Mullen Subsidiary Bollinger Motors Receives $13.2 Million Sales Order from Momentum Groups
Mullen's subsidiary, Bollinger Motors, has secured a $13.2 million sales order from Momentum Groups to supply 80 all-electric Class 4 Bollinger B4 trucks. The B4 models qualify for a $40,000 federal tax credit per truck. Momentum Groups, known for fleet management and EV charging solutions, will integrate these trucks with various configurations and charging infrastructure. Production is set to commence in the second half of 2024.
Additionally, Bollinger Motors has expanded its dealer network and service partnerships, and secured battery and assembly agreements. This order underscores the company's commitment to electric vehicles and reducing emissions.
- $13.2 million sales order for Bollinger Motors.
- 80 Bollinger B4 trucks included in the order.
- Bollinger B4 trucks qualify for $40,000 federal tax credit.
- Partnership with Momentum Groups, a leader in fleet management and EV charging solutions.
- Production of Bollinger B4 trucks to start in the second half of 2024.
- Expansion of dealer and service center network.
- Agreements with key partners for battery supply and vehicle assembly.
- Delivery dependent on the successful commencement of production in the second half of 2024.
- No immediate revenue impact until production and delivery are completed.
Insights
The sales order of 80 Bollinger B4 trucks valued at approximately
The $40,000 federal tax credit per truck under the Inflation Reduction Act can significantly enhance the attractiveness of these vehicles for fleet purchasers. This incentive, when fully leveraged, means an additional
Short-term, this translates into improved revenue figures and could lead to a positive movement in the stock price. Long-term, the partnership with Momentum Groups could be a stepping stone to more substantial orders and collaborations, ensuring stable and sustained revenue.
The agreement indicates a growing trend towards electrification in fleet management. Momentum Groups’ commitment to incorporating electric vehicles solidifies the Bollinger B4’s market position. By offering flexibility in upfitting options, Bollinger Motors caters to diverse commercial needs, which can expand its customer base across various industries.
The timing of the delivery, post-production launch in the second half of 2024, aligns well with the increasing market expectations for sustainable and efficient commercial vehicles. This strategic move can position Bollinger Motors favorably amidst competitors, particularly as environmental regulations tighten and businesses seek to reduce their carbon footprint.
Short-term benefits include immediate visibility and market validation. Long-term, this could lead to a network effect, where successful integration by a key player like Momentum Groups could attract additional customers and partnerships.
The Bollinger B4’s ability to qualify for a significant federal tax credit highlights its technical compliance and innovation. This certification under the Inflation Reduction Act not only reflects high standards of energy efficiency but also places Bollinger Motors at a competitive advantage. Such incentives are important as they lower the entry barrier for customers and enhance market competitiveness.
The capability of the B4 to be upfitted with various configurations—mobile EV chargers, box trucks, flatbeds, service bodies, or stake trucks—demonstrates a high degree of engineering flexibility and market adaptability. These features will be particularly attractive for fleet managers seeking versatile and future-proof solutions.
This adaptability and compliance with federal incentives can streamline customer decision-making processes, driving stronger demand for Bollinger’s offerings in the short-term while bolstering its long-term market position.
Order includes 80 Bollinger B4 trucks and is valued at approximately
The Bollinger B4 qualifies for a
BREA, Calif., June 13, 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, has reached an agreement to sell 80 all-electric Class 4 commercial trucks for a sales order of
Momentum Groups can upfit the Bollinger B4 Chassis Cab with mobile EV chargers, a box truck, flatbed, service body or stake truck. Momentum Groups’ strength is in its full-service national fleet program and mobile or permanent charging infrastructure for electric vehicles (EVs).
Momentum will take possession of the vehicles after Bollinger Motors launches production in the second half of 2024.
“Momentum is a leader and innovator in mobile charging solutions and has a shared commitment to using electric vehicles as part of a fleet management solution to help companies reduce emissions and save money,” said Robert Bollinger, founder and CEO of Bollinger Motors. “We are excited that the Bollinger B4 will be the Class 4 platform that helps Momentum deliver a mobile-charging solution.”
“We are delighted to work with Bollinger Motors and its innovative B4 Chassis Cab, as the company shares our commitment to reducing greenhouse emissions and improving the world around us,” said Jack Pyros, president of Momentum. “We look forward to introducing the Bollinger B4 mobile charging vehicles to our fleet customers, ultimately helping them create operational efficiency in an environmentally friendly way.”
Today's announcement follows a series of Bollinger Motors announcements in recent months, including: 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.
Bollinger Motors recently qualified for federal clean vehicle purchasing incentives under the Inflation Reduction Act, which provides
About Momentum
The Momentum family of companies, founded over 20 years ago, is backed by industry-leading expertise. The company services client needs from vehicle ordering to financing options for purchase, lease or rent. Its comprehensive services include maintenance management, fuel and cutting-edge EV charging solutions, alongside mobile EV charging and fleet vehicle remarketing.
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
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 Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include: (a) The anticipated launch of production date, Bollinger Motors’ ability to finalize a sales agreement with Momentum Groups and deliver purchased vehicles on schedule and whether any further sales orders will materialize; (b) Bollinger Motors' continued partnership with Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group; (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; (f) Bollinger Motors’ continued relationship with Amerit Fleet Solutions as its mobile service provider and (g) the continued availability and support for federal commercial vehicle purchasing incentives under the Inflation Reduction Act of 2022.
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. Bollinger Motors anticipates that subsequent events and developments may cause its plans, intentions, and expectations to change. Bollinger Motors assumes no obligation, and it specifically disclaims 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 Bollinger Motors' plans and expectations as of any subsequent date.
SOURCE Bollinger Motors
Contact:
Mike DeVilling, WestShore Public Relations
248-875-4207
mdevilling@westshorepr.com
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
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310.299.1717 Office
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FAQ
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What is Momentum Groups known for?
