Bollinger Motors receives payment via electronic transfer with immediate revenue recognition in current fiscal quarter ending December 2024
BREA, Calif., October 30, 2024– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announced today that its subsidiary, Bollinger Motors (“Bollinger”) has made its first customer delivery on the West Coast, sending three 2025 Bollinger B4 chassis cab electric trucks to TEC Equipment (“TEC”) in Lacey, Washington, Fontana, California, and Oakland, California. Electronic payment has been received on the vehicles delivered, which have a retail value of approximately $500,000. Bollinger’s revenue is being recognized in Mullen’s current fiscal quarter ending December 2024.
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 protects the 158-kilowatt-hour battery pack and components to offer unparalleled capability and safety in the commercial market.
“The West Coast represents a critical region of the country for electric vehicle success, and today’s deliveries to TEC Equipment are significant steps forward for Bollinger Motors,” said Jim Connelly, chief revenue officer for Bollinger Motors. “TEC Equipment is a well-respected dealer and an important partner for our West Coast success. We look forward to working with them to build Bollinger Motors presence in several markets.”
The 2025 Bollinger B4 chassis cab is qualified for federal clean vehicle tax credits of $40,000 per vehicle under the Inflation Reduction Act. Additional state incentives can push total savings to more than $100,000.
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.
"This is an exciting moment for TEC Equipment as we help bring the newest OEM in the trucking industry to market,” said Chris Thompson, TEC Equipment's vice president of truck sales. "Bollinger Motors is making an all-electric truck that is well suited to help companies meet their commercial fleet needs, and we are looking forward to bringing it to current and new customers up and down the West Coast.”
Bollinger Motors has achieved numerous milestones in the past several months, including its production launch on Sept. 16; regulatory achievements including CARB certification, FMVSS compliance, and receiving the Certificate of Conformity from the Environmental Protection Agency; a 145 vehicle sale to Momentum Group; a 70 vehicle sale to Doering Fleet Management; a 50 vehicle sale to EnviroCharge; the addition of TEC Equipment, Affinity Truck Center, Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group as dealers and service centers; securing Our Next Energy in Novi, Michigan, to supply battery packs; providing a full warranty coverage of the B4 chassis cab; and announcing Syncron as its warranty administration partner and Amerit Fleet Solutions as its mobile service provider.
TEC Equipment is a family-owned, full-service truck and trailer dealership group with more than 30 locations across eight states
The first saleable units of the Bollinger B4, Class 4 all-electric truck rolled off the assembly line in September.
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 produces Class 4 all-electric commercial chassis cab trucks. In September of 2022, Bollinger Motors became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN).
Learn more at www.BollingerMotors.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 $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The Company has also announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.
To learn more about the Company, visit www.MullenUSA.com.
Mullen 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 (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.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
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