Mullen Automotive, Inc. MULN shares are trading higher on Tuesday.
The EV manufacturer announced that its majority-owned Bollinger Motors has received IRS approval as a “qualified manufacturer” for clean vehicle credits under the Inflation Reduction Act of 2022.
The Bollinger B4 chassis cab’s designation makes it eligible for the IRA’s new credit for qualified commercial clean vehicles, offering purchasers a tax credit of up to $40,000 per vehicle.
Bollinger B4 chassis cab is an all-new, all-electric Class 4 commercial truck.
“Bollinger Motors is poised for growth and we’re ready to help electrify America’s fleets,” said Robert Bollinger, founder and CEO of Bollinger Motors.
Today’s award comes after the recent announcement of partnerships with Roush Industries for Bollinger B4 truck assembly in Michigan.
Deliveries of the B4 chassis cab are expected to start in the second half of 2024.
“These tax credits are an important incentive for our customers to replace their gas and diesel trucks and lower their total cost of ownership.”
Read Next: Why Coherent Shares Are Rising Today
Price Action: MULN shares are trading higher by 4.6% to $7.17 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
