Seven months after kicking off production of its Class 3 electric trucks in Mississippi, EV startup Mullen Automotive has secured fruitful environmental compliance and approvals from CARB and the EPA. As a result, those CARB-compliant states and Washington DC enable tremendous savings to fleet operators who purchase electric trucks from Mullen.
2023 was an interesting year for Mullen Automotive ($MULN) as the veteran EV startup took significant strides in expanding its commercial EV operations after claiming a majority stake in Bollinger Motors in September of 2022 and wholly acquiring ELMS and its IP one month later.
Since then, we saw Mullen commence production of its THREE Class 3 electric trucks in Tunica, Mississippi – a site that is also home to the production of its ONE Class 1 electric vans, which recently began deliveries.
Despite noted efforts to expand commercial EV development and sales to fund its passenger vehicle program, Mullen faced several financial hurdles, including the threat of Nasdaq delisting> In May of 2022, Mullen completed a 1-for-25 reverse stock split, followed by a 1-for-9 reverse split in August, but still fell below the $1 threshold to remain compliant on the stock market.
As of January 2024, however, Mullen is back well beyond the dollar threshold as its stock was trading over $7 at market open this morning. While it sits in a better place financially, Mullen looks to bolster its electric van and truck deliveries in the US and has gained the necessary certification to enable tens of thousands of dollars in state incentives for specific commercial customers.
Source: Mullencommercial.com
Mullen electric truck joins Class 1 van in CARB certification
Per Mullen, its THREE all-electric Class 3 low cab forward chassis truck has officially received certification from the California Air Resources Board (CARB) as well as the Environmental Protection Agency (EPA).
The electric truck now joins Mullen’s Class 1 van in dual certification, as well as full compliance with the Federal Motor Vehicle Safety Standards (FMVSS), thus qualifying for state incentives for those 15 territories that are CARB compliant:
California
Connecticut
Colorado
Delaware
District of Columbia
Maine
Maryland
Massachusetts
New Jersey
New Mexico
New York
Oregon
Pennsylvania
Rhode Island
Vermont
Following CARB certification, Mullen says it can begin selling the THREE electric trucks in all 50 states plus D.C., starting at a suggested MSRP of $68,500. However, only the commercial customers in those 14 CARB-compliant states plus D.C. can take advantage of the total incentives for buying zero-emissions vehicles – rebates that can go as high as $45,000 per truck.
Mullen also points out that combined with the $7,500 federal tax credit, commercial customers can purchase a new THREE electric truck at a net cost below $20,000. Mullen chairman and CEO David Michery spoke:
CARB approval accelerates commercialization of the Mullen THREE and makes our vehicle even more appealing to customers who want to electrify their fleets. Having both our Class 1 and Class 3 commercial EVs now CARB and EPA certified will continue to drive sales in all states across America.
THREE deliveries were originally expected to begin last summer, but with ONE van deliveries now underway and THREE CARB certification in place, electric truck sales and fleet deliveries finally feel imminent.
Electrek’s take
Mullen had an up-down year in 2023, but it’s good to see it compliant after some stock issues, lawsuits, and lots of finger-pointing. The startup is making a name for itself in the commercial sector, which is encouraging.
Granted, Mullen is manufacturing and selling intellectual property it purchased from other companies, but it is currently the only company delivering Class 1 electric vans if I’m not mistaken. I’m still not convinced Mullen’s passenger EV business is anything more than vapor, but continued sales and deliveries in the commercial space could prove lucrative and help fund that R&D in the future.
Or, and I’m just spitballin’ here, Mullen may find its niche in commercial EVs and focus its entire business model around developing those products. We shall see. Either way, it’s refreshing to see this company delivering EVs, and thanks to CARB, those potential savings could prove mighty enticing to fleet operators in the US.
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Spring is here, and that means it’s pool season prep time! There’s no better way to kickstart your spring cleaning than with the Beatbot AquaSense 2 Series—the ultimate robotic cleaner designed to effortlessly prepare your pool for sunny days ahead.
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Beatbot AquaSense 2 Ultra
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Toyota is now a battery supplier? That’s the plan. Honda will use Toyota’s batteries to power up its around 400,000 hybrids sold in the US.
Toyota will supply batteries for Honda hybrids in the US
Toyota’s $14 billion battery plant in North Carolina is ready for business. The facility will begin shipping out batteries next month, and it looks like Toyota already has its first customer.
According to a new Nikkei report, starting in fiscal 2025, Toyota will supply batteries for the roughly 400,000 Honda hybrids sold in the US.
Honda currently uses batteries from China and Japan for vehicles sold in the US, but the company is (like most) preparing for changes under Trump.
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Honda’s electrified vehicles, including EVs and hybrids, accounted for over a quarter of US sales last year. The company sold over 308,500 hybrids and 40,400 electric vehicles in the US in 2024. The batteries will likely be used in the CR-V and other Honda hybrid vehicles.
Honda Prologue Elite (Source: Honda)
Earlier this month, an extra 10% tariff on imports from China took effect. And that’s on top of the 10% imposed in February.
With more expected, including a 25% increase in vehicles imported from Japan, automakers are tightening up their supply chains.
Toyota’s new bZ4X AWD model introduced in Europe (Source: Toyota)
A 25% tariff on Japanese vehicles, up from 2.5% currently, is estimated to cost the six major Japanese automakers about $20 billion in the US.
Tariffs on imports from Mexico and Canada could cost Honda roughly $4.7 billion alone. Teaming up with Toyota to use its batteries for its hybrids is part of Japan’s broader global plans to ween off dependence on China and others for batteries and other emerging tech.
(Source: Toyota)
The new US plant, Toyota Battery Manufacturing North Carolina (TBMC), is over seven million square feet, or about the size of 121 football fields.
As Toyota’s first in-house battery factory outside of Japan, the plant could be a game changer as Trump’s tariffs take effect. Securing Honda as a buyer will already help Toyota cut costs as it ramps up output.
Toyota plans to ramp up electrified vehicle (EV, PHEV, and hybrid) sales in North America from around 40% last year to 80% by 2030.
Electrek’s Take
Trump’s tariffs are already causing havoc, with nearly every automaker warning that they put the US further behind. Overseas automakers are not the only ones feeling the heat, either.
The “Big Three,” GM, Ford, and Jeep maker Stellantis all build vehicles in Canada and Mexico. GM cut output at its plant in Mexico in January, where the electric Chevy Equinox, Blazer, and Honda Prologue are made. Stellantis halted operations at its Brampton Assembly Plant in Canada last month, where it was expected to launch the Jeep Compass EV production. What’s next?
For Toyota, it looks like its $14 billion bet to build batteries in the US is already paying off. Now, we just need it to introduce more EVs.
After unveiling three new electric SUVs in Europe last week, including the updated bZ4X, Toyota hinted more is on the way for the US. Check back soon for updates.
What do you think? Do you want to see more Toyota EVs in the US, like the new C-HR+? Let us know your thoughts in the comments.
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U.S. President Donald Trump looks on as military strikes are launched against Yemen’s Iran-aligned Houthis over the group’s attacks against Red Sea shipping, at an unspecified location in this handout image released March 15, 2025.
White House | Via Reuters
Oil prices rose on Monday after President Donald Trump said the U.S. would hold Iran responsible for any future attack by the Houthis, a militant group in Yemen that has launched missile strikes on commercial shipping in the Red Sea and on Israel.
U.S. crude oil futures rose 40 cents, or 0.6%, to $67.58 per barrel. Global benchmark Brent traded higher by 44 cents, or 0.62%, at $71.02 per barrel.
“Every shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of IRAN,” Trump said in a post on social media platform Truth Social. “IRAN will be held responsible, and suffer the consequences, and those consequences will be dire!”
Trump’s threat comes after the U.S. launched a new wave of airstrikes against the Houthis over the weekend. Defense Secretary Pete Hegseth said Sunday the U.S. campaign will continue until the militant group halts its attacks.
“This campaign is about freedom of navigation and restoring deterrence,” Hegseth told Fox News’ “Sunday Morning Futures.” “The minute the Houthis say we’ll stop shooting at your ships, we’ll stop shooting at your drones, this campaign will end. But until then, it will be unrelenting.”
The Houthis began targeting commercial shipping traversing the Red Sea in late 2023 in support of Hamas, after the Palestinian militant group launched a surprise attack on southern Israel and Israel responded with a ground and air campaign in Gaza. The Houthis and Hamas are both allied with Iran.
The Houthi missile strikes have forced international shipping companies to reroute container ships that would normally pass through the Red Sea and the Suez Canal.
Trump has reimposed a “maximum pressure” campaign against Iran with the goal of driving down the Islamic Republic’s oil exports. Treasury Secretary Scott Bessent recently said the Trump administration’s goal is to collapse Iran’s economy.
The White House believes Iran is pursuing a nuclear weapon, an allegation the Islamic Republic denies. Trump’s national security advisor, Mike Waltz, said Sunday that “all options are on the table” to ensure Iran does not acquire a nuclear bomb.
“We cannot have a situation that would result in an arms race across the Middle East in terms of nuclear proliferation,” Waltz said on ABC’s “This Week.”