(MENAFN- Investor Ideas) Investorideas , a go-to platform for big investing ideas, reports on trading for Mullen Automotive, Inc. (NASDAQ: MULN ), an emerging electric vehicle ("EV") manufacturer, is one of the top gainers on NASDAQ, trading at $4.7868 rising $1.6268, up over 51%. The stock had a of $5.18 and has traded over 53 Million shares.
Mullen announced today the California Air Resources Board ("CARB") has approved the Company's all-electric Class 3 low cab forward, the 2024 Mullen THREE, for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP").
The HVIP program plays a crucial role in the deployment of zero-emission technologies and accelerates commercialization by providing point-of-sale vouchers to make advanced vehicles more affordable. Under HVIP, the 2024 Mullen THREE EV truck, with a suggested MSRP of $68,500, now qualifies for up to $45,000 cash voucher. When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000. A copy of Mullen's Class 3 HVIP approval can be found here.
"California's HVIP approval for the 2024 Mullen THREE is a significant milestone making our Class 3 electric truck even more attractive and accessible to businesses seeking to electrify their fleets," said David Michery, CEO of Mullen Automotive.
Mullen recently announced that it is now in receipt of CARB approval for both 2024 and 2025 Class 3 model years. Mullen's Class 1 and Class 3 commercial vehicles are both in receipt of Environmental Protection Agency ("EPA") and CARB certifications and in full compliance with U.S. Federal Motor Vehicle Safety Standards.
The all-electric Mullen THREE is a Class 3 low cab forward EV truck featuring a robust payload, a 125-mile range and is purpose-built to meet the demands of urban last-mile delivery. The Mullen THREE chassis has a clean top-of-rail design to support a variety of upfits for vocational needs, to last mile delivery, construction, landscaping, catering and more.
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