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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.

Mullen electric trucks
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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Trump meme coin dinner likely to include mostly non-Americans based on top $TRUMP holders

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Trump meme coin dinner likely to include mostly non-Americans based on top $TRUMP holders

Jonathan Raa | Nurphoto | Getty Images

With President Donald Trump’s private dinner for top meme coin holders less than a week away, the leaderboard is awash with crypto wallets that are effectively anonymous.

On May 22, the top 220 $TRUMP holders are invited to a dinner with the president at his Virginia golf club outside of Washington, D.C. The event was announced last month, and the tally closed Monday night.

The nature of the pseudonymous wallets raises questions about the true identities and motivations of the token’s largest holders, who have bought a seat at the table with a U.S. president.

Documents from blockchain analytics firm Inca Digital that were reviewed by CNBC show where the top 275 $TRUMP token holders send and receive the token. Many are heavily tied to international exchanges like Binance that don’t service U.S. customers, an indication that they’re likely not U.S. citizens.

An analysis by Bloomberg revealed that 19 of the top 25 wallets are almost certainly owned by individuals operating outside the U.S.

Justin Sun, who openly shared that he bought $75 million worth of the Trump family’s World Liberty Financial token — a digital coin where 75% of proceeds go to Trump-related entities — is believed to be at the top of the $TRUMP meme token leaderboard.

Sun, who was born in China, is the crypto entrepreneur behind the Tron blockchain and is in talks with the SEC to resolve civil fraud charges.

A wallet called Sun currently holds more than $18 million worth of $TRUMP, with $4.5 million bought after the dinner contest announcement, according to Bloomberg.

Multiple reports point to the wallet being tied to the Tron founder. A representative for Sun didn’t respond to CNBC’s request for comment or confirm whether Sun is the wallet owner.

MemeCore, a Singapore-based crypto network that was vocal in its quest to secure a spot at the Trump dinner, landed in second place with an investment of $18 million. An Australian crypto entrepreneur also reportedly made the cut.

The leaderboard points to the token’s extreme volatility.

Inca Digital told CNBC that while 560,376 wallets have made a combined $5.2 billion in realized gains on the $TRUMP token, an even larger number — 592,962 wallets — have collectively lost $3.9 billion.

The figures underscore the massive wealth transfer within Trump’s crypto ecosystem, where early buyers have seen windfalls while the majority have suffered losses.

Chainalysis and Elliptic, two leading blockchain analytics firms, initially tracked $TRUMP token movements and trading fees. But days after CNBC published a story on the number of crypto wallets that had lost money on the meme coin, the firms said they were too busy with existing clients to continue blockchain analysis of the president’s self-branded meme token.

Eric Trump on taking American Bitcoin public and the family’s growing crypto empire

Sen. Richard Blumenthal, D-Conn., the ranking member of the Senate Subcommittee on Investigations, warned that the Trump family’s growing crypto holdings may serve as a backdoor for foreign and corporate interests seeking access to the president.

Freight Technologies, a Houston-based logistics firm that trades on the Nasdaq and has a market cap of just over $2.3 million, bought $2 million worth of the $TRUMP tokens to influence U.S.-Mexico trade policy, according to a release. CEO Javier Selgas described the move as a strategic push to “champion fair and free trade” across the U.S.-Mexico border.

Freight Technologies finished in 250th place, missing the cut for the dinner.

Read more about tech and crypto from CNBC Pro

Eric Trump on family's expanding crypto ambitions

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Tesla pulls all the demand levers with discounts and incentives as sales crash

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Tesla pulls all the demand levers with discounts and incentives as sales crash

Tesla is now pulling on all the demand levers in the US with new discounts and incentives as sales are crashing due to brand damage.

Over the last few days, Tesla has introduced a series of new discounts and incentives in the US.

Previously, Tesla had a program to offer a $1,000 discount for US military personnel, but the automaker has now extended it to “students, teachers, first-responders, military veterans, retirees, active-duty members, their spouses, and surviving spouses.”

The update incentive applies to Tesla’s entire lineup of new vehicles.

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Tesla also introduced a new incentive for Lyft drivers. They are eligible to $1,000 in Tesla credits when taking delivery and $1,000 from Lyft if they complete 100 deliveries by July 13.

The automaker wrote on its website:

Eligible Lyft drivers who purchase a new Tesla vehicle can receive $1,0001 in Tesla Credits upon taking delivery and a $1,000 incentive from Lyft after completing 100 trips on or before July 13, 2025. Tesla Credits can be used toward Supercharging, a new Tesla vehicle, service appointments or select Tesla Shop or upgrade purchases. Offer available to active Lyft drivers in good standing.

Tesla also started reaching out to Cybertruck reservation holders to let them know that they only have a month before they can’t take advantage of lower FSD prices.

The automaker wrote in the email:

As an early reservation holder, you have access to a reserved Full Self-Driving (Supervised) price of $7,000. To keep this price, you’ll need to take delivery by June 15, 2025. After June 15, 2025, FSD (Supervised) will be available at the latest price, which is currently $8,000.

When Tesla started taking Cybertruck reservations in 2019, Tesla said that by reserving the truck, reservation holders were locking in the then $7,000 price for its ‘Full Self-Driving’ package.

It looks like Tesla is now putting a deadline to take advantage of this deal to boost orders of the Cybertruck, which has proven to be a commercial flop.

On top of all these incentives, Tesla is also subsidizing interest rates to offer 0% financing on Model 3, and 1.99% financing on Model Y.

All those incentives in place point to Tesla having significant demand issues in the US.

Tesla’s global sales came about 50,000 units below expectations, which the company blamed on the production changeover of Model Y, its most popular model by far.

However, production is now back up to normal in Q2, and Tesla is clearly having issues selling the updated Model Y.

The automaker has no backlog of orders for the new Model Y and vehicles are already piling up in inventory:

We reported last week that Tesla employees wrote an open letter calling for Elon Musk’s removal as CEO due to the damage he has caused to the brand.

In the letter, the employees confirmed Tesla’s demand issues, saying that thousands of new Model Ys are now sitting unsold on lots in the US.

Electrek’s Take

This is not a great sign for Tesla. These are end-of-quarter level incentives when we are just about halfway through the quarter.

And that’s just in the US, where Tesla’s sale performance is more opaque.

In Europe and China, where we know for a fact that Tesla is struggling with sales, the automaker is virtually offering 0% financing on its entire lineup.

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Game changer: Harbinger launches a medium-duty EREV with 500 mile range

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Game changer: Harbinger launches a medium-duty EREV with 500 mile range

The electric box van experts at Harbinger announced a new, EREV version of their medium-duty van that pairs a big battery with a small, gas-powered ICE engine to offer fleets that are hesitant to electrify a massive 500 miles of autonomy on a single charge + tank.

The American truck brand is putting its latest $100 million raise to good use, developing a cost-competitive EREV chassis that marries a low-emissions 1.4L inline four-cylinder gas engine with a close coupled 800V generator sending power to a 140 or 175 kW battery for up to 500 miles of fully loaded range. More than enough, in other words, to meet the needs of just about any fleet you can think of.

That’s a good thing, too, because medium-duty trucks are put to work in just about any circumstance you can think of, as well – a fact that’s not lost on Harbinger.

“Medium-duty vehicles serve an incredibly diverse range of applications, just like the fleets and operators that rely on them, ” explains John Harris, Co-founder and CEO, Harbinger. “There are some fleets whose needs simply can’t be met with a purely electric vehicle—and we recognize that. Our hybrid is designed for use cases and routes that go beyond what an all-electric system typically supports. The series hybrid delivers the benefits of an electric drivetrain, along with the added confidence of a range extender when needed.”

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In addition an up-front cost that should make it an attractive prospect for fleet buyers, the new Harbinger EREV pack performance that should made it attractive for its drivers, too. The new chassis’ electric powertrain delivers 440 hp and 1,140 lb-ft of tq for quick acceleration into traffic and smooth running, even under load. Charging performance is also quick, with the ability to get the big battery from 10-80% charge in just under an hour on a 150 kW port.

You’ve heard all this before


THOR Industries and Harbinger Collaborate to Deliver the World's First Hybrid Class A Motorhome
Thor hybrid RV concept; via Thor.

If that sounds familiar, that’s because it is. This medium-duty chassis was first shown last year, making its debut under a Thor Class A motorhome concept that we covered in September. That vehicle promised the same great EREV range and capability to a market that values independence and spontaneity more than most, and bringing those values to a medium-duty commercial market that’s lapping up “messy middle” propaganda from Shell NACFE is just smart business.

The new Harbinger chassis’ batteries are manufactured by Panasonic. No word on who is making the 1.4L ICE generator, but my money’s on the GM SGE four-cylinder last seen in the gas-powered Chevy Spark. You guys are smart, though – if you have a better guess who the supplier might be, let us know in the comments.

SOURCE | IMAGES: Harbinger.


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