California Issues HVIP Approval, Granting Mullen’s Class 3 EV Trucks a $45,000 Cash Voucher Per Vehicle Sold

Under HVIP, the Mullen THREE EV truck, with a suggested MSRP of $68,500, now qualifies for a rebate of up to $45,000.

When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE would be less than $17,000.

BREA, Calif., April 29, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces 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.

About California HVIP
California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) plays a crucial role in the deployment of zero-emission and near-zero-emission technologies. HVIP accelerates commercialization by providing point-of-sale vouchers to make advanced vehicles more affordable. Launched by the California Air Resources Board in 2009, the project is part of California Climate Investments. HVIP is the earliest model in the U.S. to demonstrate the function, flexibility, and effectiveness of first-come, first-served incentives that reduce the incremental cost of commercial vehicles.