Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, has been approved for Foreign Trade Zone (“FTZ”) status with the U.S. Department of Commerce for Mississippi-based commercial vehicle manufacturing and assembly center. According to the announcement, a Foreign Trade Zone is an 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. The approval means that Mullen qualifies for a variety of benefits, including deferment of payments on duties related to import fees; the company can now match import duty payment to when vehicles are shipped from the zone, reducing pressure on cash flow. In addition, Mullen is 100% exempt from duties and taxes owed on vehicles exported. Other FTZ benefits include enhanced global competitiveness, increased logistics flexibility, relief from inverted tariffs, duty exemption on re-exports, weekly entry savings, duty deferral and improved global supply chain performance. “Foreign Trade Zone approval for our Tunica facility is a significant milestone for us, further strengthening our manufacturing position while delivering a competitive advantage and cash-flow saving opportunities,” said Mullen Automotive CEO and chair David Michery in the press release. “This approval also helps the overall economic development of the local Tunica, Mississippi, community.”
To view the full press release, visit https://ibn.fm/n03Md
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.
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