During the most recent trading session, Mullen Automotive, Inc. (NASDAQ: MULN) had a notable spike in its stock. It increased by 16.62% to close at $7.79. This spike in Mullen’s shares comes after a big win in the field of electric vehicles (EVs) certification.
Mullen (MULN) announced that its all-electric Class 3 low cab forward chassis truck has received certification from the California Air Resources Board (“CARB”), marking an important milestone in the commercial EV industry. A distinguished honor bestowed upon automakers that satisfy particular emissions criteria in compliance with CARB rules is CARB certification.
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A remarkable fourteen states—including California—as well as the District of Columbia have adopted vehicle requirements under Section 177 of the Clean Air Act, requiring further permits in addition to those required by the Environmental Protection Agency (EPA). Mullen’s success doesn’t stop there; the Environmental Protection Agency (“EPA”) and CARB have now certified both its Class 1 and Class 3 commercial cars.
Moreover, these cars completely abide with the Federal Motor Vehicle Safety Standards in the United States. Equipped with certifications from the EPA and CARB, Mullen is ready to promote the Mullen ONE and THREE in every state in the country. Mullen now has more market access and is qualified for important state Electric Vehicle (EV) incentive programs thanks to the CARB certification.
These initiatives, which differ for every state that complies with CARB, take on even more importance in the wake of the agency’s most recent Advanced Clean Fleets (“ACF”) rule. Government fleets, including those of cities, counties, special districts, and state agencies, are required under this legislation to make sure that 50% of new vehicle purchases are zero-emission by 2024 and 100% by 2027.
The Mullen THREE’s commercialization is accelerated by CARB clearance, which also makes it more appealing to consumers looking to electrify their fleets. Now that Class 1 and Class 3 commercial EVs have received EPA and CARB certification, Mullen is in a strong position to increase sales in every state in the US.
