OAK PARK, MI – Electric vehicle manufacturer Bollinger Motors, Inc. has announced… Today it achieved a momentous regulatory milestone by receiving EPA certification of conformity for its Bollinger B4 Chassis Cab, a Class 4 commercial electric vehicle truck.
This certification confirms the car’s compliance with EPA emission standards, despite being a fully electric car with zero emissions. Certification is a prerequisite for any automobile manufacturer to start sales in the American market. The company plans to launch the B4 Chassis Cab in the latter half of 2024.
Robert Bollinger, founder and CEO of Bollinger Motors, expressed his pride in this achievement, stressing that the car was engineered and assembled in Michigan with a large portion of American-made components. The Bollinger B4 is designed for safety, flexibility and performance, with a unique structure that protects the 800V battery system.
The company also highlighted its eligibility for the federal Clean Vehicle Purchase Incentive under the Inflation Reduction Act, which can provide up to $40,000 in refundable tax credits per truck.
Bollinger Motors recently completed sales agreements for its vehicles and expanded its dealer and service network. It has also secured partnerships for battery supply, vehicle assembly operations, warranty management, and mobile phone service provision.
This news comes on the heels of a series of strategic moves by Bollinger Motors, including sales to Momentum Groups and EnviroCharge, and partnerships with various service centers and suppliers. The company, headquartered in Oak Park, Michigan, was founded in 2015 and is majority owned by Mullen Automotive, Inc. (NASDAQ:) in September 2022.
This announcement is based on a press release and the information contained therein.
In other recent news, Mullen Automotive has made big strides in the electric vehicle industry. The company has a deal with Bollinger Motors to supply 80 Class 4 all-electric commercial trucks to Momentum. Momentum is expected to take delivery of these trucks in the latter half of 2024. The company’s Mullen THREE EV truck is also now eligible for a $15,000 government rebate In Massachusetts, which will lower the price for buyers.
Mullen Automotive has expanded its dealer network by partnering with Eco Auto in New England and has secured an order for 13 commercial electric vehicles. Furthermore, the company expanded into the European electric vehicle market with the appointment of Alan van Munster as Vice President of Sales for EMEA. Finally, Mullen Automotive announced partnerships with Ziegler Truck Group and Range Truck Group to distribute its commercial electric vehicles, strengthening its presence in the Pacific Northwest and Upper Midwest regions of the United States. These are all recent developments in the company’s operations.
InvestingPro Insights
As Bollinger Motors navigates the competitive landscape of the electric vehicle industry, its majority owner, Mullen Automotive, Inc. (NASDAQ:MULN) presents a mixed financial picture. With a market capitalization of $42.23 million, Mullen Automotive’s financial performance and stock performance are critical factors for stakeholders monitoring the electric vehicle manufacturer’s progress.
InvestingPro’s advice highlights that Mullen Automotive holds more cash than debt on its balance sheet, which could provide a cushion for Bollinger Motors’ operational and development needs. In addition, an aggressive stock buyback program implemented by management may indicate confidence in the company’s future prospects.
However, the company’s financial metrics reveal challenges, such as a negative gross profit margin of -501.56% and operating income margin of -70,853.63% for the past twelve months as of Q2 2024. These numbers indicate that Mullen Automotive is facing significant cost management problems. Furthermore, the stock has seen significant volatility, with a 1-month TSR of -38.53% and a 6-month TSR of -72.76%, reflecting the high-risk nature of the investment.
For investors looking for a deeper understanding of Mullen Automotive’s financial health and stock performance, InvestingPro offers additional insights. There are 15 other InvestingPro tips available, which can be accessed by visiting https://www.investing.com/pro/MULN. Interested readers can use the coupon code ProNews24 For an additional 10% discount on your Pro and Pro+ subscription annually or biennially, providing valuable context and analysis to make informed decisions.
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