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The State of Massachusetts grants approval for MOR-EV and grants

As part of the MOR-EV program, the Mullen THREE EV truck, which has a suggested retail price of $68,500, is now eligible for a Massachusetts state cash rebate of up to $15,000.

Combined with the available $7,500 federal tax credit, the net price of the Mullen THREE would be approximately $46,000.

BREA, Calif., June 11, 2024 (GLOBE NEWSWIRE) – about IBN — Mullen Automotive, Inc. (NASDAQ: MUL) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announced that the Massachusetts Department of Energy Resources (“DOER”) of the Executive Office of Energy and Environmental Affairs has approved a federal rebate voucher of up to $15,000 for the Company's all-electric Class 3 Low Cab Forward Truck, the 2024 Mullen THREE.

Administered by the Executive Office of Energy and Environmental Affairs' Department of Energy Resources and administered nationally by the Center for Sustainable Energy (CSE), MOR-EV program is committed to making electric vehicles more affordable for Massachusetts residents, businesses, and nonprofits to meet clean transportation goals, reduce greenhouse gas emissions, and provide more equitable access to electric vehicles. The MOR-EV Trucks program encourages the purchase and leasing of a variety of medium- and heavy-duty battery- and fuel cell-powered trucks, buses, and vans. Rebates apply to both individual and fleet purchases.

Under MOR-EV, the 2024 Mullen THREE EV truck with a suggested MSRP of $68,500 is now eligible for a cash rebate credit of up to $15,000. Combined with the available $7,500 federal tax credit, the net price of the Mullen THREE would be approximately $46,000. A copy of Mullen's Class 3 MOR-EV approval can be found here Here.

“Massachusetts’ $15,000 MOR-EV cash voucher for our 2024 Mullen THREE is another example of a great state-level incentive that makes our Class 3 electric truck even more affordable to meet operating cost requirements for fleet customers of all sizes,” said David Michery, CEO and Chairman of Mullen Automotive.

Mullen recently announced that it now receives CARB approval for the 2024 and 2025 Class 3 models. Mullen's Class 1 and 3 commercial vehicles have received both Environmental Protection Agency (“EPA”) and CARB certifications and are fully compliant with U.S. motor vehicle safety standards. The company also recently announced that it has received California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP) approval for the Mullen THREE, making it eligible for a cash voucher of up to $45,000 upon purchase of the vehicle.

The all-electric Mullen THREE is a low-cab, front-wheel drive, Class 3 electric truck that offers a robust payload and 125 miles of range, and is specifically designed to meet the needs of urban last-mile delivery. The Mullen THREE chassis features a clean, top-of-rail design that supports a variety of conversions for vocational use, last-mile delivery, construction, landscaping, catering and more. The Mullen THREE is available in Massachusetts through its recently announced electric car dealer for the New England region, Eco Autobased north of Boston in Tewksbury.

About MOR-EV
MOR-EV aims to make electric vehicles (EVs) more affordable for Massachusetts residents, businesses, and nonprofits to meet clean transportation goals, reduce greenhouse gas emissions, and provide more equitable access to electric vehicles. The program is funded by the Department of Energy Resources (DOER) of the Executive Office of Energy and Environmental Affairs and administered statewide by the Center for Sustainable Energy (CSE).

For more information, see www.mor-ev.org

About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”). The company has two vehicle plants in the United States, in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal electric vehicle tax credits on its commercial vehicles with the Qualified Manufacturer designation, providing eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 electric cargo van, and the Mullen THREE, a Class 3 electric cab truck, are certified by the California Air Resource Board (“CARB”) and the EPA and available for sale in the United States. CARB recently granted HVIP approval for the Mullen THREE, a Class 3 electric truck, and provides a cash credit of up to $45,000 with the purchase of the vehicle. The company also recently expanded its commercial dealer network to include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, providing sales and service coverage in the key Midwest, West Coast, Pacific Northwest and New England markets. The company also recently announced the approval of Foreign Trade Zone (“FTZ”) status for its commercial vehicle manufacturing center in Tunica, Mississippi. FTZ approval provides a number of benefits, including deferral of tariffs due and elimination of tariffs on exported vehicles.

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. All statements in this press release that are not historical facts may be deemed to be forward-looking statements. Words such as “continue,” “will,” “could,” “should,” “expect,” “anticipates,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. Many of these risks and uncertainties are generally beyond Mullen's control and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, how long MOR-EV and other government incentives will be available; the net impact of these programs on the pricing of the Mullen THREE electric truck and the estimated mileage of the Mullen THREE. Additional examples of such risks and uncertainties include, but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing contracts with manufacturers, parts suppliers and other service providers related to its business and to enter into additional contracts; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate acquisitions of businesses, solutions or technologies; (v) unexpected operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licenses and regulations that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements can be found in Mullen's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen undertakes no obligation and expressly 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
Editor@InvestorBrandNetwork.com

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