Mullen Subsidiary, Bollinger Motors, Delivers B4 Trucks to West Coast Dealer, TEC Equipment

Rhea-AI Summary

Mullen Automotive's subsidiary, Bollinger Motors, has delivered three 2025 B4 chassis cab electric trucks to TEC Equipment locations in Washington and California, with a retail value of approximately $500,000. The revenue is being recognized in Mullen's current fiscal quarter ending December 2024. The B4 chassis cab features a 158-kilowatt-hour battery pack and qualifies for federal clean vehicle tax credits of $40,000 per vehicle, with potential total savings exceeding $100,000 including state incentives. TEC Equipment, a family-owned dealership with over 30 locations across eight states, will help distribute Bollinger's electric trucks along the West Coast.

Positive

• Immediate revenue recognition of $500,000 in current fiscal quarter
• Product qualifies for significant tax incentives up to $100,000 per vehicle
• Successful delivery to major West Coast dealer with 30+ locations
• Multiple recent sales contracts totaling 265 vehicles (145 to Momentum, 70 to Doering, 50 to EnviroCharge)

Negative

• None.

Insights

Financial Analyst

The delivery of three B4 chassis cab electric trucks marks a significant milestone for Mullen's subsidiary Bollinger Motors, generating immediate revenue of approximately $500,000 in the current fiscal quarter. The transaction demonstrates operational execution and market penetration in the strategic West Coast region. The B4's qualification for federal tax credits of $40,000 per vehicle, plus potential state incentives totaling over $100,000, significantly enhances its market competitiveness.

Recent achievements including regulatory certifications, substantial fleet orders totaling 265 vehicles and expansion of dealer networks indicate growing commercial traction. However, with Mullen's market cap at just $13.7M, the revenue impact while positive remains modest relative to the company's overall financial needs and scale requirements for sustainable growth in the competitive EV market.

Bollinger Motors receives payment via electronic transfer with immediate revenue recognition in current fiscal quarter ending December 2024

BREA, Calif., Oct. 30, 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 made its first customer delivery on the West Coast, sending three 2025 Bollinger B4 chassis cab electric trucks to TEC Equipment (“TEC”) in Lacey, Washington, Fontana, California, and Oakland, California. Electronic payment has been received on the vehicles delivered, which have a retail value of approximately $500,000. Bollinger’s revenue is being recognized in Mullen’s current fiscal quarter ending December 2024.

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.

“The West Coast represents a critical region of the country for electric vehicle success, and today’s deliveries to TEC Equipment are significant steps forward for Bollinger Motors,” said Jim Connelly, chief revenue officer for Bollinger Motors. “TEC Equipment is a well-respected dealer and an important partner for our West Coast success. We look forward to working with them to build Bollinger Motors presence in several markets.”

The 2025 Bollinger B4 chassis cab is qualified for federal clean vehicle tax credits of $40,000 per vehicle under the Inflation Reduction Act. Additional state incentives can push total savings to more than $100,000.

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.

"This is an exciting moment for TEC Equipment as we help bring the newest OEM in the trucking industry to market,” said Chris Thompson, TEC Equipment's vice president of truck sales. "Bollinger Motors is making an all-electric truck that is well suited to help companies meet their commercial fleet needs, and we are looking forward to bringing it to current and new customers up and down the West Coast.”

Bollinger Motors has achieved numerous milestones in the past several months, including its production launch on Sept. 16; regulatory achievements including CARB certification, FMVSS compliance, and 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; securing 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 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 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

• TEC Equipment is a family-owned, full-service truck and trailer dealership group with more than 30 locations across eight states

FAQ

How many B4 trucks did Bollinger Motors deliver to TEC Equipment?

Bollinger Motors delivered three 2025 B4 chassis cab electric trucks to TEC Equipment locations in Lacey, Washington, Fontana, California, and Oakland, California.

What is the retail value of the Bollinger B4 trucks delivered to TEC Equipment?

The retail value of the three delivered Bollinger B4 trucks is approximately $500,000.

What tax incentives are available for the Bollinger B4 chassis cab?

The 2025 Bollinger B4 chassis cab qualifies for federal clean vehicle tax credits of $40,000 per vehicle, with potential total savings exceeding $100,000 including state incentives.

What is the battery capacity of the Bollinger B4 chassis cab?

The Bollinger B4 chassis cab features a 158-kilowatt-hour battery pack.