Stock Market

Why Is Mullen Automotive (MULN) Stock Up 27% Today?

Source: Robert Way /

Mullen Automotive (NASDAQ:MULN) stock is rocketing higher on Monday after the company got approval from California for the state’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).

This approval adds the 2024 Mullen Three to the project, which enables buyers of the electric vehicle (EV) to receive cash vouchers of up to $45,000. To put that in perspective, the MSRP for the 2023 Mullen Three is $68,500.

On top of the HVIP cash vouchers is a $7,500 federal tax credit available for buyers of the Mullen Three. This brings the net effective cost of the EV to just $17,000.

Mullen Automotive CEO David Michery said the following about this news.

“California’s HVIP approval for the 2024 Mullen THREE is a significant milestone making our Class 3 electric truck even more attractive and accessible to businesses seeking to electrify their fleets.”

MULN Stock Market Movement Today

MULN stock is experiencing heavy trading on Monday alongside the HVIP voucher approval. That has more than 27 million shares of the company’s stock changing hands as of this writing. That’s a massive leap in the trading volume of Mullen Automotive’s daily average of about 896,000 shares.

MULN stock is up 27.1% as of Monday morning.

There are more stock market stories ready to go at the links below!

We have all of the hottest stock market news for Monday! Among that is what has shares of Shopify (NYSE:SHOP), Baidu (NASDAQ:BIDU) and Deciphera Pharmaceuticals (NASDAQ:DCPH) stock in the news today. You can read up on all of that at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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