Mullen Automotive's Progress and Initiatives in the EV Market

What recent milestones has Mullen Automotive achieved?

Mullen Automotive reported committed capital in excess of $250 million, state incentive program approvals for $45,000 in California and $15,000 in Massachusetts for Class 3 EV trucks, and expansions in its commercial sales, technology advancements, and dealer network.

How is Mullen Automotive expanding its commercial dealer network?

The company has 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 markets across the U.S.

What benefits does the Foreign Trade Zone (FTZ) status approval provide to Mullen Automotive?

FTZ approval for Mullen Automotive’s Tunica, Mississippi, manufacturing center offers benefits such as deferment of duties owed and elimination of duties on exported vehicles, enhancing the company’s operational efficiency and cost-effectiveness.

What are the Mullen ONE and Mullen THREE?

The Mullen ONE is a Class 1 EV cargo van, and the Mullen THREE is a Class 3 EV cab chassis truck, both CARB and EPA certified and available for sale in the U.S., with the Mullen THREE eligible for up to a $45,000 cash voucher in California.

How can customers benefit from the IRS approval for federal EV tax credits?

With the IRS’s Qualified Manufacturer designation, eligible customers can receive up to $7,500 per vehicle in federal EV tax credits for Mullen’s commercial vehicles, making them more affordable.

Where are Mullen Automotive’s vehicle plants located?

Mullen Automotive has two U.S.-based vehicle plants located in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet), supporting its commercial EV production.

What is the significance of the HVIP approval for the Mullen THREE?

The HVIP approval for the Mullen THREE, Class 3 EV truck, by CARB provides up to a $45,000 cash voucher at the time of purchase, significantly reducing the cost for buyers and encouraging the adoption of electric commercial vehicles.

How can investors stay updated on Mullen Automotive’s progress?

Investors can visit Mullen Automotive’s newsroom for the latest updates and follow the company’s announcements on its official website and through the InvestorBrandNetwork.