$Mullen Automotive (MULN.US)$ shares are trading higher Monday after the company announced the California Air Resources Board has approved the 2024 Mullen THREE for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
Under HVIP, the 2024 Mullen THREE EV truck, with a suggested MSRP of $68,500, qualifies for a cash voucher of up to $45,000. When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000.
"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 shares are moving on heavy trading volume following the announcement Monday. According to data from Benzinga Pro, more than 21.2 million shares have already been traded in the session, compared to the stock's 100-day average of less than 899,000 shares.