Mullen Subsidiary, Bollinger Motors, Delivers First B4 Trucks and Receives Payment in Full

Rhea-AI Summary

Mullen Automotive's subsidiary, Bollinger Motors, has delivered its first 2025 Bollinger B4 Chassis Cab electric trucks to Nacarato Truck Centers. The delivery of five B4s generated $800,000 in revenue, recognized for the three months ended Sept. 30, 2024. Nacarato will sell four vehicles to commercial fleet customers and use one for internal parts deliveries.

The B4 Chassis Cab is an all-electric Class 4 commercial truck with a 158-kilowatt-hour battery pack. It has a Manufacturers Suggested Retail Price of $158,758 and qualifies for a $40,000 federal tax credit under the Inflation Reduction Act. Bollinger has achieved several milestones, including production launch, CARB certification, FMVSS compliance, and EPA certification.

Positive

• First customer delivery of Bollinger B4 electric trucks, generating $800,000 in revenue
• Revenue recognized for Q3 2024 with payment received on Sept. 30, 2024
• B4 Chassis Cab qualifies for $40,000 federal tax credit under the Inflation Reduction Act
• Expansion of dealership network with addition of new dealers and service centers
• Secured multiple vehicle sales contracts with various fleet management companies

Negative

• None.

Insights

Financial Analyst

The delivery of Bollinger B4 electric trucks marks a significant milestone for Mullen Automotive. With a $800,000 MSRP value for the first five vehicles delivered, this represents tangible revenue generation for the company. The recognition of this revenue in the quarter ending Sept. 30, 2024, along with the received payment, demonstrates real market traction for Mullen's EV offerings.

The $158,758 MSRP for each B4 Chassis Cab, coupled with a potential $40,000 federal tax credit, positions the vehicle competitively in the commercial EV market. This pricing strategy could drive demand, especially among fleet operators looking to reduce operational costs and meet sustainability goals.

Recent developments, including production launch, regulatory certifications and multiple vehicle sales to fleet management companies, indicate growing market acceptance. The expansion of Bollinger's dealer network and partnerships for battery supply and service support are positive signs for scaling operations and enhancing customer support infrastructure.

Automotive Industry Expert

Bollinger's entry into the commercial EV market with the B4 Chassis Cab is strategically significant. The Class 4 truck segment is a important area for electrification, offering potential for high-volume sales to fleet operators. The B4's design, emphasizing safety and capability, addresses key concerns of commercial users.

The 158 kWh battery pack suggests a focus on range and power, critical factors for commercial adoption. Bollinger's approach of designing the vehicle "from the ground up" with fleet and upfitter input demonstrates a customer-centric strategy that could yield competitive advantages.

The diverse range of partnerships - from dealers like Nacarato to battery suppliers like Our Next Energy - indicates a comprehensive ecosystem approach. This could accelerate market penetration and provide Mullen with multiple revenue streams beyond vehicle sales, including potential service and parts income.

First deliveries of Bollinger B4 electric trucks to Nacarato Truck Centers with a value of $800,000

 First revenue recognized for three months ended Sept. 30, 2024, with wire transfer payment received on Sept. 30, 2024

BREA, Calif., Oct. 03, 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 made the first customer delivery of its 2025 Bollinger B4 Chassis Cab. Bollinger delivered five Bollinger B4s to Nacarato Truck Centers’ LaVergne, Tennessee, facility – generating revenue for the original equipment manufacturer (OEM) with a MSRP value of $800,000. Revenue from the Nacarato delivery is recognized for the three months ended Sept. 30, 2024, with wire transfer payment received on the vehicles delivered.

Nacarato Truck Centers will sell four vehicles to commercial fleet customers and use one vehicle for its own internal parts deliveries between its 13 locations throughout the East, Southeast and Midwest.

“Our nationwide dealership network is one of our core strengths and with partners like Nacarato Truck Centers, our customers’ sales and service needs are in good hands,” said Jim Connelly, chief revenue officer for Bollinger Motors. “We are excited to see the B4 going to work on the streets of the Nashville area, and across the country.”

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.

“Nacarato Truck Centers is thrilled to be the first dealership in the nation to receive Bollinger B4 all-electric trucks,” said Sawyer Sparks, Bollinger Sales and Brand Manager for Nacarato Trucks. “This is a monumental moment not just for our company, but for the advancement of Tennessee clean fuels, as well.”

The 2025 Bollinger B4 Chassis Cab will have a Manufacturers Suggested Retail Price of $158,758. In addition, Bollinger Motors qualified for federal clean vehicle tax credits under the Inflation Reduction Act of $40,000 per vehicle for the B4 chassis cab.

Bollinger Motors has passed numerous milestones in the past several months including its production launch on Sept. 16, CARB certification, FMVSS compliance, 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; providing a full warranty coverage of the B4 chassis cab; 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 Nacarato Truck Centers

Nacarato Truck Centers is a group of authorized Volvo Truck, Tico Terminal Tractor, and used semi-truck dealerships and Service Centers serving the Tennessee, Virginia, Southern Kentucky, Maryland, Illinois, Florida and Georgia areas with 47 years in the trucking industry. Starting from a single dealership in Nashville, we have expanded to a 13-dealership group with the same moral principles that the dealership was founded on.  Three generations of the Nacarato family have kept this dream alive and continue to steer this company to where we are today.

For more information, visit www.nacaratotruckcenters.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

Attachments

• Bollinger B4 Truck Delivery to Nacarato Truck Centers in LaVergne, Tennessee
• Nacarato Operates 13 Locations Throughout the East, Southeast and Midwest

FAQ

How many Bollinger B4 trucks were delivered to Nacarato Truck Centers?

Bollinger Motors delivered five B4 Chassis Cab trucks to Nacarato Truck Centers' LaVergne, Tennessee facility.

What is the revenue value of the first Bollinger B4 delivery for MULN?

The first delivery of Bollinger B4 trucks generated revenue with a MSRP value of $800,000 for Mullen Automotive (MULN).

What is the MSRP of the 2025 Bollinger B4 Chassis Cab?

The 2025 Bollinger B4 Chassis Cab has a Manufacturers Suggested Retail Price of $158,758.

How much federal tax credit does the Bollinger B4 qualify for under the Inflation Reduction Act?

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