California Issues HVIP Approval, Granting Mullen’s Subsidiary Bollinger Motors, Class 4 EV Truck a $60,000 Cash Voucher Per Vehicle Sold

Rhea-AI Summary

Mullen Automotive announces that its subsidiary Bollinger Motors' 2025 B4 electric truck has received HVIP approval from California Air Resources Board (CARB). The Class 4 EV truck, with an MSRP of $158,758, now qualifies for a $60,000 cash voucher through the HVIP program. When combined with the $40,000 federal tax credit, the net cost could be reduced to under $59,000. The B4 features a 185-mile range, 7,394-pound payload, and a 158-kilowatt-hour battery pack. Bollinger has secured multiple vehicle agreements and established dealer partnerships, while also achieving regulatory milestones including FMVSS compliance and EPA certification.

Positive

• Secured HVIP approval enabling $60,000 cash voucher per vehicle in California
• Combined incentives reduce B4 truck cost from $158,758 to under $59,000
• Secured multiple fleet agreements totaling 265 vehicles
• Expanded dealer and service network with multiple partners
• Achieved key regulatory certifications (FMVSS, EPA, CARB)

Negative

• High initial MSRP of $158,758 may limit market penetration without incentives

Insights

Financial Analyst

This HVIP approval significantly enhances the competitive positioning of Mullen's Bollinger B4 in the commercial EV market. The combined $100,000 in incentives ($60,000 HVIP voucher + $40,000 federal tax credit) effectively reduces the B4's price from $158,758 to under $59,000, representing a 63% cost reduction. This dramatic price decrease makes the B4 highly competitive against both traditional ICE vehicles and other electric alternatives.

The company has demonstrated strong commercial traction with multiple fleet agreements totaling 265 vehicles (145 with Momentum Group, 70 with Doering Fleet, 50 with EnviroCharge). With an established dealer network, warranty infrastructure and battery supply chain in place, Bollinger appears well-positioned to capitalize on this pricing advantage in California's substantial commercial vehicle market.

Market Research Analyst

California's HVIP approval represents a strategic market opportunity in the nation's largest commercial vehicle market. The program's track record of supporting over 12,000 clean vehicle purchases demonstrates strong market demand and program reliability. The B4's specifications, including its 185-mile range and 7,394-pound payload capacity, align well with commercial fleet requirements, while the quad-bend chassis design offers a compelling safety proposition.

The comprehensive ecosystem Bollinger has built, including partnerships with Our Next Energy for batteries, Syncron for warranty administration and Amerit Fleet Solutions for service, addresses key fleet operator concerns about EV adoption. This infrastructure, combined with the aggressive pricing enabled by incentives, positions Bollinger to capture meaningful market share in the commercial EV segment.

Under HVIP, the Bollinger B4 electric truck, with a suggested MSRP of $158,758, now qualifies for a rebate of up to $60,000

 When combined with the available $40,000 federal tax credit, the net effective cost of the Bollinger B4 would be less than $59,000

BREA, Calif., Nov. 18, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the  California Air Resources Board (“CARB”) has approved Bollinger Motors (“Bollinger”) all-electric Class 4 truck, the 2025 Bollinger B4, for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”). 

The HVIP program plays a crucial role in the deployment of zero-emission technologies and accelerates commercialization by providing point-of-sale vouchers to make advanced vehicles more affordable while driving commercial technology transformation. To date, the program has funded more than 12,000 clean vehicle purchases.

Under HVIP, the 2025 Bollinger B4 EV truck, with a suggested MSRP of $158,758, now qualifies for up to a $60,000 cash voucher. When combined with the available $40,000 federal tax credit, the net effective cost of the B4 could be less than $59,000. 

“HVIP certification is another important milestone in our journey to grow our commercial truck electric vehicle market share,” said Jim Connelly, chief revenue officer of Bollinger Motors. “California has taken a leadership role in creating a market for commercial electric vehicles and will be a critical market for the B4. California and Bollinger Motors share a vision for more sustainable transportation options.”

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. The vehicle has a range of 185 miles and a payload of 7,394 pounds. Bollinger’s unique Quad-Bend chassis design protects the 158-kilowatt-hour battery pack and components to offer unparalleled capability and safety in the commercial market. The Bollinger B4 is an excellent fit for commercial fleets looking for a world-class truck, capable of performing a variety of job functions.

Bollinger Motors has passed numerous milestones in the past several months, including:

• Its production launch on Sept. 16
• Regulatory achievements including FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, and CARB certification
• A 145 vehicle agreement with Momentum Group
• A 70 vehicle agreement with Doering Fleet Management
• A 50 vehicle agreement with EnviroCharge
• The addition of Anderson Motors, TEC Equipment, Affinity Truck Center, Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group as dealers and service centers
• Working with 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.

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 California HVIP
California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) plays a crucial role in the deployment of zero-emission and near-zero-emission technologies. HVIP accelerates commercialization by providing point-of-sale vouchers to make advanced vehicles more affordable. Launched by the California Air Resources Board in 2009, the project is part of California Climate Investments. HVIP is the earliest model in the U.S. to demonstrate the function, flexibility, and effectiveness of first-come, first-served incentives that reduce the incremental cost of commercial vehicles.

To learn more, visit http://www.CaliforniaHVIP.org.

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.

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 Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include whether the partnership with NAFG will result in sales of the Bollinger B4 to government agencies; whether the Bollinger B4 will prove successful; how long state and federal electric vehicle incentive programs will continue to apply; the ability of Bollinger Motors’ B4 Class trucks to qualify for such incentive programs; and the impact of incentive programs on the resultant price of the Bollinger B4 Class trucks.

Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen and Bollinger Motors' ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen and Bollinger Motors' ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen and Bollinger Motors' ability to successfully expand in existing markets and enter new markets; (iv) Mullen and 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 Mullen and Bollinger Motors' business; (viii) changes in government licensing and regulation that may adversely affect Mullen and Bollinger Motors' business; (ix) the risk that changes in consumer behavior could adversely affect Mullen and Bollinger Motors' business; (x) Mullen and 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 Motors anticipate that subsequent events and developments may cause the Company’s plans, intentions and expectations to change. Mullen and Bollinger Motors 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 and Bollinger Motors' plans and expectations as of any subsequent date.

Bollinger Media Contact:
Mike DeVilling
(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

Attachments

• Bollinger’s B4 Class 4 Truck Qualifies for a $60,000 Incentive
• HVIP - Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project Through the State of California

FAQ

What is the HVIP voucher amount for Bollinger B4 electric truck (MULN)?

The Bollinger B4 electric truck qualifies for a $60,000 cash voucher under California's HVIP program.

What is the final cost of Bollinger B4 after HVIP and federal incentives (MULN)?

After combining the $60,000 HVIP voucher and $40,000 federal tax credit, the net cost of the Bollinger B4 could be reduced to less than $59,000 from its MSRP of $158,758.

What is the range and payload capacity of the 2025 Bollinger B4 (MULN)?

The 2025 Bollinger B4 has a range of 185 miles and a payload capacity of 7,394 pounds.