Mullen Automotive Receives IRS Approval for Federal EV Tax Credit on Commercial Vehicles Effective Sept. 14, 2023

BREA, Calif., Sept. 19, 2023 (GLOBE NEWSWIRE) -- via IBN ? 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.

About Mullen

Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles ("EVs") that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen I-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs, and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' ("ELMS") assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.

To learn more about the Company, visit www.MullenUSA.com.

Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to when the Company's name will post on the relevant IRS site and whether the tax credits will improve vehicle sales. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date.

Contact:

Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
[email protected]

Attachment

• Mullen's commercial vehicles now qualify for up to $7,500 federal tax credit