BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: NASDAQ:MULN), an electric vehicle manufacturer, announced Monday that its Mullen THREE EV truck has been approved by the California Air Resources Board (CARB) for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). The 2024 Mullen THREE, a Class 3 low cab forward electric truck, now qualifies for a cash voucher of up to $45,000 under HVIP.
With a suggested manufacturer's retail price of $68,500, the Mullen THREE's cost could effectively drop below $17,000 when the HVIP voucher is combined with the available $7,500 federal tax credit. This significant price reduction is intended to make the electric truck more accessible and attractive to businesses, particularly those looking to electrify their fleets.
The Mullen THREE boasts a payload capacity suited for urban delivery and other commercial needs. It also offers a clean top-of-rail design to accommodate various vocational upfits. With a 125-mile range, the truck is designed to meet the demands of last-mile delivery services.
This approval follows Mullen's recent announcements of receiving CARB certification for both the 2024 and 2025 Class 3 model years, as well as federal EV tax credits for its commercial vehicles. Mullen's Class 1 and Class 3 commercial vehicles have achieved EPA certification and compliance with U.S. Federal Motor Vehicle Safety Standards.
The HVIP program, part of California Climate Investments, is a pioneering initiative in the United States, demonstrating the effectiveness of first-come, first-served incentives to reduce the incremental cost of commercial vehicles.
Mullen Automotive has facilities in Tunica, Mississippi, and Mishawaka, Indiana, and began commercial vehicle production in August 2023. The company aims to be at the forefront of the next generation of commercial electric vehicles.
This announcement is based on a press release statement and does not constitute an endorsement of Mullen Automotive or its products.
InvestingPro Insights
As Mullen Automotive (NASDAQ: MULN) continues to make strides in the electric vehicle market, particularly with the recent approval of the Mullen THREE EV truck by the California Air Resources Board, it's important for investors to consider the company's financial health and market performance. Here are some key insights based on real-time data from InvestingPro.
Mullen Automotive's market capitalization currently stands at a modest 20.71 million USD. Despite this small size, the company holds an intriguing position in the market due to its low Price / Book multiple of 0.1 as of the last twelve months ending Q1 2024. This could suggest that the stock is potentially undervalued relative to the company’s book value, which might interest value-oriented investors.
InvestingPro Data also shows that the company has experienced a significant return over the last week, with a 23.92% price total return. However, it's important to note that the stock has seen a dramatic 99.82% decline over the last year, highlighting the high price volatility that the stock generally trades with.
For those considering the long-term potential of Mullen Automotive, InvestingPro Tips indicate that the company has more cash than debt on its balance sheet and liquid assets exceed short term obligations, which might provide some financial stability in the near term. However, the company is not profitable over the last twelve months and is quickly burning through cash, which could be a cause for concern for potential investors.
Investors interested in a deeper dive into Mullen Automotive's financials and market performance can explore additional InvestingPro Tips. There are 17 more tips available on InvestingPro, which provide further insights into the company's valuation, industry position, and financial health. To access these tips, visit https://www.investing.com/pro/MULN and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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