Mullen Automotive Announces Progress on US Customs Application for EV Cargo Vans

Mullen Automotive, trading under the ticker MULN, recently communicated an update on its ongoing application process with US Customs and Border Protection for its Class 1 electric vehicle (EV) cargo vans. In partnership with Rapid Response Defense Systems, Mullen has completed the formal submission of their responses on November 24, 2023. As a result of this milestone, the company anticipates receiving a confirmation and ruling within the forecasted timeframe of 45 days. The focus of the application centers on the classification of their EV cargo vans under customs regulations.

Substantial Transformation of EV Cargo Vans

Mullen has asserted that their cargo vans undergo a significant transformation in the United States. The vehicles are not merely assembled but are enhanced by comprehensive homologation procedures, intricate assembly processes, and considerable labor inputs—all of which occur domestically. These transformations ensure the vehicles comply with stringent US standards, and align with Mullen's bid to acquire a favorable classification from US Customs.

Implications for MULN

The implications of this ruling are critical for Mullen Automotive. A positive ruling would affirm the substantial transformation of their EV cargo vans in the US, potentially leading to beneficial treatment under US customs regulations. This could influence the company’s cost structures, supply chain logistics, and competitiveness in the growing EV market. As MULN navigates through the intricate regulatory environment, investors and market observers are closely watching the outcome, which could have a significant impact on the company's operations and stock performance.

Mullen, Automotive, Customs