Electric vehicle stock Mullen Automotive (NASDAQ:MULN) managed to bring in a killer win today as it got a whole new status with the federal government. Despite this victory—and it’s clearly a victory for anyone who buys a Mullen Automotive vehicle, not to mention those who sell them—Mullen was still down over 4% in Tuesday afternoon’s trading.
Mullen’s latest advance was landing a new certification with the IRS that lets it offer tax credits for those who buy its vehicles. Specifically, the vehicles in question—the Mullen ONE and the Mullen THREE—may qualify for commercial electric vehicle federal tax credits. That means up to $7,500 off the purchase, which will undoubtedly make them more attractive to their target market. While Mullen vehicles already represented a certain level of cost savings thanks to reduced maintenance costs and reduced fuel costs in at least some cases, the extra tax incentive should only help.
Mullen then introduced something else that would be good for companies with fleets: a fleet telematics solution. Known as “Commercial Pulse,” the new telematics system allows companies to better track their vehicles. It also includes valuable systems like vehicle diagnostics measures and fleet optimization tools.
Is Mullen Automotive Stock a Buy Right Now?
Yet, even as investors sell off, insider trading figures suggest insiders are there to pick up some of the cash retail investors have left on the table. Currently, insiders bought $100,000 worth of Mullen Automotive stock in the last three months. That was enough to shift the Insider Confidence Signal to “Positive.”
