Mullen Automotive Receives IRS Approval for Federal EV Tax Credit on Commercial Vehicles Effective Sept. 14, 2023 [Financial Post (Toronto, Ontario, Canada)]
Mullen Automotive, Inc. (MULN)
Company Research
Source: Financial Post
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. Mulle
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