Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has filed for Foreign Trade Zone (“FTZ”) status with the U.S. Department of Commerce; the company is filing for the status at its commercial vehicle manufacturing and assembly center in Tunica, Mississippi. According to the announcement, the company anticipates that FTZ status would provide key benefits, including the opportunity for improving company cash flow through reduction of taxes, fees and deferment of import duties. Specifically, Mullen projects that deferred working capital on domestic sales could result in deferred capital outlays of $10 million for the remainder of fiscal year 2024. A Foreign-Trade Zone is a secure area within the United States where foreign and domestic merchandise is generally considered to be in international commerce and outside of U.S. customs territory for duty and tariff purposes. “Achieving FTZ approval status is an important strategic initiative to further strengthen Mullen’s supply-chain management and deliver significant cash-flow savings,” said Mullen Automotive CEO and chair David Michery in the press release. “As we continue to expand our distribution internationally, the FTZ would provide a competitive advantage with no duties or tariffs paid on sales outside of the U.S.”
To view the full press release, visit https://ibn.fm/UvKZk
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) at its two United-States-based vehicle plants, located in Tunica, Mississippi (120,000 square feet), and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the United States. To learn more about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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