NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 05/09/2024 4:30:03 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Mississippi-Based Facility Receives FTZ Status from U.S. Department of Commerce
Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, has been approved for Foreign Trade Zone (“FTZ”) status with the U.S. Department of Commerce for Mississippi-based commercial vehicle manufacturing and assembly center. According to the announcement, a Foreign Trade Zone is an area within the United States where foreign and domestic merchandise is generally considered to be in international commerce and outside of U.S. customs territory for duty and tariff purposes. The approval means that Mullen qualifies for a variety of benefits, including deferment of payments on duties related to import fees; the company can now match import duty payment to when vehicles are shipped from the zone, reducing pressure on cash flow. In addition, Mullen is 100% exempt from duties and taxes owed on vehicles exported. Other FTZ benefits include enhanced global competitiveness, increased logistics flexibility, relief from inverted tariffs, duty exemption on re-exports, weekly entry savings, duty deferral and improved global supply chain performance. “Foreign Trade Zone approval for our Tunica facility is a significant milestone for us, further strengthening our manufacturing position while delivering a competitive advantage and cash-flow saving opportunities,” said Mullen Automotive CEO and chair David Michery in the press release. “This approval also helps the overall economic development of the local Tunica, Mississippi, community.”
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, has been approved for Foreign Trade Zone (“FTZ”) status with the U.S. Department of Commerce for Mississippi-based commercial vehicle manufacturing and assembly center. According to the announcement, a Foreign Trade Zone is an area within the United States where foreign and domestic merchandise is generally considered to be in international commerce and outside of U.S. customs territory for duty and tariff purposes. The approval means that Mullen qualifies for a variety of benefits, including deferment of payments on duties related to import fees; the company can now match import duty payment to when vehicles are shipped from the zone, reducing pressure on cash flow. In addition, Mullen is 100% exempt from duties and taxes owed on vehicles exported. Other FTZ benefits include enhanced global competitiveness, increased logistics flexibility, relief from inverted tariffs, duty exemption on re-exports, weekly entry savings, duty deferral and improved global supply chain performance. “Foreign Trade Zone approval for our Tunica facility is a significant milestone for us, further strengthening our manufacturing position while delivering a competitive advantage and cash-flow saving opportunities,” said Mullen Automotive CEO and chair David Michery in the press release. “This approval also helps the overall economic development of the local Tunica, Mississippi, community.”
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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