Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
The shares of the US startup Mullen Automotive are trading 30 percent higher on Monday following the approval of Mullen Three for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project.
California Air Resources Board (CARB) approved earlier today the 2024 Mullen Three — which starts at $68,500 — making it eligible for up to $45,000 cash voucher. “When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen Three could be less than $17,000,” the company added.
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“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,” said David Michery, CEO of Mullen Automotive.
According to Marketwatch — and despite today’s increase to $4.07— the shares are plummeting 71.3 percent year to date.
The company announced recently that intends to expand its commercial vehicle distribution in Europe, aiming to sell 800 units starting later this year. In the statement, the specific countries where Mullen models would distributed were not specified.
The company added that achieved the production of its 500th commercial vehicle at its Tunica, Mississippi facility.
Earlier this month, Mullen announced the starting of a “significant cost reduction and consolidation measures” expecting the measures to save $170 million over the next 12 months.
Mullen expects to sell 100 commercial EVs this month via its partner Randy Marion Automotive Group. The group’s Vice President of Automotive Fleet Operations endorsed the goal saying that “building on March transactions, our April goal is to move 100 units of Mullen Commercial EVs.”
Operating and investing cash flows were $179 million and $108 million, respectively, for the 12 months ended on September 30th, 2023. The move aims to “refine business operations and better align focus on the commercial EV segment that has the opportunity to drive near-term revenue,” the company said.
Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
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The post Mullen Shares Surge 30% as Commercial Model Receives $45k Cash Incentive first appeared on EV.