The Mullen THREE, Class 3 EV Truck Now CARB Certified and Ready for Sale in All CARB States and District of Columbia
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Insights
The certification of the Mullen THREE EV truck by the California Air Resources Board (CARB) is a significant milestone for Mullen Automotive, particularly in the context of the commercial electric vehicle (EV) market. This approval opens up access to substantial state incentive programs, which can dramatically reduce the cost of the vehicle for consumers and fleet operators. The potential impact on Mullen's sales could be considerable, given the growing interest in EVs and the aggressive emissions targets set by various states.
From a market perspective, the reduced net effective cost of the Mullen THREE EV truck, post-incentives, enhances its competitiveness against traditional internal combustion engine vehicles and other EVs not qualifying for such incentives. It is expected that the cost advantage could accelerate fleet turnover rates and adoption of EVs in commercial settings. This could lead to increased market share for Mullen Automotive in the EV space and potentially boost the company's stock performance as sales volume grows.
Receiving both CARB and EPA certifications not only enables Mullen Automotive to capitalize on incentive programs but also signifies compliance with stringent emissions standards, which may appeal to environmentally conscious investors. The financial implications of this certification are multifaceted. On one hand, the initial market reaction might be positive, reflecting the potential for increased sales and revenue. On the other hand, investors will be closely monitoring the company's ability to scale production and meet the anticipated demand surge without incurring prohibitive costs.
Furthermore, the certification aligns with the Advanced Clean Fleets regulation, which mandates a shift to zero-emission vehicles for state and local government fleets. This regulatory tailwind could provide a reliable demand stream for Mullen's EV trucks, improving the company's financial stability and long-term growth prospects. However, investors should consider the risks associated with the EV industry, including supply chain constraints and competition, which could affect the company's financial performance.
The CARB certification is a critical step for Mullen Automotive in the context of environmental regulations and policy. The Advanced Clean Fleets (ACF) regulation is a clear indicator of the direction in which state policy is moving—towards a rapid increase in zero-emission vehicle adoption. Mullen's ability to meet these standards and provide CARB-compliant vehicles positions the company favorably within the regulatory environment.
The incentives available through programs like California’s HVIP project are designed to encourage the adoption of cleaner vehicles to meet ambitious environmental goals. For stakeholders, the long-term benefits include contributing to emissions reductions and potential cost savings associated with lower fuel and maintenance costs of EVs. However, the reliance on state incentive programs does introduce a degree of uncertainty, as these programs are subject to changes in policy and funding availability.
Certification opens the Mullen THREE EV truck with a suggested MSRP of
CARB-compliant states and locations include: California, Connecticut, Colorado, Delaware, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont and the District of Columbia
BREA, Calif., Jan. 29, 2024 (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 3 low cab forward chassis truck, receiving certification from the California Air Resources Board (“CARB”). The certification is awarded to vehicle manufacturers who meet specific emissions standards in compliance with CARB regulations. The District of Columbia and 14 states, including California, have adopted vehicle standards under Section 177 of the Clean Air Act (42 U.S.C. §7507), which requires additional approvals beyond EPA regulations.
Mullen’s Class 1 and Class 3 commercial vehicles are now both in receipt of Environmental Protection Agency (“EPA”) and CARB certifications. Both vehicles are also in full compliance with U.S. Federal Motor Vehicle Safety Standards. Having received credentials from CARB and the EPA, Mullen can now sell both the Mullen ONE and THREE in every state throughout the U.S. A copy of Mullen’s Class 3 CARB certification can be found on MullenUSA.com.
Additionally, CARB certification opens both the Mullen ONE and THREE eligibility for critical state EV incentive programs, which vary by each eligible CARB-compliant state. The certification takes on even more significance with CARB’s recent Advanced Clean Fleets (“ACF”) regulation, which will have a requirement that state and local government fleets, including city, county, special district, and state agency fleets, ensure
California’s HVIP project is an example of a valuable state incentive program available to CARB-certified vehicles. Under HVIP, the Mullen THREE EV truck, with a suggested MSRP of
“CARB approval accelerates commercialization of the Mullen THREE and makes our vehicle even more appealing to customers who want to electrify their fleets,” said David Michery, CEO and chairman of Mullen Automotive. “Having both our Class 1 and Class 3 commercial EVs now CARB and EPA certified will continue to drive sales in all states across America.”
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 what extent, if any, the Mullen Class 1 and 3 will benefit from state or federal cash or other incentive programs, the total cost of these vehicles to purchasers and the impact on sales, if any, due to the CARB and EPA certifications. 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
What is the significance of Mullen Automotive, Inc. (NASDAQ: MULN) receiving certification from the California Air Resources Board (CARB)?
What are the requirements of CARB's recent Advanced Clean Fleets (ACF) regulation?
How does CARB certification impact the net effective cost of the Mullen THREE EV truck?
