Mullen Automotive (NASDAQ: MULN) has recently announced new orders for its Mullen ONE Class 1 commercial EV cargo van from universities in Los Angeles and Berkeley, California. This development underscores the company's expanding influence in the higher education sector, where institutions are increasingly adopting electric vehicles (EVs) to meet zero-emission goals and sustainability commitments. The addition of these universities to Mullen's client roster, which already includes Princeton University, the University of Virginia, and the University of North Carolina, reflects a broader movement towards environmental stewardship on campuses nationwide.
The Mullen ONE cargo van and Mullen THREE cab chassis truck are designed to align with the sustainability objectives of higher education institutions, offering efficient, environmentally friendly transportation solutions. The affordability of these vehicles is further enhanced by incentives such as the $7,500 Federal Tax Credit and various state programs, making the transition to electric fleets more accessible for universities. David Michery, CEO of Mullen Automotive, highlighted the company's commitment to supporting universities in achieving their environmental goals, emphasizing the role of their vehicles in enhancing campus operations while contributing to sustainability efforts.
Mullen Automotive's expansion into the higher education market is a testament to the versatility and appeal of its EVs across different sectors. With production facilities in Tunica, Mississippi, and Mishawaka, Indiana, the company is well-equipped to meet the rising demand for commercial EVs. Recent milestones, including the start of commercial vehicle production in Tunica and IRS approval for federal EV tax credits, have bolstered Mullen's position in the market. The company's Qualified Manufacturer designation allows eligible customers to benefit from up to $7,500 per vehicle, further incentivizing the adoption of its EVs.
Certifications from the California Air Resource Board (CARB) and the EPA enable the sale of Mullen ONE and Mullen THREE vehicles across the United States. The CARB-issued HVIP approval for the Mullen THREE Class 3 EV truck offers an additional incentive of up to a $45,000 cash voucher at purchase, significantly lowering the cost barrier for potential buyers. Mullen's growing commercial dealer network, now including seven dealers such as Papé Kenworth, ensures widespread sales and service coverage, facilitating the adoption of its EVs by universities and other institutions.
The increasing adoption of Mullen's electric vehicles by higher education institutions not only advances environmental sustainability but also serves as a practical demonstration of clean energy technologies for students. This partnership between Mullen Automotive and academia exemplifies the collaborative effort towards achieving sustainable mobility solutions, marking a significant step forward in the transformation of campus transportation and the broader shift towards greener alternatives in the education sector.
