Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, has received approval from the Massachusetts Executive Office of Energy and Environmental Affairs’ Department of Energy Resources (“DOER”) for its Mullen THREE to qualify for the state’s $15,000 cash rebate voucher program. An all-electric Class 3 low cab forward truck, the Mullen THREE has a suggested MSRP of $68,500; however, when the Massachusetts state cash rebate of up to $15,000 is combined with the available $7,500 federal tax credit, the net effective price of the Mullen THREE totals an estimated $46,000. The MOR-EV program focuses on making electric vehicles more affordable for Massachusetts residents, businesses and nonprofit organizations. “Massachusetts’ $15,000 MOR-EV cash voucher on our 2024 Mullen THREE is another example of a great state-level incentive making our Class 3 electric truck even more affordable to meet cost of ownership requirements for fleet customers of all sizes,” said Mullen Automotive CEO and chair David Michery in the press release.
To view the full press release, visit https://ibn.fm/drSG7
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) at its two United-States-based vehicle plants, located in Tunica, Mississippi (120,000 square feet), and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the United States. The company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto providing sales and service coverage in key Midwest, West Coast, Pacific Northwest and New England markets. The company also recently announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles. To learn more about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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