Mullen Class 1 EV Cargo Van Now Certified for Sale in all 15 CARB States and District of Columbia by California Air Resources Board
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Insights
The recent announcement by Mullen Automotive, Inc. that its Class 1 electric cargo van, the Mullen ONE, has received CARB certification is a significant development for the company. This certification is a prerequisite for selling zero-emission vehicles in California and other states that have adopted California's stringent air quality standards. The eligibility for state EV incentive programs could potentially increase the competitiveness of the Mullen ONE in the commercial EV market.
From an industry perspective, the CARB certification is often seen as a rigorous environmental benchmark and obtaining it can serve as a strong selling point, especially in states with aggressive emissions reduction goals. The Advanced Clean Truck regulation, requiring zero-emission local delivery and government fleets by 2036, may further drive demand for compliant vehicles like the Mullen ONE.
For investors, the expansion into CARB-compliant states, which represent a significant portion of the U.S. EV market, could translate into increased sales volumes and market share growth for Mullen Automotive. However, it is essential to consider the competitive landscape, with established automakers and emerging EV companies alike vying for market dominance.
Financially, Mullen Automotive's achievement of both EPA and CARB certifications is a strategic milestone that could enhance the company's revenue streams and market valuation. The ability to operate in all U.S. states and tap into state incentive programs may offer a financial boost through subsidies, aiding in pricing strategies and potentially improving the bottom line.
It is important to monitor the company's subsequent financial reports to assess the impact of these certifications on sales figures and overall financial health. While certifications pave the way for market entry, the actual sales performance, production scalability and cost management will be crucial factors in determining the company's long-term financial success.
Investors should also consider the capital requirements for scaling operations nationwide and the company's ability to maintain quality and service standards across a broader market. These factors will be instrumental in assessing the company's future profitability and investment potential.
The CARB certification aligns with broader environmental policy trends emphasizing sustainability and reduction of greenhouse gas emissions. Mullen Automotive's compliance with these standards indicates a commitment to contributing to a cleaner transportation sector.
Understanding the policy landscape is vital, as regulations like the Advanced Clean Truck rule could significantly influence the adoption rates of zero-emission vehicles. Companies that proactively align with these policies may benefit from early mover advantages and establish themselves as leaders in the transition to sustainable transportation.
Furthermore, the potential for Mullen ONE to participate in state incentive programs not only fosters the company's growth but also supports state and federal goals for reducing transportation-related emissions. Stakeholders, including investors and policymakers, should consider the broader implications of such certifications on the advancement of environmental objectives and the role of the private sector in achieving them.
Company can now sell the Mullen ONE in every state throughout the U.S.; certification also opens the Mullen ONE to CARB state incentive programs
CARB compliant states include: California, Connecticut, Colorado, Delaware, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont and the District of Columbia
Company now in receipt of both Environmental Protection Agency (EPA) and California Air Resources Board (CARB) certifications for Class 1 EV cargo van and is in full compliance with U.S. Federal Motor Vehicle Safety Standards
BREA, Calif., Dec. 20, 2023 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces the achievement of a key commercial EV milestone with its all-electric Class 1 cargo van. The Mullen ONE received certification from the California Air Resources Board (“CARB”) as a zero-emission vehicle in the state of California. The certification is awarded to vehicle manufacturers who meet specific emissions standards in compliance with CARB regulations. To date, a total of 15 states and the District of Columbia follow CARB regulations.
The Mullen ONE previously received a certificate of conformity from the Environmental Protection Agency on Nov. 2, 2023, permitting sales in the majority of U.S. states. California as well as 14 other states and District of Columbia have adopted vehicle standards under Section 177 of the Clean Air Act (42 U.S.C. §7507), which requires additional approvals beyond EPA regulations. Having received credentials from CARB and the EPA, Mullen can now sell the Mullen ONE in every state throughout the U.S.
Additionally, the certification gives the Mullen ONE eligibility for critical state EV incentive programs. The CARB certification takes on even more significance with CARB’s recent Advanced Clean Truck regulation, which will require that all local delivery and government fleets must be zero emissions by 2036. The Mullen ONE can now be eligible for cash incentive programs which vary by each eligible CARB compliant state.
“The CARB certification is an important milestone for Mullen as sales in the CARB compliant states represents over two thirds of all EVs sold in the U.S.,” said David Michery, CEO and chairman of Mullen Automotive. “As a next step, we are working to ensure the Mullen ONE is also part of all eligible state incentive programs to further support the sale and adoption of the Mullen ONE across the U.S.”
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
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 whether the Mullen One will benefit from state cash or other incentive programs and whether it will prove a success for the Company. 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
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FAQ
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