BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: NASDAQ:MULN), an emerging electric vehicle (EV) manufacturer, announced that its Mullen THREE EV truck is now eligible for a $15,000 state rebate in Massachusetts. The incentive is part of the MOR-EV program, aimed at making EVs more affordable and accelerating the transition to clean transportation in the state.
The Mullen THREE, with a suggested retail price of $68,500, qualifies for the rebate through the Massachusetts Executive Office of Energy and Environmental Affairs’ Department of Energy Resources (DOER). When combined with the federal tax credit of $7,500, the effective price for buyers could be reduced to approximately $46,000.
The MOR-EV Trucks program, administered by the Center for Sustainable Energy (CSE), offers rebates for medium- and heavy-duty battery electric and fuel cell electric trucks, buses, and vans. The goal is to reduce greenhouse gas emissions and provide equitable access to EV technology for residents, businesses, and non-profit organizations in Massachusetts.
The Mullen THREE is a Class 3 low cab forward EV truck designed for urban last-mile delivery, featuring a 125-mile range and a versatile chassis to accommodate various vocational needs. The vehicle has received certifications from the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB), and is compliant with U.S. Federal Motor Vehicle Safety Standards.
Mullen Automotive has recently expanded its commercial dealer network, including a partnership with Eco Auto in Tewksbury, Massachusetts, to provide sales and service coverage in the New England area. The company has also obtained CARB approval for its 2024 and 2025 Class 3 model years and secured a cash rebate voucher of up to $45,000 under the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP) for the Mullen THREE.
David Michery, CEO and chairman of Mullen Automotive, commented on the Massachusetts rebate, highlighting it as a significant incentive for fleet customers to adopt the company's electric truck.
In other recent news, Mullen Automotive has been making significant strides in the electric vehicle (EV) sector. The company has expanded its dealership network with a new partnership with Eco Auto in New England and secured an order for 13 commercial EVs. Mullen Automotive has also expanded into the European EV market, appointing Alain Van Munster as Vice President of Sales for Europe, Middle East, and Africa and securing its first European orders for 93 EVs.
The company has unveiled an all-electric mobile EV charger, PowerUP, marking a shift from their previous gasoline-powered platform. Mullen's expansion efforts have also extended to the Balkans Region, partnering with distributor GAMA to offer its full lineup of commercial EVs. Mullen's subsidiary, Bollinger Motors, reported an $8.25 million deal with EnviroCharge for the sale of 50 Bollinger B4 all-electric commercial trucks.
Mullen Automotive has also announced partnerships with Ziegler Truck Group and Range Truck Group to distribute its commercial EVs, enhancing its presence in the Pacific Northwest and upper Midwest regions of the United States.
InvestingPro Insights
In the wake of Mullen Automotive's announcement regarding the Mullen THREE EV truck's eligibility for significant rebates in Massachusetts, investors and potential buyers may find the latest financial metrics and market insights from InvestingPro particularly insightful. Mullen Automotive holds a market capitalization of $32.3 million and is trading at a low Price / Book multiple of 0.34, signaling that the company's stock might be undervalued compared to the book value of its assets.
One of the InvestingPro Tips notes that management has been aggressively buying back shares, which could indicate a strong belief in the company's future prospects by those at the helm. Additionally, Mullen Automotive's balance sheet reflects a position of holding more cash than debt, which is a positive sign of financial stability.
However, it's important to note that the company has been quickly burning through cash and has not been profitable over the last twelve months, as evidenced by a gross profit margin of -501.56%. The stock has also experienced significant price volatility, with a 1 Year Price Total Return of -99.27%, and it currently trades at a mere 0.87% of its 52-week high.
For investors looking to delve deeper into Mullen Automotive's financials and stock performance, there are additional InvestingPro Tips available at https://www.investing.com/pro/MULN. These tips could provide valuable context for the company's recent developments and future outlook. Moreover, readers can use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of professional investment analysis and data.
With Mullen Automotive's strategic moves in the commercial EV market and the availability of comprehensive investment insights, stakeholders have the tools to make informed decisions in this dynamic industry sector.
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