Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces the Company has received approval from the IRS, receiving its “qualified manufacturer” designation enabling qualification for commercial EV federal tax credits of up to $7,500 per qualified vehicle with gross vehicle weight ratings (GVWRs) of under 14,000 pounds.
The company is pleased to announce that both the Mullen ONE, a Class 1 EV Cargo Van, and the Mullen THREE, a Class 3 EV Cab Chassis Truck, are now approved for EV federal tax credits of up to $7,500 per qualified vehicle. Additionally, according to the relevant IRS regulation, vehicles with gross vehicle weight ratings (GVWR) of over 14,000 pounds can qualify for $40,000 federal EV tax credits.
Mullen received this designation on Sept. 14, 2023, as a “Qualified Manufacturer” as defined in § 30D(d)(3) of the Internal Revenue Code.
Mullen Automotive will be listed as a Qualified Manufacturer on irs.gov (note, the Company was informed that it may take up to 2 weeks for the Company’s name to post on the site). The full Qualified Manufacturer index can be found on IRS.gov.
“Total cost of ownership is critically important to commercial customers. Tax credits such as these, along with lower fuel and maintenance costs, show a clear advantage for Mullen’s commercial offerings compared to traditional internal combustion vehicles,” said John Schwegman, chief commercial officer of Mullen Automotive.
“This is part of fulfilling our commitment to customers. This presents a great opportunity to purchase a commercial vehicle while optimizing all available federal incentives,” said David Michery, CEO and chairman of Mullen Automotive.