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