The State of Massachusetts Issues MOR-EV Approval, Granting Mullen’s Class 3 EV Truck a $15,000 Cash Voucher per Vehicle Sold
Massachusetts Approves $15,000 Cash Voucher Incentive for Mullen THREE EV Truck
Under the MOR-EV program, the Mullen THREE EV truck, with a suggested MSRP of $68,500, now qualifies for a Massachusetts state cash rebate of up to $15,000
When combined with the available $7,500 federal tax credit, the net effective price of the Mullen THREE would be approximately $46,000
BREA, Calif., June 11, 2024 (GLOBE NEWSWIRE) — 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-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, 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 Mullen
Mullen 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 Statements
Certain 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) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
Attachment
