NetworkNewsBreaks — Mullen Automotive Inc. (NASD
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Posted On: 09/19/2023 4:21:12 PM
NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Receives IRS Approval as ‘Qualified Manufacturer,’ Qualifies for Federal EV Tax Credit
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has received approval from the IRS for its “qualified manufacturer” designation. The designation means the company qualifies 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. According to the announcement, both the Mullen ONE, a class 1 EV Cargo Van, and the Mullen THREE, a class 3 EV Cab Chassis Truck, meet the qualifications and are approved for the tax credits. The announcement also noted that, according to IRS regulation, vehicles with gross vehicle weight ratings of more than 14,000 pounds can qualify for $40,000 federal EV tax credits. As a result of the designation, Mullen will be listed on the IRS website as a qualified manufacturer within the next two weeks. The company noted that tax credits such as these combined with lower fuel and maintenance costs show a clear advantage for Mullen’s commercial offerings compared to traditional internal combustion vehicles. “This is part of fulfilling our commitment to customers,” said Mullen Automotive CEO and chair David Michery in the press release. “This presents a great opportunity to purchase a commercial vehicle while optimizing all available federal incentives.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has received approval from the IRS for its “qualified manufacturer” designation. The designation means the company qualifies 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. According to the announcement, both the Mullen ONE, a class 1 EV Cargo Van, and the Mullen THREE, a class 3 EV Cab Chassis Truck, meet the qualifications and are approved for the tax credits. The announcement also noted that, according to IRS regulation, vehicles with gross vehicle weight ratings of more than 14,000 pounds can qualify for $40,000 federal EV tax credits. As a result of the designation, Mullen will be listed on the IRS website as a qualified manufacturer within the next two weeks. The company noted that tax credits such as these combined with lower fuel and maintenance costs show a clear advantage for Mullen’s commercial offerings compared to traditional internal combustion vehicles. “This is part of fulfilling our commitment to customers,” said Mullen Automotive CEO and chair David Michery in the press release. “This presents a great opportunity to purchase a commercial vehicle while optimizing all available federal incentives.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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