A substantial 45.91% increase in Mullen Automotive, Incorporated (NASDAQ: MULN) share price during the current market session has led to the company’s stock price reaching $4.61 per share during today’s session. Recent endorsements by a US state of zero-emission incentives are directly associated with this recent surge in MULN stock.
As part of the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”), Mullen (MULN) has been granted approval to deploy its all-electric Class 3 low cab forward vehicle, the Mullen THREE 2024. As a result of the announcement, Mullen’s electric vehicle (EV) initiatives have reached a significant milestone.
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As a result of HVIP’s point-of-sale vouchers, advanced vehicles are more affordable and zero-emission technologies are more widely adopted. In addition to a manufacturer’s suggested retail price (MSRP) of $68,500, the Mullen THREE electric truck qualifies for a $45,000 cash voucher under HVIP.
Furthermore, the availability of a federal tax credit amounting to $7,500 further reduces the net cost of the Mullen THREE, potentially bringing it down to under $17,000. This confluence of incentives underscores the growing momentum behind electric vehicle adoption and the positive market sentiment towards Mullen’s offerings. The approval of California’s HVIP program for the 2024 Mullen THREE signifies a significant achievement for the EV manufacturer, rendering its Class 3 electric truck even more appealing and accessible to businesses aiming to transition their fleets to electric power.
Mullen has recently communicated its attainment of CARB approval for both the 2024 and 2025 Class 3 model years. Moreover, Mullen’s Class 1 and Class 3 commercial vehicles have obtained certifications from the Environmental Protection Agency (“EPA”) and CARB, ensuring full compliance with U.S. Federal Motor Vehicle Safety Standards.
The all-electric Mullen THREE represents a Class 3 low cab forward EV truck boasting a sturdy payload, a range of 125 miles, and has been purposefully engineered to meet the requirements of urban last-mile delivery. The Mullen THREE chassis showcases a streamlined top-of-rail design, facilitating a range of adaptations for various vocational purposes, including last mile delivery, construction, landscaping, catering, and more.
