California Issues HVIP Approval, Granting Mullen’s Class 3 EV Trucks a $45,000 Cash Voucher Per Vehicle Sold
April 29 2024 - 9:00AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an electric vehicle (“EV”) manufacturer, announces
today the California Air Resources Board (“CARB”) has
approved the Company’s all-electric Class 3 low cab forward, the
2024 Mullen THREE, for the Hybrid and Zero-Emission Truck and Bus
Voucher Incentive Project (“HVIP”).
The HVIP program plays a crucial role in the deployment of
zero-emission technologies and accelerates commercialization by
providing point-of-sale vouchers to make advanced vehicles more
affordable. Under HVIP, the 2024 Mullen THREE EV truck, with a
suggested MSRP of $68,500, now qualifies for up to $45,000 cash
voucher. When combined with the available $7,500 federal tax
credit, the net effective cost of the Mullen THREE could be less
than $17,000. A copy of Mullen’s Class 3 HVIP approval can be
found here.
“California’s HVIP approval for the 2024 Mullen THREE is a
significant milestone making our Class 3 electric truck even more
attractive and accessible to businesses seeking to electrify their
fleets,” said David Michery, CEO of Mullen Automotive.
Mullen recently announced that it is now in receipt of CARB
approval for both 2024 and 2025 Class 3 model years. Mullen’s Class
1 and Class 3 commercial vehicles are both in receipt of
Environmental Protection Agency (“EPA”) and CARB certifications and
in full compliance with U.S. Federal Motor Vehicle Safety
Standards.
The all-electric Mullen THREE is a Class 3 low cab forward EV
truck featuring a robust payload, a 125-mile range and is
purpose-built to meet the demands of urban last-mile delivery. The
Mullen THREE chassis has a clean top-of-rail design to support a
variety of upfits for vocational needs, to last mile delivery,
construction, landscaping, catering and more.
About California HVIPCalifornia’s Hybrid and
Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) plays
a crucial role in the deployment of zero-emission and
near-zero-emission technologies. HVIP accelerates commercialization
by providing point-of-sale vouchers to make advanced vehicles more
affordable. Launched by the California Air Resources Board in 2009,
the project is part of California Climate Investments. HVIP is the
earliest model in the U.S. to demonstrate the function,
flexibility, and effectiveness of first-come, first-served
incentives that reduce the incremental cost of commercial
vehicles.
To learn more, visit www.californiahvip.org
About MullenMullen Automotive (NASDAQ: MULN) is
a Southern California-based automotive company building the next
generation of commercial electric vehicles (EVs) with 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 U.S.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking StatementsCertain statements in
this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Exchange Act of 1934, as amended. Any statements
contained in this press release that are not statements of
historical fact may be deemed forward-looking statements. Words
such as "continue," "will," "may," "could," "should," "expect,"
"expected," "plans," "intend," "anticipate," "believe," "estimate,"
"predict," "potential" and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Mullen and are difficult to
predict. Examples of such risks and uncertainties include, but are
not limited to, how long the HVIP and other government incentives
will be available; the net pricing impact of these programs on the
Mullen THREE EV truck and the estimated milage range of the Mullen
THREE. Additional examples of such risks and uncertainties
include but are not limited to: (i) Mullen’s ability (or inability)
to obtain additional financing in sufficient amounts or on
acceptable terms when needed; (ii) Mullen's ability to maintain
existing, and secure additional, contracts with manufacturers,
parts and other service providers relating to its business; (iii)
Mullen’s ability to successfully expand in existing markets and
enter new markets; (iv) Mullen’s ability to successfully manage and
integrate any acquisitions of businesses, solutions or
technologies; (v) unanticipated operating costs, transaction costs
and actual or contingent liabilities; (vi) the ability to attract
and retain qualified employees and key personnel; (vii) adverse
effects of increased competition on Mullen’s business; (viii)
changes in government licensing and regulation that may adversely
affect Mullen’s business; (ix) the risk that changes in consumer
behavior could adversely affect Mullen’s business; (x) Mullen’s
ability to protect its intellectual property; and (xi) local,
industry and general business and economic conditions. Additional
factors that could cause actual results to differ materially from
those expressed or implied in the forward-looking statements can be
found in the most recent annual report on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K filed by
Mullen with the Securities and Exchange Commission. Mullen
anticipates that subsequent events and developments may cause its
plans, intentions and expectations to change. Mullen assumes no
obligation, and it specifically disclaims any intention or
obligation, to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by law. Forward-looking statements speak only as
of the date they are made and should not be relied upon as
representing Mullen’s plans and expectations as of any subsequent
date.
Contact:Mullen Automotive, Inc.+1 (714)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
- CARB’s HVIP Program Approves Mullen THREE for $45,000 Cash
Voucher
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