Mullen Subsidiary, Bollinger Motors, Adds 20 TEC Equipment Dealerships to Commercial EV Network
Rhea-AI Summary
Mullen Automotive's subsidiary, Bollinger Motors, has expanded its commercial EV network by adding 20 TEC Equipment dealerships across the Western United States. TEC Equipment, representing franchises from Volvo, Mack Trucks, and Wabash Trailers, will serve as an official Bollinger Motors dealer. The new locations span 8 states, including major cities along the I-5 corridor in California, Oregon, and Washington.
The Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 185-mile range, is set to begin production in September 2024. Bollinger has recently achieved several milestones, including EPA certification, vehicle sales to various companies, and partnerships with key suppliers and service providers.
Positive
- Expansion of commercial EV network with 20 new dealerships in Western US
- Partnership with established dealer TEC Equipment, representing major truck brands
- Bollinger B4 Chassis Cab production scheduled to begin in September 2024
- Received EPA Certificate of Conformity
- Secured multiple vehicle sales agreements (145 to Momentum Groups, 50 to EnviroCharge, 5 to Spencer Manufacturing)
- Established partnerships with key suppliers and service providers
Negative
- None.
News Market Reaction – MULN
On the day this news was published, MULN declined 12.61%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Expands Sales and Service Network with 20 locations across all key markets in the Western United States
TEC Equipment represents franchises from Volvo, Mack Trucks and Wabash Trailers with focus along the I-5 corridor, traveling through major cities in California, Oregon and Washington
BREA, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today that its subsidiary, Bollinger Motors (“Bollinger”), has named TEC Equipment, Inc. (“TEC”) as an official Bollinger Motors dealer. The addition of 20 select TEC sales and service locations expands Bollinger Motors’ commercial EV dealer network into the Western United States. TEC Equipment currently represents franchises from Volvo, Mack Trucks and Wabash Trailers with primary focus along the I-5 corridor, traveling through major cities in California, Oregon and Washington.
The new TEC dealers include the following locations:
- Arizona: Phoenix
- California: Dixon, Fontana, La Mirada, Lathrop, Oakland, San Diego, San Francisco
- Iowa: Sioux City
- Nebraska: Omaha
- Nevada: Las Vegas, Reno
- Oregon: Eugene, Medford, Portland, Redmond, Wilsonville
- South Dakota: Sioux Falls
- Washington: Lacey, Seattle
“The addition of TEC Equipment expands Bollinger Motors’ national dealer network westward and gives us a solid foundation in several important markets,” said Jim Connelly, chief revenue officer for Bollinger Motors. “TEC is an industry leader in sales and service and provides a critical link to our commitment to electrification and customer support.”
TEC Equipment is a family-owned, full-service truck and trailer dealership founded in 1976. The company is headquartered in Portland, Oregon, and has more than 30 locations across eight states. As a full-service dealership, TEC offers truck and trailer sales, parts, service, leasing, rental, insurance, financing, towing and recovery equipment, auto transportation equipment and services, and ZEV consulting.
“We are proud to join the Bollinger Motors’ network and bring this game-changing electric truck to our customers across the West Coast,” said Chris Thompson, TEC Equipment's vice president of truck sales. “We have always prided ourselves in innovation and Bollinger Motors has developed a world-class truck.”
The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger’s unique chassis design and 185-mile range provide the performance, capability and safety customers expect in the commercial market.
Bollinger Motors has reached several milestones in recent months, including: announcing production of the Bollinger B4 Chassis Cab to begin in September 2024; receiving the Certificate of Conformity from the Environmental Protection Agency; a 145 vehicle sale to Momentum Groups; a 50 vehicle sale to EnviroCharge; a five vehicle sale to Spencer Manufacturing; the addition of Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Auto Group as dealers and service centers; Our Next Energy in Novi, Michigan, to supply battery packs; Roush Industries in Livonia, Michigan, to manage vehicle assembly operations; Syncron as its warranty administration partner; and Amerit Fleet Solutions as its mobile service provider.
About Bollinger Motors
Founded in 2015 by Robert Bollinger, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. Bollinger Motors is developing all-electric commercial chassis cab trucks, Classes 4-6. In September of 2022, Bollinger Motors became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at www.BollingerMotors.com and www.MullenUSA.com.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with 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
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen or its subsidiary entities and are difficult to predict. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. These forward-looking statements are subject to a number of risks and uncertainties, delays in production and delivery of vehicles, unanticipated returns of vehicles, delayed commercial product launches and the achievement of operational milestones, and changes in domestic and foreign business, market, financial, political and legal conditions that may affect incentives and the general market for EVs. Further examples of such risks and uncertainties include: (a) Bollinger Motors’ ability to finalize a sales agreement with EnviroCharge, Spencer Manufacturing, and Momentum Groups and deliver purchased vehicles on schedule; (b) Bollinger Motors' continued partnership with Nacarato Truck Centers, TEC Equipment, and LaFontaine Automotive Group as dealers and service centers; (c) Bollinger Motors' continued partnership with Our Next Energy as a battery supplier; (d) Bollinger Motors' continued partnership with Roush Industries as a contract manufacturer; (e) Bollinger Motors' continued relationship with Syncron as its warranty administration provider; and (f) Bollinger Motors’ continued relationship with Amerit Fleet Solutions as its mobile service provider.
Additional examples of such risks and uncertainties include but are not limited to: (i) Bollinger Motors' ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Bollinger Motors' ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Bollinger Motors' ability to successfully expand in existing markets and enter new markets; (iv) Bollinger Motors' ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Bollinger Motors' business; (viii) changes in government licensing and regulation that may adversely affect Bollinger Motors' business; (ix) the risk that changes in consumer behavior could adversely affect Bollinger Motors' business; (x) Bollinger Motors' ability to protect its intellectual property; (xi) the vehicles developed will perform as expected and (xii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed by Mullen Automotive, Inc., of which Bollinger Motors is a partially owned subsidiary, with the Securities and Exchange Commission. Mullen and Bollinger anticipate that subsequent events and developments may cause its plans, intentions, and expectations to change and assume no obligation, and specifically disclaim any intention or obligation, to update any forward-looking statements, whether because of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen or Bollinger Motors' plans and expectations as of any subsequent date.
Bollinger Media Contact
Mike DeVilling,
+1 (248) 875-4207
mdevilling@westshorepr.com
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
FAQ
How many new dealerships has Bollinger Motors added to its network?
When is production of the Bollinger B4 Chassis Cab scheduled to begin?
What is the range of the Bollinger B4 Chassis Cab electric truck?
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What certification has Bollinger Motors received from the EPA for the B4 Chassis Cab?
