What's Going On With Mullen Automotive Stock Today?

Mullen Automotive, Inc. 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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