Mullen Subsidiary, Bollinger Motors, Achieves Major Milestone Today with Production of First Customer-Ready B4 Electric Truck

Rhea-AI Summary

Mullen Automotive subsidiary, Bollinger Motors, has achieved a significant milestone with the production of its first customer-ready B4 electric truck on September 20, 2024, in Livonia, Michigan. The event marked Bollinger's transition to a full-fledged Original Equipment Manufacturer (OEM).

Key highlights include:

• The Bollinger B4 is an all-electric Class 4 Chassis Cab, entirely assembled in the USA in partnership with Roush Industries.
• Bollinger has secured several vehicle sales, including 145 to Momentum Group, 70 to Doering Fleet Management, and 50 to EnviroCharge.
• The company has expanded its dealer and service center network, partnered with ONE for battery packs, Syncron for warranty administration, and Amerit Fleet Solutions for mobile service.
• Bollinger has received CARB certification, FMVSS compliance, and EPA Certificate of Conformity.

The launch event was attended by employees, suppliers, and government leaders, showcasing strong support for Bollinger's contribution to sustainable transportation and Michigan's automotive industry.

Positive

• Production of first customer-ready B4 electric truck, marking transition to full-fledged OEM status
• Secured sales of 265 vehicles to various fleet management companies
• Expanded dealer and service center network
• Received key certifications: CARB, FMVSS compliance, and EPA Certificate of Conformity
• Strong government and community support for the company's contribution to sustainable transportation

Negative

• None.

Insights

Financial Analyst

Bollinger Motors' production of its first customer-ready B4 electric truck marks a significant milestone for Mullen Automotive's subsidiary. This achievement demonstrates tangible progress in Mullen's EV strategy, potentially boosting investor confidence. The pivot to commercial vehicles appears well-timed, with the B4 targeting a market segment ripe for electrification.

The company has secured notable pre-orders (145 vehicles from Momentum Group, 70 from Doering Fleet Management, 50 from EnviroCharge) and established a dealer network, indicating early market traction. Partnerships with key suppliers and service providers strengthen Bollinger's position in the competitive EV landscape.

However, with Mullen's current $12 million market cap, investors should closely monitor the company's ability to scale production and manage cash flow as it transitions from development to commercial operations. The success of the B4 could be important for Mullen's financial health and future growth prospects.

Automotive Industry Expert

Bollinger's strategic pivot from high-end consumer EVs to the Class 4 commercial truck market is a savvy move. The commercial sector is more receptive to electrification due to predictable routes, centralized charging and focus on total cost of ownership. The B4's launch positions Bollinger as an early mover in this space.

The partnership with Roush Industries for production is particularly noteworthy. Roush's 50 years of engineering and manufacturing expertise lends credibility to Bollinger's production capabilities and could help mitigate typical start-up manufacturing challenges.

Achieving key regulatory milestones like CARB certification and EPA compliance is important for market entry. The establishment of a dealer and service network, along with warranty and mobile service partnerships, addresses critical infrastructure needs for fleet customers. These elements collectively enhance Bollinger's competitive position in the commercial EV market.

Environmental Policy Analyst

The launch of Bollinger's B4 electric truck aligns with growing governmental support for EV adoption, particularly in the commercial sector. The strong backing from Michigan state officials, including the Governor and House Speaker, indicates a favorable policy environment for EV manufacturers in the region.

References to the Biden-Harris administration's incentives suggest potential federal support for EV initiatives. This political alignment could translate into tangible benefits such as tax incentives, grants, or supportive regulations that could accelerate Bollinger's growth and market penetration.

The emphasis on sustainability and carbon emission reduction in transportation aligns with broader environmental goals. As states and municipalities increasingly prioritize low-carbon fleets, Bollinger's B4 could be well-positioned to capitalize on this trend, potentially leading to increased demand from both private and public sector fleet operators.

Employees, suppliers, government leaders share historic Bollinger B4 vehicle launch

 Bollinger B4 electric truck entirely assembled in the USA and in partnership with Roush Industries 

BREA, Calif., Sept. 23, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today that its subsidiary, Bollinger Motors (“Bollinger”), reached a milestone on Sept. 20, 2024, with production of the first customer-ready B4 electric truck in Livonia, Michigan. A video from Bollinger’s production milestone and activities from Friday’s open house can be found on Bollinger’s YouTube channel.

It’s not every day a start-up vehicle manufacturer gets to celebrate its ascension to full-fledged Original Equipment Manufacturer (OEM). For Bollinger Motors, that day came on Friday, Sept. 20, as employees, suppliers and government leaders gathered to recognize the company’s first customer-ready vehicles to go to market – the all-electric Class 4 Bollinger B4 Chassis Cab. The celebration was a culmination of vision, purpose and perseverance, for both Robert Bollinger and the people who shared his dream of more sustainable transportation.

“We’ve made an impact here in Detroit and I am proud of all the work this team has done to get to this day. We are launching a world-class electric truck that will be a leader in the commercial fleet business,” said Bollinger, founder of Bollinger Motors. 

Bollinger’s original vision in 2015 was to launch high-end, all-electric pickup trucks and sport-utility vehicles, but Bollinger and his team recognized the electric SUV and pickup markets weren’t quite consumer ready. In 2022, the company pivoted to develop a Class 4 all electric truck, the Bollinger B4.

“Robert Bollinger and his team made a gutsy call two years ago to pivot to an entirely different market segment,” said Bollinger Motors’ CEO Jim Taylor. “The commercial vehicle segment is ready for electrification and Bollinger Motors has developed a world-class truck that will meet the fleet needs for companies across the country. We are excited to see these vehicles roll off the line, head to dealer lots and find a home with our customers.”

Bollinger Motors is partnered on B4 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.

Bollinger Motors has passed numerous milestones in the past several months on its march to production, including: CARB certification, FMVSS compliance, providing a full warranty coverage of the B4 chassis cab; 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; Our Next Energy in Novi, Michigan, to supply battery packs; Syncron as its warranty administration partner; and Amerit Fleet Solutions as its mobile service provider.

What government officials and community leaders are saying about Bollinger Motors:

Michigan Governor Gretchen Whitmer:
“Bollinger Motors has once again decided to bet on Michigan as they lead the future of Class-4 electric commercial trucks,” said Whitmer. “From their headquarters in Oak Park, the company designs, builds, and tests their cutting-edge tech in America, and I am proud that the Michigan Economic Development Corporation has worked with them to create even more, good paying jobs right here in our state. With incentives from the Biden-Harris administration and increasing demand for their products, Bollinger will continue to grow and because of that, Michigan will continue to lead.”

Michigan House Speaker Joe Tate:
“It is fitting that this new vehicle production has made the leap from dream to reality right here in metro Detroit. Michigan is the home of automotive innovation. Michiganders are the dreamers and doers that put the world on wheels, and it makes sense that Bollinger Motors would be focused on opportunities to join the auto industry’s electric vehicle revolution,” Tate said.

Representative Haley Stevens (D-MI):
“Thanks to companies like Bollinger Motors, the Michigan manufacturing economy continues to advance. Revolutionizing the medium-duty commercial vehicle sector is a key piece to creating a lower-carbon future and seeing the Bollinger B4 come to market is an awesome continuation of the Michigan tradition of putting the world on wheels!”

Quentin L. Messer, Jr., CEO of the Michigan Economic Development Corporation:
“As Bollinger celebrates this exciting milestone here in Michigan, it underscores the strength of our talented workforce, our focus on sustainability, and our leadership in advanced manufacturing and an electrified mobility future. By executing our ‘Make It in Michigan’ economic development strategy and investing in our People, revitalizing Places and competing for Projects, we continue to demonstrate that the future will be made right here. Many congratulations to the team at Bollinger for tapping into this success right here in Michigan. We’re grateful for Bollinger’s vote of confidence in our state and look forward to their continued growth and success in the years to come.”

Justine Johnson, Chief Mobility Officer for the State of Michigan:
"Bollinger Motors' decision to build its new line of electric commercial trucks right here in Michigan is a testament to our thriving mobility and electrification supply chain. Electric commercial fleets will play a key role in reducing carbon emissions from the transportation of goods. Bollinger is a company that shares our state’s vision for a sustainable future and we are proud that the company chose to Make It In Michigan.”

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 $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. The CARB-issued HVIP approval on the Mullen THREE, Class 3 EV truck, provides up to a $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, providing sales and service coverage in key Midwest, West Coast and Pacific Northwest and New England markets. The Company also recently 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 Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include 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

• Local Government and Community Leaders Share in the B4 Milestone
• Bollinger Team Celebrates Production Milestone

FAQ

When did Bollinger Motors produce its first customer-ready B4 electric truck?

Bollinger Motors produced its first customer-ready B4 electric truck on September 20, 2024, in Livonia, Michigan.

What type of vehicle is the Bollinger B4?

The Bollinger B4 is an all-electric Class 4 Chassis Cab truck designed for commercial fleet use.

How many B4 electric trucks has Bollinger Motors sold so far?

Bollinger Motors has secured sales for at least 265 B4 electric trucks, including 145 to Momentum Group, 70 to Doering Fleet Management, and 50 to EnviroCharge.

Who is Bollinger Motors partnering with for B4 production?

Bollinger Motors is partnering with Roush Industries for the production of the B4 electric truck at their facility in Livonia, Michigan.

What certifications has the Bollinger B4 electric truck received?

The Bollinger B4 electric truck has received CARB certification, FMVSS compliance, and the Certificate of Conformity from the Environmental Protection Agency (EPA).