Mullen EV truck's net cost can be as low as $16,000 after HVIP approval

By Tomi Kilgore

California's HVIP program can provide $45,000 cash voucher per vehicle

Shares of Mullen Automotive Inc. soared Monday, after the electric vehicle maker said its Mullen Three truck received HVIP approval, which combined with the federal tax credit could lower the cost of the truck to as low as $16,000.

Mullen's stock (MULN) ran up 32.1% in active morning trading. That puts it on track of the biggest one-day gain since it rocketed 78.1% on Dec. 21, 2023, after a large reverse stock split kept hopes alive that the stock would remain listed on the Nasdaq.

Trading volume jumped to 6.9 million shares in the first few minutes after the open on Monday, compared with the full-day average of about 1.2 million shares.

Under California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), the 2024 Mullen Three EV truck now qualifies for up to $45,000 cash voucher.

When combined with the available $7,500 federal tax credit, the truck, with a manufacturer's suggested retail price (MSRP) of $68,500, the cost of the truck could be as low as $16,000 each.

"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 Mullen Chief Executive David Michery.

The Mullen Three low-cab forward EV truck has a 125-mile range, and was built for urban last-mile deliveries.

Mullen's stock has plummeted 70.8% year to date, while the Global X Autonomous & Electric Vehicles ETF DRIV has lost 4.7% and the S&P 500 index SPX has gained 7.4%.

-Tomi Kilgore

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04-29-24 0940ET

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