Mullen Subsidiary Bollinger Motors Announces Start of Production Commencing Sept. 16, 2024, on Class 4 EV Trucks
Rhea-AI Summary
Mullen Automotive's subsidiary, Bollinger Motors, announces the start of production for its B4 Chassis Cab on Sept. 16, 2024, with deliveries and revenue recognition beginning in October 2024. The Class 4 EV truck features a unique chassis design that protects its 158-kwh battery pack, offering enhanced safety compared to competitors. Bollinger is partnering with Roush Industries for production in Livonia, Michigan.
Recent milestones include EPA certification, sales agreements totaling 205 vehicles, and qualification for $40,000 federal tax credits per vehicle under the Inflation Reduction Act. Bollinger has also secured partnerships for battery supply, warranty administration, and mobile service.
Positive
- Production of B4 Chassis Cab to begin on Sept. 16, 2024, with deliveries and revenue recognition starting October 2024
- Secured sales agreements for 205 vehicles with various fleet management companies
- Qualified for $40,000 federal tax credits per vehicle under the Inflation Reduction Act
- Established partnerships for production, battery supply, warranty administration, and mobile service
- Received EPA Certificate of Conformity for the B4 Chassis Cab
Negative
- None.
News Market Reaction – MULN
On the day this news was published, MULN gained 4.54%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Deliveries and revenue recognition of the B4 EV truck begins October 2024
BREA, Calif., Aug. 21, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today its subsidiary, Bollinger Motors (“Bollinger”), is planning to begin production of saleable units of the Bollinger B4 Chassis Cab on Sept. 16, 2024. Deliveries and revenue recognition of the B4 EV truck is expected to begin in October 2024. A video, highlighting Bollinger’s start of production, can be found here.
The Bollinger B4 Chassis Cab, an all-new Class 4 commercial truck, was designed from the ground up with extensive fleet and upfitter input. Bollinger Motors’ unique, purpose-built EV chassis design encloses and protects the 158-kwh battery pack and components to offer unparalleled capability and safety in the commercial market. The Bollinger B4 clearly differentiates itself from other electric entries which utilize outboard-mounted batteries on repurposed ICE chassis that expose the batteries to potential risk.
Bollinger Motors is partnering on production with Roush Industries, which provides contract manufacturing services from its facility in Livonia, Michigan. The partnership leverages Roush’s deep production and e-mobility expertise, honed over 50 years of innovative engineering, testing, prototyping and manufacturing services – as well as its work in producing the Bollinger B4 Development Vehicles in 2023.
“This is an exciting time in Bollinger Motors’ history, as it takes a monumental team effort to go from start-up to production in the timeframe we have achieved,” said Bryan Chambers, president of Bollinger Motors. “The Bollinger Motors team, Roush Industries and our entire supply chain network has worked tirelessly to make the B4 a reality and I am very proud of everyone’s effort.”
“We are already experiencing strong momentum in the market from important customers throughout the country,” said Jim Connelly, chief revenue officer of Bollinger Motors. “We are confident that we are bringing them a truck that will reward their trust and help transform their business. We cannot wait to get the B4 on the road, electrifying America’s fleets.”
The production date announcement comes on the heels of several other important Bollinger Motors milestones including providing a full warranty coverage of the B4 Chassis Cab, receiving the Certificate of Conformity from the Environmental Protection Agency; a 70 vehicle sale to Doering Fleet Management, an 80 vehicle sale to Momentum Group; 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.
In addition, Bollinger Motors recently qualified for federal clean vehicle tax credits under the Inflation Reduction Act of
To learn more about Bollinger Motors, visit www.BollingerMotors.com.
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 and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, whether the referenced anticipated start of production, delivery and revenue recognition dates will be met, how long federal and other governmental agency rebates and incentives will apply to electric vehicles, and whether the Bollinger B4 will achieve anticipated market success. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s 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 Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) 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 with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result 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’s plans and expectations as of any subsequent date.
SOURCE Bollinger Motors
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
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Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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