Why EV-Maker Mullen Automotive's Stock Is Charging Monday
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) shares surged after the California Air Resources Board approved the 2024 Mullen THREE for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), making it eligible for up to $45,000 in cash vouchers plus a $7,500 federal tax credit. This approval significantly reduces the net cost of the Mullen THREE, enhancing its attractiveness to businesses looking to electrify their fleets. The stock experienced heavy trading volume, with over 21.2 million shares traded, far exceeding its 100-day average.
April 29, 2024 | 3:09 pm
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Mullen Automotive's stock price surged following the California Air Resources Board's approval of the 2024 Mullen THREE for significant cash vouchers under the HVIP, combined with a federal tax credit, substantially lowering the net cost for buyers.
The approval by the California Air Resources Board for the 2024 Mullen THREE to receive significant financial incentives under the HVIP program directly impacts Mullen Automotive's market attractiveness and potential sales volume. This regulatory milestone, combined with the heavy trading volume reported, indicates a strong positive sentiment among investors, likely driving the stock price up in the short term.
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IMPORTANCE 90
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