Mullen Automotive Provides Update On US Customs And Border Protection Application For Class 1 EV Cargo Vans
Portfolio Pulse from Benzinga Newsdesk
Mullen Automotive Inc. (NASDAQ:MULN) and Rapid Response Defense Systems (RRDS) have filed responses for a U.S. Customs and Border Protection application regarding Mullen's Class 1 EV cargo van. The application details the substantial transformation of the vehicle to meet U.S. standards, which could classify it as a U.S.-made product. The assembly process occurs in Mullen's Mississippi facility, employing 103 individuals, with the company employing around 400 nationwide. Mullen sources globally but is adding domestic suppliers to its supply chain. A successful ruling, expected within 45 days, would affirm Mullen's commitment to the U.S. EV market. Mullen and RRDS will showcase the Mullen ONE EV cargo van at the Fed Fleet conference in Washington, D.C. in January 2024.
November 27, 2023 | 1:31 pm
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Mullen Automotive has filed for a CBP ruling on its Class 1 EV cargo van, which could lead to the vehicle being classified as a U.S.-made product, potentially benefiting from favorable regulatory and market perceptions.
The news of the filing for a CBP ruling is likely to be viewed positively by investors as it demonstrates Mullen's progress towards compliance with U.S. standards and its commitment to the U.S. EV market. A successful ruling would enable Mullen to market its Class 1 EV cargo van as a U.S.-made product, which could lead to increased sales and potentially favorable government policies. The short-term impact on the stock price is likely to be positive, assuming investor sentiment aligns with the company's progress and potential for future growth.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100