The State of Massachusetts Issues MOR-EV Approval, Granting Mullen’s Class 3 EV Truck a $15,000 Cash Voucher per Vehicle Sold
Mullen Automotive's 2024 Mullen THREE EV truck has been approved for the Massachusetts MOR-EV program, granting a $15,000 cash voucher per vehicle sold. With a suggested MSRP of $68,500, combined with a $7,500 federal tax credit, the net effective price is around $46,000. The MOR-EV program, managed by the Massachusetts Executive Office of Energy and Environmental Affairs’ Department of Energy Resources and administered by the Center for Sustainable Energy, aims to make EVs more affordable, reduce greenhouse gas emissions, and provide equitable access to EVs. The Mullen THREE is also CARB and EPA certified and qualifies for up to $45,000 in rebates under California's HVIP. The truck features a 125-mile range and versatile design for various vocational needs. It is available through Eco Auto in Tewksbury, MA.
- Mullen THREE qualifies for a $15,000 state cash rebate under Massachusetts' MOR-EV program.
- The vehicle also benefits from a $7,500 federal tax credit, reducing the net price to approximately $46,000.
- Mullen recently received CARB approval for its 2024 and 2025 Class 3 models.
- The Mullen THREE is in full compliance with EPA and U.S. Federal Motor Vehicle Safety Standards.
- The vehicle qualifies for up to $45,000 in rebates under California's HVIP program.
- The Mullen THREE features a 125-mile range and versatile design for vocational applications.
- None.
Insights
The approval of the Mullen THREE EV truck for the $15,000 state cash rebate voucher in Massachusetts significantly lowers the purchase price, enhancing affordability for fleet buyers. This can drive sales volume and impact Mullen's revenue positively. The combined incentives (state and federal) reduce the net price to approximately
Investors should consider the broader market trends towards electrification and state-level incentives as key growth drivers for companies like Mullen. This approval adds to Mullen’s credibility by demonstrating compliance with environmental standards, potentially attracting environmentally-conscious investors.
Moreover, the financial sustainability of these rebates should be assessed. If Massachusetts maintains or expands such incentives, long-term prospects for Mullen could be favorable. Conversely, any reduction in these programs could pose a risk to future sales projections.
Rating: 1
The entry of the Mullen THREE EV truck into the Massachusetts market with substantial rebates makes it appealing for fleet operators seeking economical and environmentally friendly options. The <$7,500> federal tax credit further enhances its marketability. This move is aligned with the rising trend in last-mile delivery solutions, where compact, efficient vehicles are in high demand. The truck's 125-mile range is adequate for urban logistics, catering to the needs of businesses in dense metropolitan areas.
Investors should also note the strategic placement of Eco Auto as a New England area dealer. This local presence can facilitate stronger sales pipelines and customer support, likely boosting regional sales metrics. The approval also indicates potential for similar successes in other states, possibly leading to a broader market penetration.
Any delays or failures in securing similar incentives in other key markets could pose risks. Additionally, competition from other EV manufacturers with more established brands might challenge Mullen's market share.
Rating: 1
The inclusion of the Mullen THREE EV truck under the Massachusetts MOR-EV program indicates strong governmental support for reducing greenhouse gas emissions and promoting clean transportation. This program is part of a broader push towards achieving sustainability targets, which can provide long-term benefits to companies aligned with these goals.
For investors, it is essential to consider the policy landscape and how it impacts the industry. Regulations and incentives like these not only make EVs more attractive to businesses and consumers but can also drive innovation and adoption rates across the sector. Mullen’s compliance with both EPA and CARB standards further strengthens its position as a reliable player in the sustainable vehicle market.
However, changes in political leadership or policy priorities could affect such programs' continuity. Investors should stay informed about possible regulatory shifts that could impact the viability and attractiveness of Mullen’s offerings.
Rating: 1
Under the MOR-EV program, the Mullen THREE EV truck, with a suggested MSRP of
When combined with the available
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
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
“Massachusetts’
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
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
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
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FAQ
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