What's Going On With Mullen Automotive Stock Today?

Author: Nabaparna Bhattacharya | July 17, 2024 12:35pm

Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Wednesday.

Today, the company disclosed that the Massachusetts Executive Office of Energy and Environmental Affairs Department of Energy Resources has approved its all-electric Class 1 cargo van, the 2024 Mullen ONE, as eligible for a $3,500 cash voucher under the MOR-EV program.

Administered statewide by the Center for Sustainable Energy (CSE) under the oversight of the Massachusetts Executive Office of Energy and Environmental Affairs’ Department of Energy Resources, MOR-EV aims to enhance EV affordability.

It promotes clean transportation goals, reduces greenhouse gas emissions, and facilitates equitable access to electric vehicles.

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“Both the Mullen ONE and THREE are now eligible for the MOR-EV rebate, making our Commercial EVs even more affordable for Massachusetts businesses,” said David Michery, CEO and chairman of Mullen Automotive.

MOR-EV Trucks provides incentives for purchasing and leasing medium- and heavy-duty battery electric and fuel cell electric trucks, buses, and vans, available for both individual and fleet acquisitions.

Through MOR-EV, the 2024 Mullen ONE EV cargo van, priced at $34,500 MSRP, is eligible for a $3,500 cash voucher.

Combined with the $7,500 federal tax credit, the effective cost reduces to around $23,500.

“We’re committed to making Mullen Commercial EVs accessible nationwide and securing state-level incentives like the MOR-EV program is a key part of this strategy,” Michery added.

Price Action: MULN shares are trading lower by 5.98% to $1.739 at last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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