Mullen Automotive Secures Rebate For Its EV Truck In Massachusetts: Details

Mullen Automotive, Inc. MULN shares are trading lower on Tuesday.

The company announced that the Massachusetts Executive Office of Energy and Environmental Affairs Department of Energy Resources had approved its all-electric Class 3 low cab forward truck, the 2024 Mullen THREE, for up to a $15,000 state cash rebate voucher.

With the additional $7,500 federal tax credit, the net price for the Mullen THREE is estimated to be around $46,000.

The MOR-EV program aims to enhance EV affordability for Massachusetts residents, businesses, and nonprofits.

MOR-EV focuses on advancing clean transportation goals, lowering greenhouse gas emissions, and ensuring equitable EV access.

The MOR-EV Trucks initiative offers incentives for purchasing or leasing various medium- to heavy-duty battery electric and fuel cell electric trucks, buses, and vans, with rebates available for both individual and fleet acquisitions.

Yesterday, the company announced the addition of Eco Auto, a zero-emissions commercial vehicle dealership in the Boston area, as its newest franchise dealer.

Eco Auto will handle national fleet opportunities for Mullen’s full line of commercial EVs, focusing on New England.

Eco Auto’s initial order includes 10 Mullen ONE cargo vans and 3 Mullen THREE trucks.

“The New England area is a key Northeast hub for commercial fleet companies and one we are excited to enter,” said David Michery, CEO and chairman of Mullen Automotive.

Price Action: MULN shares are trading lower by 2.83% to $2.75 at last check Tuesday.