Mullen Subsidiary, Bollinger Motors, Announces Follow-on Order from TEC Equipment for Seven All-Electric Bollinger B4 Trucks

Rhea-AI Summary

Mullen Automotive's subsidiary, Bollinger Motors, has received a follow-on order for seven all-electric 2025 B4 trucks from TEC Equipment, with full payment received via electronic transfer. This follows TEC's initial order of three B4s from October 30, 2024. The B4 trucks will be delivered to TEC dealer locations across California, Oregon, and Washington.

The Bollinger B4 is a Class 4 commercial truck featuring a 158-kilowatt-hour battery pack, 185-mile range, and 7,394-pound payload capacity. The vehicle qualifies for federal clean vehicle tax credits of $40,000 under the Inflation Reduction Act, with potential total savings exceeding $100,000 including state incentives.

Positive

• Immediate revenue recognition for seven B4 trucks in current fiscal quarter
• Second order from same customer (TEC) showing product validation
• Qualifies for significant tax credits and incentives up to $100,000 per vehicle
• Multiple recent achievements including regulatory compliance and dealer network expansion

Negative

• None.

Insights

Financial Analyst

The follow-on order for 7 Bollinger B4 trucks demonstrates growing market traction, with immediate revenue recognition in Q4 2024. While specific pricing isn't disclosed, each B4 qualifies for up to $40,000 in federal tax credits and potentially over $100,000 in total incentives. Considering TEC's previous order of 3 units in October, this represents a 133% increase in order volume from the same customer.

This order adds to Bollinger's recent commercial momentum, including agreements for:

• 145 vehicles with Momentum Group
• 70 vehicles with Doering Fleet Management
• 50 vehicles with EnviroCharge

The expanding dealer network and established partnerships for batteries, warranty administration and service infrastructure indicate strengthening operational capabilities. However, given MULN's current market cap of $22.7M, investors should note that significant scaling will be needed to achieve meaningful financial impact.

On Dec. 2. 2024, Bollinger Motors received, via electronic transfer, payment in full for all seven Bollinger B4 trucks with immediate revenue recognition

BREA, Calif., Dec. 03, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announced today that its subsidiary, Bollinger Motors (“Bollinger”), has received a follow-on order for seven all-electric 2025 Bollinger B4 trucks from TEC Equipment (“TEC”). Electronic payment has been received on all seven vehicles, and the revenue is being recognized in the current fiscal quarter ending in December 2024.

This is TEC’s second B4 truck order and follows its initial order from Oct. 30, 2024, of three B4s. TEC’s latest order of B4s are being delivered to TEC dealer locations in Fontana, Oakland and San Diego, California, Portland, Oregon, and Des Moines, Washington.

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.

“The growth in our partnership with TEC Equipment through this transaction reaffirms our mutual commitment to bringing innovative vehicle solutions that help our customers improve both their bottom line, and the communities that they operate in,” said Jim Connelly, chief revenue officer of Bollinger Motors. “We look forward to working with the team at TEC to see the Bollinger B4 electrifying fleets up and down the West Coast.”

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 protects the 158-kilowatt-hour battery pack and components to offer unparalleled capability and safety in the commercial market.

Bollinger Motors qualifies for federal clean vehicle tax credits under the Inflation Reduction Act of $40,000 per vehicle and qualifies for a number of state incentives that can create total savings for eligible businesses in excess of $100,000.

The all-electric B4, Class 4 truck 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 achieved 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, and Nuss Truck & Equipment 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 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. 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.

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 timing of delivery of the newly ordered B4 trucks; how many vehicles TEC will sell; whether TEC will order further vehicles; 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 

Attachment

• Additional Bollinger B4s heading to TEC Equipment locations in California, Oregon and Washington

FAQ

How many Bollinger B4 trucks did TEC Equipment order from Mullen (MULN) in December 2024?

TEC Equipment ordered seven all-electric 2025 Bollinger B4 trucks in December 2024.

What is the range and payload capacity of the Bollinger B4 electric truck?

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

How much federal tax credit is available for the Bollinger B4 under the Inflation Reduction Act?

The Bollinger B4 qualifies for federal clean vehicle tax credits of $40,000 per vehicle under the Inflation Reduction Act.

Where will TEC Equipment's new Bollinger B4 trucks be delivered?

The B4 trucks will be delivered to TEC dealer locations in Fontana, Oakland, San Diego (California), Portland (Oregon), and Des Moines (Washington).