Mullen Subsidiary, Bollinger Motors, Adds 20 TEC Equipment Dealerships to Commercial EV Network

Rhea-AI Summary

Mullen Automotive's subsidiary, Bollinger Motors, has expanded its commercial EV network by adding 20 TEC Equipment dealerships across the Western United States. TEC Equipment, representing franchises from Volvo, Mack Trucks, and Wabash Trailers, will serve as an official Bollinger Motors dealer. The new locations span 8 states, including major cities along the I-5 corridor in California, Oregon, and Washington.

The Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 185-mile range, is set to begin production in September 2024. Bollinger has recently achieved several milestones, including EPA certification, vehicle sales to various companies, and partnerships with key suppliers and service providers.

Positive

• Expansion of commercial EV network with 20 new dealerships in Western US
• Partnership with established dealer TEC Equipment, representing major truck brands
• Bollinger B4 Chassis Cab production scheduled to begin in September 2024
• Received EPA Certificate of Conformity
• Secured multiple vehicle sales agreements (145 to Momentum Groups, 50 to EnviroCharge, 5 to Spencer Manufacturing)
• Established partnerships with key suppliers and service providers

Negative

• None.

Financial Analyst

The addition of 20 TEC Equipment dealerships to Bollinger Motors' network is a strategic expansion that could significantly boost Mullen Automotive's market presence. This move extends Bollinger's reach across key Western U.S. markets, potentially increasing sales and service capabilities. However, the financial impact remains uncertain without specific revenue projections or deal terms. While this expansion is positive for distribution, it's important to note that Bollinger's B4 Chassis Cab production is slated for September 2024, indicating a lag before potential revenue realization. Investors should monitor how this expansion translates into actual sales and market share gains in the competitive EV commercial vehicle sector.

Market Research Analyst

This dealership expansion signifies Bollinger Motors' commitment to establishing a robust sales and service network, important for success in the commercial EV market. The strategic focus on the I-5 corridor targets major urban centers, aligning with potential high-demand areas for commercial EVs. TEC Equipment's existing relationships with established brands like Volvo and Mack Trucks could provide valuable cross-selling opportunities and credibility in the commercial vehicle sector. However, the EV market is highly competitive and Bollinger's success will depend on how well its B4 Chassis Cab performs against both traditional and electric competitors. The 185-mile range of the B4 will be a key factor in its market acceptance and competitiveness.

Tech Expert

Bollinger Motors' B4 Chassis Cab, designed from the ground up for electric operation, represents a significant technological step in the commercial EV sector. The 185-mile range is competitive for urban and regional operations, though it may limit long-haul applications. The emphasis on extensive fleet and upfitter input in the design process suggests a focus on practical, industry-specific features. The partnership with Our Next Energy for battery packs and Roush Industries for assembly indicates a commitment to quality components and manufacturing. However, the true technological edge of the B4 will only be evident once it enters real-world operations, allowing for performance comparisons with established electric and conventional commercial vehicles.

Expands Sales and Service Network with 20 locations across all key markets in the Western United States

TEC Equipment represents franchises from Volvo, Mack Trucks and Wabash Trailers with focus along the I-5 corridor, traveling through major cities in California, Oregon and Washington

BREA, Calif., Aug. 29, 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”), has named TEC Equipment, Inc. (“TEC”) as an official Bollinger Motors dealer. The addition of 20 select TEC sales and service locations expands Bollinger Motors’ commercial EV dealer network into the Western United States. TEC Equipment currently represents franchises from Volvo, Mack Trucks and Wabash Trailers with primary focus along the I-5 corridor, traveling through major cities in California, Oregon and Washington.

The new TEC dealers include the following locations:

• Arizona: Phoenix
• California: Dixon, Fontana, La Mirada, Lathrop, Oakland, San Diego, San Francisco
• Iowa: Sioux City
• Nebraska: Omaha
• Nevada: Las Vegas, Reno
• Oregon: Eugene, Medford, Portland, Redmond, Wilsonville
• South Dakota: Sioux Falls
• Washington: Lacey, Seattle

“The addition of TEC Equipment expands Bollinger Motors’ national dealer network westward and gives us a solid foundation in several important markets,” said Jim Connelly, chief revenue officer for Bollinger Motors. “TEC is an industry leader in sales and service and provides a critical link to our commitment to electrification and customer support.”

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.

“We are proud to join the Bollinger Motors’ network and bring this game-changing electric truck to our customers across the West Coast,” said Chris Thompson, TEC Equipment's vice president of truck sales. “We have always prided ourselves in innovation and Bollinger Motors has developed a world-class truck.”

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 and 185-mile range provide the performance, capability and safety customers expect in the commercial market.

Bollinger Motors has reached several milestones in recent months, including: announcing production of the Bollinger B4 Chassis Cab to begin in September 2024; receiving the Certificate of Conformity from the Environmental Protection Agency; a 145 vehicle sale to Momentum Groups; a 50 vehicle sale to EnviroCharge; a five vehicle sale to Spencer Manufacturing; the addition of Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Auto Group as dealers and service centers; Our Next Energy in Novi, Michigan, to supply battery packs; Roush Industries in Livonia, Michigan, to manage vehicle assembly operations; 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 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.

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 or its subsidiary entities and are difficult to predict. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. These forward-looking statements are subject to a number of risks and uncertainties, delays in production and delivery of vehicles, unanticipated returns of vehicles, delayed commercial product launches and the achievement of operational milestones, and changes in domestic and foreign business, market, financial, political and legal conditions that may affect incentives and the general market for EVs. Further examples of such risks and uncertainties include: (a) Bollinger Motors’ ability to finalize a sales agreement with EnviroCharge, Spencer Manufacturing, and Momentum Groups and deliver purchased vehicles on schedule; (b) Bollinger Motors' continued partnership with Nacarato Truck Centers, TEC Equipment, and LaFontaine Automotive Group as dealers and service centers; (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; and (f) Bollinger Motors’ continued relationship with Amerit Fleet Solutions as its mobile service provider.

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. Mullen and Bollinger anticipate that subsequent events and developments may cause its plans, intentions, and expectations to change and 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 or Bollinger Motors' plans and expectations as of any subsequent date.

Bollinger Media Contact
Mike DeVilling,
+1 (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

FAQ

How many new dealerships has Bollinger Motors added to its network?

Bollinger Motors has added 20 TEC Equipment dealerships to its commercial EV network across the Western United States.

When is production of the Bollinger B4 Chassis Cab scheduled to begin?

Production of the Bollinger B4 Chassis Cab is scheduled to begin in September 2024.

What is the range of the Bollinger B4 Chassis Cab electric truck?

The Bollinger B4 Chassis Cab electric truck has a range of 185 miles.

Which companies has Bollinger Motors secured vehicle sales agreements with?

Bollinger Motors has secured vehicle sales agreements with Momentum Groups (145 vehicles), EnviroCharge (50 vehicles), and Spencer Manufacturing (5 vehicles).

What certification has Bollinger Motors received from the EPA for the B4 Chassis Cab?

Bollinger Motors has received the Certificate of Conformity from the Environmental Protection Agency (EPA) for the B4 Chassis Cab.