Mullen Automotive (NASDAQ: MULN) stock skyrocketed over 80% in intraday trading Monday after the California Air Resources Board approved the 2024 Mullen THREE for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
Mullen (MULN) has announced a significant achievement for its 2024 Mullen THREE electric truck, as it received approval from the California Air Resources Board (CARB) for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). This approval enhances the accessibility and attractiveness of the Mullen THREE for businesses looking to transition their fleets to electric vehicles (EVs).
Under the HVIP program, the 2024 Mullen THREE EV truck, priced at a suggested MSRP of $68,500, qualifies for a cash voucher of up to $45,000. When combined with the available $7,500 federal tax credit, businesses can potentially acquire the Mullen THREE at a net effective cost of less than $17,000, making it an attractive option for fleet electrification initiatives.
David Michery, CEO of Mullen Automotive, expressed his enthusiasm about this development, stating,
“California’s HVIP approval for the 2024 Mullen THREE is a significant milestone making our Class 3 electric truck even more attractive and accessible to businesses seeking to electrify their fleets.”
Last week, Mullen announced that it received CARB approval for the 2024 and 2025 model years of its Class 3 vehicles. Mullen’s Class 1 and Class 3 commercial vehicles are the Environmental Protection Agency (EPA) and CARB-certified, meeting U.S. Federal Motor Vehicle Safety Standards.
The all-electric Mullen THREE, a Class 3 low cab forward EV truck, boasts a sturdy payload capacity, and a range of 125 miles, and is specifically designed to excel in urban last-mile delivery tasks. Its versatile chassis design supports various upfit options, catering to diverse vocational needs such as last-mile delivery, construction, landscaping, catering, and more.
Mullen Automotive (NASDAQ: MULN) Stock Movement
MULN stock soared 81% to close at $5.72 on Monday. Its value has risen by 124.31% this week. Trading activity has witnessed 67,491,802 (67.49 million) shares changing hands, well above the average daily volume of 905.15K.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
