Mullen Subsidiary, Bollinger Motors, Partners with Broadway Ford Truck Center to Provide Sales and Service

Rhea-AI Summary

Mullen Automotive subsidiary Bollinger Motors has partnered with Broadway Ford Truck Center in St. Louis, Missouri, expanding its Midwest dealer network. The partnership aims to meet growing EV demand among fleet managers, offering the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 158-kilowatt-hour battery pack.

Recent milestones include production launch in September, achieving FMVSS compliance, EPA and CARB certifications, and securing multiple fleet agreements: 145 vehicles with Momentum Group, 70 with Doering Fleet Management, and 50 with EnviroCharge. Bollinger has also expanded its dealer network, partnered with Our Next Energy for battery supplies, and established warranty services through Syncron and Amerit Fleet Solutions.

Positive

• Secured multiple fleet agreements totaling 265 vehicles
• Achieved key regulatory certifications (FMVSS, EPA, CARB)
• Successfully launched production in September
• Expanding dealer and service network coverage
• Established warranty and service infrastructure

Negative

• None.

Insights

Market Research Analyst

The partnership with Broadway Ford Truck Center represents incremental progress in Bollinger's commercial EV distribution strategy, but falls short of being a major catalyst for MULN stock. While expanding the dealer network is necessary for growth, this single dealer addition in St. Louis has immediate revenue impact. The article does highlight some positive momentum with recent achievements like regulatory certifications and fleet agreements totaling 265 vehicles, but these need to be viewed in context of MULN's challenged financial position and sub-$21M market cap. The dealer expansion, while operationally sound, is unlikely to significantly move the needle on the company's current market valuation or address fundamental concerns about cash burn and production scalability.

Tech Expert

The technical specifications of Bollinger's B4 Chassis Cab, featuring a 158-kilowatt-hour battery pack, position it competitively in the commercial EV space. The unique chassis design with protected battery components addresses key durability concerns for fleet operators. The regulatory achievements, including FMVSS compliance and EPA/CARB certifications, validate the technical viability of the platform. The partnership with ONE for battery supply and Amerit Fleet Solutions for mobile service creates a comprehensive technical ecosystem. However, while technically sound, the execution risk remains high given MULN's financial constraints and the capital-intensive nature of EV manufacturing.

Broadway Ford Truck Center is a great addition to Bollinger’s growing dealer network

Broadway to play a key role in strengthening Bollinger’s Midwest presence

BREA, Calif., Dec. 09, 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 St. Louis, Missouri-based Broadway Ford Truck Center (“Broadway”) as an official Bollinger Motors dealer, strengthening its Midwest presence.

“Our partnership with Broadway Ford Truck Center in St. Louis marks a significant step forward in meeting the growing demand for electric vehicles among fleet managers,” said Jim Connelly, chief revenue officer at Bollinger Motors. “This partnership expands our footprint in a key market and ensures that commercial fleet operators have access to innovative EV solutions. Together, we’re helping businesses transition to sustainable transportation while addressing their operational needs with efficiency and reliability.”

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 company began delivering Bollinger B4 vehicles to customers in October. 

“We are excited to partner with Bollinger Motors to bring their innovative electric trucks to the St. Louis market,” said Dennis Phillips, president and general manager at Broadway Ford Truck Center. “At Broadway Ford Truck Center, we take pride in offering our customers advanced solutions that meet the demands of today’s commercial vehicle industry while paving the way for a more sustainable tomorrow. Bollinger Motors’ commitment to quality and electrification perfectly complements our dedication to delivering exceptional products and service. This partnership represents a shared vision for growth, innovation, and driving progress in the transportation sector.”

Bollinger Motors has passed numerous milestones in the past several months, including:

• Its production launch on September 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 full warranty coverage of the B4 chassis cab.
• 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 whether Broadway will be successful in selling any Bollinger 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 Motors 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

• Broadway Ford Truck Center is a Leading Commercial Fleet Dealer in St. Louis, Missouri

FAQ

What is the battery capacity of the Bollinger B4 Chassis Cab (MULN)?

The Bollinger B4 Chassis Cab features a 158-kilowatt-hour battery pack.

How many vehicle orders has Bollinger Motors (MULN) secured in recent agreements?

Bollinger has secured orders for 265 vehicles total: 145 from Momentum Group, 70 from Doering Fleet Management, and 50 from EnviroCharge.

When did Bollinger Motors (MULN) begin production of the B4 vehicle?

Bollinger Motors launched production on September 16, 2023.

Which new dealer partnership did Bollinger Motors (MULN) announce in December 2023?

Bollinger Motors announced a partnership with Broadway Ford Truck Center in St. Louis, Missouri.