via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an electric vehicle (“EV”) manufacturer, announces
today the Massachusetts Executive Office of Energy and
Environmental Affairs’ Department of Energy Resources (“DOER”) has
approved the Company’s all-electric Class 1 cargo van, the 2024
Mullen ONE, for up to $3,500 cash voucher under its MOR-EV program.
Managed by the Executive Office of Energy and Environmental
Affairs’ Department of Energy Resources and administered statewide
by the Center for Sustainable Energy (CSE), MOR-EV is
dedicated to making electric vehicles more affordable for
Massachusetts residents, businesses and non-profit organizations to
help achieve clean transportation goals and reduce greenhouse gas
emissions and provide more equitable access to EVs. MOR-EV Trucks
incentivizes purchases and leases of a variety of medium- and
heavy-duty battery electric and fuel cell electric trucks, buses
and vans. Rebates apply to both individual and fleet
acquisitions.
Under MOR-EV, the 2024 Mullen ONE EV cargo van, with a suggested
MSRP of $34,500, now qualifies for up to $3,500 cash voucher. When
combined with the available $7,500 federal tax credit, the net
effective cost of the Mullen ONE would be approximately
$23,500.
“Both the Mullen ONE and THREE are now eligible for the MOR-EV
rebate, making our Commercial EVs even more affordable for
Massachusetts businesses,” said David Michery, CEO and chairman of
Mullen Automotive. “We're committed to making Mullen Commercial EVs
accessible nationwide and securing state-level incentives like the
MOR-EV program is a key part of this strategy.”
The Mullen THREE and Mullen ONE are available for purchase in
Massachusetts through its recently announced New England area EV
dealer, Eco Auto, based north of Boston in Tewksbury,
Massachusetts.
The Mullen THREE was also qualified last month for a $15,000
incentive through the State of Massachusetts MOR-EV program and is
now in receipt of California Air Resources Board (“CARB”) approval
for both 2024 and 2025 Class 3 model years. Massachusetts is a
CARB-approved state with a similar program to California’s Hybrid
and Zero-Emissions Truck and Bus Voucher Incentive Project
(“HVIP”), which in April approved the Mullen THREE for a $45,000
HVIP cash rebate voucher at time of vehicle purchase.
Mullen’s commercial EV lineup includes the Mullen ONE, Class 1
EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck,
purpose-built to meet the demands of urban last-mile delivery. Both
vehicles are available for sale and in full compliance with U.S.
Federal Motor Vehicle Safety Standards, the Environmental
Protection Agency, and CARB certifications denoting strict
adherence to clean air emissions standards.
About MOR-EV MOR-EV is dedicated to making
electric vehicles (EVs) more affordable for Massachusetts
residents, businesses and non-profit organizations to help achieve
clean transportation goals and reduce greenhouse gas emissions and
provide more equitable access to EVs. The program is funded by the
Executive Office of Energy and Environmental Affairs’ Department of
Energy Resources (DOER) and administered statewide by the Center
for Sustainable Energy (CSE).
To learn more, visit www.mor-ev.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. Recently, CARB issued HVIP
approval on the Mullen THREE, Class 3 EV truck, providing up to a
$45,000 cash voucher at time of vehicle purchase. 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 and 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.
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 MOR-EV and other government incentives
will be available and the net pricing impact of these programs on
the Mullen ONE EV cargo van. 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
- New $3,500 Incentive Available Now on Mullen’s Class 1 EV Cargo
Van in Massachusetts
Mullen Automotive (NASDAQ:MULN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mullen Automotive (NASDAQ:MULN)
Historical Stock Chart
From Sep 2023 to Sep 2024