Breakthrough for Bollinger Motors: First Deliveries on the West Coast

The shares of Mullen Automotive are experiencing a boost after Bollinger Motors, a subsidiary of Mullen, announced its first vehicle deliveries on the West Coast of the United States. The total value of these deliveries amounts to nearly $500,000. A total of three all-electric 2025 Bollinger B4 Chassis Cabs were delivered to TEC Equipment dealerships in Lacey, Washington; Fontana, California; and Oakland, California. These vehicles belong to Class 4 commercial trucks and were developed from scratch with direct input from fleet operators and upfitters. The proceeds from these recent vehicle deliveries will be recorded in Mullen's fiscal quarter ending December 2024. Each vehicle in this series qualifies for tax credits of $40,000 under the Inflation Reduction Act, with additional state incentives potentially allowing for savings exceeding $100,000. Jim Connelly, Chief Revenue Officer at Bollinger Motors, emphasized the significance of the West Coast for the success of electric vehicles and highlighted the current deliveries to TEC Equipment as significant milestones for Bollinger Motors. To further advance the production and sale of the B4 electric trucks, company founder Robert Bollinger recently provided $10 million in financing. Earlier this month, the company expressed the ambitious goal of achieving up to $75 million in GAAP revenues from commercial and Bollinger Motors sales, which corresponds to a monthly average of $12.5 million.