Why Mullen Automotive Shares Are Rising Today
Portfolio Pulse from Nabaparna Bhattacharya
Mullen Automotive, Inc. (NASDAQ:MULN) shares rose after announcing its majority-owned Bollinger Motors received IRS approval as a 'qualified manufacturer' for clean vehicle credits under the Inflation Reduction Act of 2022. This makes the Bollinger B4 chassis cab eligible for up to $40,000 per vehicle in tax credits, aimed at commercial clean vehicles. The B4 is an all-electric Class 4 commercial truck, with deliveries expected to start in the second half of 2024.
February 06, 2024 | 5:02 pm
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Mullen Automotive's stock rose after Bollinger Motors, which it majority owns, was approved by the IRS as a 'qualified manufacturer' for clean vehicle credits, making the Bollinger B4 eligible for significant tax credits.
The IRS approval for Bollinger Motors as a 'qualified manufacturer' under the Inflation Reduction Act directly impacts Mullen Automotive's potential revenue and market positioning in the electric vehicle sector. This approval makes the Bollinger B4 chassis cab eligible for up to $40,000 in tax credits per vehicle, likely increasing its attractiveness to commercial customers and potentially boosting sales. The positive market reaction reflects the anticipated growth and profitability from this regulatory milestone.
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