EV maker, Mullen Automotive (NASDAQ:MULN), on Thursday, announced customer vehicle pricing for their Mullen ONE, Class 1 EV Cargo Van, and Mullen THREE, Class 3 EV Cab Chassis Truck.
The company is listing their Mullen ONE with a starting MSRP of $34,500. However, the model is eligible for the full $7,500 federal tax credit under the Inflation Reduction Act (IRA). The Mullen Three is listed at $68,500. The Class 3 Urban Utility truck also qualifies for the full $7,500 tax credit.
“As more fleets focus on their sustainability goals addressing climate change, the net price points of our Mullen commercial products make this an easy choice and help accelerate their transition to electric,” said David Michery, CEO and chairman of Mullen Automotive. “With both vehicles qualifying for the $7,500 federal tax credit, their Class 1 EV Cargo Van acquisition cost will reduce to $27,000 and Class 3 EV Cab Chassis Truck will reduce to $61,000.”
To date, 19 EV Cargo vans have been delivered with 20 additional deliveries targeted for May 2023. Additionally, the Company is also anticipating a purchase order for 200 Class 1 EV vans anticipated in May 2023.
Recently, a 1,000-unit purchase order, valued at $63M, for Class 3 EV Cab Chassis Trucks from Randy Marion Automotive Group was announced on May 2, 2023. Production is planned to begin in August 2023 and final deliveries completed by Q1 2024. All commercial vehicles are produced in Tunica, Mississippi.
Shares of MULN are down 6.10% in premarket trading on Thursday.