Mullen Announces Bollinger Motors Receives Vehicle Orders for 40 B4, Class 4 EV Trucks; Valued at Approximately $6 Million
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Insights
The announcement by Mullen Automotive regarding the initiation of Bollinger B4 production and the receipt of vehicle orders is a significant development in the EV commercial truck market. The projected start of production in mid-2024 positions the company within a competitive timeline, as the EV market is rapidly expanding. The $6 million order value, while modest in the context of the automotive industry, is a positive sign for company revenues and an indication of market interest.
The collaboration with Roush Industries, a reputable name in manufacturing, could enhance the credibility and quality perception of the Bollinger B4, potentially influencing fleet operators' purchasing decisions. Furthermore, the eligibility for federal purchasing incentives under the Inflation Reduction Act of 2022 is likely to boost the B4's marketability, as it reduces the total cost of ownership for potential buyers.
The financial implications of the B4 production for Mullen Automotive are multifaceted. The initial $6 million in orders should be viewed in the context of the company's overall financial health and capital needs. Given the capital-intensive nature of vehicle production, investors should consider the company's ability to scale production, manage supply chain issues and navigate the competitive landscape.
Additionally, the stock market often reacts to news of production milestones and pre-production orders, as they are seen as indicators of future revenue streams. However, it is critical to assess the sustainability of demand beyond the initial orders and the company's long-term profitability potential, particularly in a market where consumer and regulatory pressures are driving a swift transition to electric vehicles.
The Bollinger B4's specifications, such as its payload capacity, horsepower and range, are tailored to meet the needs of commercial fleet operators. The versatility of the truck's design, including its cab forward design and clean frame rails for easy mounting and upfit adaptation, is strategically aimed at making the transition to electric vehicles as seamless as possible for fleets.
However, the relatively short range of 110-200 miles may limit the B4's suitability for certain applications, necessitating a critical evaluation of its operational efficiency in various duty cycles. The charging times, both AC Level 2 and DC Fast Charge, are also crucial factors for fleet operators to consider, as they impact vehicle uptime and productivity.
B4 production in collaboration with Roush Industries in Michigan
BREA, Calif., Jan. 19, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today Bollinger Motors (“Bollinger”) has received vehicle orders for 40 B4, Class 4 EV trucks. Total orders are valued at approximately
The Company anticipates the Bollinger B4 chassis cab to begin production in mid-2024 and is expected to be eligible nationwide for a federal purchasing incentive of
“The B4 has been very well received to date and it’s great to see our first 40 vehicle orders coming in well in advance of production start,” said Robert Bollinger, CEO of Bollinger Motors.
“I am proud of the Bollinger B4, which will be American-made in the great state of Michigan,” said David Michery, CEO and chairman of Mullen Automotive.
The Bollinger B4 chassis cab is an all-new, all-electric Class 4 commercial truck. These purpose-built electric trucks have been designed to be custom-configured by fleets to fit their exact duty cycle needs, making the transition to electric as seamless as possible with minimal downtime. Every aspect of these trucks has been streamlined to be as versatile as possible. Clean, unobstructed frame rails for easy mounting and upfit adaptation, with all drivetrain components safely packaged inside the rails. Its cab forward design provides improved visibility and frees up space behind the driver for more cargo.
BOLLINGER B4 Specs
VEHICLE CLASS - 4
GVWR - 15,500 LBS
REAR AXLE DUAL RWD - 10,500 LBS
SOLID FRONT AXLE - 6,500 LBS
PAYLOAD - 7,325 LBS
WHEELBASE - 158"
TURN CIRCLE - 44'
CAB TO AXLE - 138"
CAB TO BOX - 8"
FRAME HEIGHT - 32"
FRAME WIDTH - 40"
UPFIT BODY LENGTH - 16'-18'
HORSEPOWER - 323
TORQUE - 702 FT LBS
RANGE - 110-200 MILES
AC LVL 2 CHARGE TIME 0
DC FAST CHARGE TIME 0
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 cabs, 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 at www.MullenUSA.com.
About Mullen
Mullen Automotive is a Southern California-based automotive company building the next generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the Company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. 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 the timing of start of production, completion and delivery of the Bollinger B4 Trucks, and whether Bollinger vehicles will receive the federal purchasing incentive through the Inflation Reduction Act of 2022. 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.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
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