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BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: MULN), a manufacturer of electric vehicles (EV), has announced that its commercial EVs, including the Mullen ONE Class 1 EV cargo van, are now eligible for rebates through the ComEd Business & Public Sector EV Rebate Program in Illinois. This program is part of a growing list of state-level incentives available to Mullen Commercial EVs, which also includes programs in California and Massachusetts.
The ComEd rebate program aims to distribute over $70 million in rebates for a range of electric vehicles by 2025. Under this program, the Mullen ONE can qualify for an incentive of up to $7,500, and when combined with the Federal Tax Credit, customers could see savings of up to $15,000 per vehicle. With a current ratio of 0.25 and significant debt obligations, these incentives could be crucial for Mullen’s market penetration strategy. However, due to high demand, the ComEd EV Rebate Program has currently placed new Medium Duty point-of-sale voucher applications for Class 3-6 EVs on a waitlist.
Mullen’s authorized dealers, Pritchard EV and Range Truck Group, are facilitating the rebate process for customers in Illinois. Want deeper insights into Mullen’s financial health and growth potential? InvestingPro subscribers have access to over 15 additional ProTips and comprehensive financial metrics. These incentives are expected to lower the upfront costs for businesses and public sector organizations looking to transition to electric commercial vehicles.
The Mullen ONE and Mullen THREE, a Class 3 EV cab chassis truck, are both available for sale and meet U.S. Federal Motor Vehicle Safety Standards, as well as EPA and CARB certifications for emissions standards.
Mullen Automotive has emphasized the significance of these incentives in supporting organizations to electrify their fleets. CEO David Michery expressed enthusiasm for the inclusion of Mullen EVs in the ComEd program and the potential cost benefits for customers.
The information for this article is based on a press release statement from Mullen Automotive. The company’s stock has shown high volatility, with a beta of -8.61, and has experienced significant price movements in recent periods, according to InvestingPro data.
In other recent news, Mullen Automotive has announced the upcoming release of its high-performance EV crossover, the Mullen FIVE RS, which will be available in Germany by December 2025. The vehicle, featuring an 800-volt architecture and over 1,100 horsepower, is part of Mullen’s strategy to enter the high-performance EV market. Additionally, Mullen has increased its ownership stake in Bollinger Motors to 95%, enhancing shareholder equity by $3.5 million and regaining full control of the subsidiary. Bollinger will continue to operate independently but with Mullen’s full financial backing. In a strategic move to comply with Nasdaq’s listing standards, Mullen will execute a 1-for-100 reverse stock split, reducing outstanding shares significantly. The company has also settled a long-standing litigation with GEM Group, transferring Mishawaka assets to satisfy a judgment. This settlement will undergo a 55-day due diligence period, during which all collection activities are halted. These developments reflect Mullen’s ongoing efforts to strengthen its position in the electric vehicle market.
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