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 3 low cab forward truck,
the 2024 Mullen THREE, for up to a $15,000 state cash rebate
voucher.
Managed by the Executive Office of Energy and Environmental
Affairs’ Department of Energy Resources and administered statewide
by the Center for Sustainable Energy (CSE),the MOR-EV program is
dedicated to making electric vehicles more affordable for
Massachusetts residents, businesses and non-profit organizations to
help achieve clean transportation goals, reduce greenhouse gas
emissions and provide more equitable access to EVs. The MOR-EV
Trucks program 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 THREE EV truck, with a suggested
MSRP of $68,500, now qualifies for up to a $15,000 cash rebate
voucher. When combined with the available $7,500 federal tax
credit, the net effective price of the Mullen THREE would be
approximately $46,000. A copy of Mullen’s Class 3 MOR-EV
approval can be found here.
“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
David Michery, CEO and chairman 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 Company also recently announced it has received the
California Hybrid and Zero-Emission Truck and Bus Voucher Incentive
Program (HVIP) approval on the Mullen THREE, qualifying for up to a
$45,000 cash rebate voucher at time of vehicle purchase.
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. The Mullen THREE is
available for purchase in Massachusetts through its recently
announced New England area EV dealer, Eco Auto, based north of
Boston in Tewksbury.
About MOR-EVMOR-EV is dedicated to making
electric vehicles (EVs) more affordable for Massachusetts
residents, businesses and non-profit organizations to help achieve
clean transportation goals, 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
$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; 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
- Massachusetts Approves $15,000 Cash Voucher Incentive for
Mullen THREE EV Truck
Mullen Automotive (NASDAQ:MULN)
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