Bollinger Motors Announces Sale of 80 Bollinger B4 Chassis Cabs to Momentum Groups
Bollinger Motors announced the sale of 80 all-electric Class 4 trucks to Momentum Groups. The agreement involves Momentum upfitting the Bollinger B4 Chassis Cab with mobile EV chargers or other vehicle configurations for fleet management and EV charging solutions. Momentum will take possession of the trucks after production starts in late 2024. This deal aims to reduce emissions and improve operational efficiency for fleet owners. Bollinger Motors recently secured several partnerships, including with Nacarato Truck Centers and Our Next Energy, and qualified for federal clean-vehicle tax incentives.
- Sale of 80 Bollinger B4 trucks to Momentum Groups.
- Momentum will upfit trucks with mobile EV chargers, enhancing utility.
- Production starts in late 2024, indicating timeline clarity.
- Federal tax incentives: $40,000 per truck under the Inflation Reduction Act.
- New partnerships with Nacarato Truck Centers, Nuss Truck & Equipment, LaFontaine Auto Group, and others.
- Momentum's strong national fleet program and EV charging solutions increase market reach.
- Production of the trucks will only start in the second half of 2024, leading to potential delays in revenue realization.
- Dependence on several partners for battery packs, vehicle assembly, and services, which could introduce supply chain risks.
- Future revenue and market adoption are uncertain until production and delivery commence.
Insights
The agreement between Bollinger Motors and Momentum Groups for the sale of 80 Bollinger B4 Chassis Cabs is likely to have a significant impact on Bollinger's financials. This deal will generate immediate revenue upon delivery in the second half of 2024, contributing positively to Bollinger's top line. Given the context of Bollinger's recent strategic alliances and partnerships, this sale could also signal increasing market confidence in their product lineup, potentially improving investor sentiment towards Bollinger and its majority owner, Mullen Automotive. Moreover, the federal clean-vehicle purchasing incentives under the Inflation Reduction Act, which provide refundable tax credits of
The sale of Bollinger B4 Chassis Cabs to Momentum Groups highlights the growing demand for EV solutions in the commercial fleet market. This transaction underscores a shift towards sustainable practices among fleet owners and managers, driven by regulatory pressures and the economic benefits of reduced fuel costs and maintenance. Bollinger's collaboration with various service and dealership networks and the federal incentives, create a robust ecosystem for their products. This broader context indicates potential for Bollinger to capture a significant share of the Class 4-6 electric commercial vehicle market. For retail investors, understanding this market trend is crucial. The move by Momentum to integrate mobile charging solutions also suggests an emerging niche that could become more prominent as EV adoption grows.
Bollinger's B4 Chassis Cab, designed to be upfitted for various uses including mobile EV chargers, aligns well with current technological advancements in the EV sector. The integration of mobile charging solutions by Momentum Groups provides a practical solution to one of the key challenges in EV adoption—charging infrastructure. This partnership not only showcases Bollinger's flexibility in vehicle design but also places them at the forefront of innovative charging solutions. The technological synergy between Bollinger's vehicles and Momentum's charging systems is a strategic advantage. For investors, the ability of Bollinger to address infrastructure issues enhances the appeal of their commercial vehicles, potentially leading to greater market penetration and customer loyalty.
Agreement Creates Innovative Mobile Charging Solution,
Electric Vehicle Option for Fleet Owners and Managers
OAK PARK, Mich., June 13, 2024 /PRNewswire/ -- Bollinger Motors, Inc., an electric commercial vehicle ("EV") manufacturer, today announced it has reached an agreement to sell 80 all-electric Class 4 commercial trucks to Momentum, a leader in fleet management and EV charging solutions.
Momentum Groups can upfit the Bollinger B4 Chassis Cab with mobile EV chargers, a box truck, flatbed, service body or stake truck. Momentum Groups' strength is in their full-service national fleet program, and mobile or permanent charging infrastructure for Electric Vehicles (EV's).
Momentum will take possession of the vehicles after Bollinger Motors launches production in the second half of 2024.
"Momentum is a leader and innovator in mobile charging solutions and has a shared commitment to using electric vehicles as part of a fleet management solution to help companies reduce emissions and save money," said Robert Bollinger, founder and CEO of Bollinger Motors. "We are excited that the Bollinger B4 will be the Class 4 platform that helps Momentum deliver a mobile-charging solution."
"We are delighted to work with Bollinger Motors and its innovative B4 Chassis Cab, as the company shares our commitment to reducing greenhouse emissions, and improving the world around us," said Jack Pyros, president of Momentum. "We look forward to introducing the Bollinger B4 mobile charging vehicles to our fleet customers, ultimately helping them create operational efficiency in an environmentally friendly way."
Today's announcement follows a series of Bollinger Motors announcements in recent months, including: the addition of Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Auto Group as dealers and service centers; Our Next Energy in Novi, Mich. to supply battery packs; Roush Industries in Livonia, Mich. to manage vehicle assembly operations; Syncron as its warranty administration partner; and Amerit Fleet Solutions as its mobile service provider.
Also, Bollinger Motors recently qualified for federal clean-vehicle purchasing incentives under the Inflation Reduction Act, which provides
ABOUT MOMENTUM
The Momentum family of companies founded over 20 years ago is backed by industry-leading expertise. The company services client needs from vehicle ordering to financing options for purchase, lease, or rent. Its comprehensive services include maintenance management, fuel, and cutting-edge EV charging solutions, alongside mobile EV charging and fleet vehicle remarketing.
ABOUT BOLLINGER MOTORS
Founded in 2015 by Robert Bollinger, Bollinger Motors, Inc. is a
FORWARD-LOOKING STATEMENT
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 Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include: (a) Bollinger Motors' ability to finalize a sales agreement with Momentum Groups and deliver purchased vehicles on schedule; (b) Bollinger Motors' continued partnership with Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group; (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; (f) Bollinger Motors' continued relationship with Amerit Fleet Solutions as its mobile service provider and (g) the continued availability and support for federal commercial vehicle purchasing incentives under the Inflation Reduction Act of 2022.
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. Bollinger Motors anticipates that subsequent events and developments may cause its plans, intentions, and expectations to change. Bollinger Motors assumes no obligation, and it specifically disclaims 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 Bollinger Motors' plans and expectations as of any subsequent date.
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SOURCE Bollinger Motors
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