© Reuters. Mullen (MULN) approved for federal EV tax credits
Emerging electric automaker, Mullen (NASDAQ:) revealed Tuesday that the company has secured approval from the IRS, granting it the “qualified manufacturer” status. This designation allows the company to qualify for federal tax credits for commercial electric vehicles, amounting to a maximum of $7,500 per eligible vehicle with gross vehicle weight ratings (GVWRs) below 14,000 pounds.
Along with the designation, the automaker’s 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.
“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 Mullen executive, John Schwegman.
Mullen received this designation on Sept. 14 and will be listed as a Qualified Manufacturer on irs.gov.
“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 CEO David Michery.
Shares of MULN are up 3.77% in mid-day trading on Tuesday.