BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: NASDAQ:MULN), through its subsidiary Bollinger Motors, has announced a significant sales agreement with Doering Fleet Management for an order of 70 Bollinger B4 electric trucks. The deal, valued at around $11.5 million, marks the entry of the Bollinger B4 as the first all-electric Class 4 commercial truck in Doering's fleet offerings, with initial deliveries expected in late 2024.
Jim Connelly, the chief revenue officer of Bollinger Motors, expressed the company's enthusiasm for the partnership, highlighting Doering's status as a leading name in fleet management. Adam Berger, president of Doering Fleet Management, also shared his company's commitment to customer service and the Bollinger B4's anticipated role in meeting their clients' needs for medium-duty electric trucks.
The Bollinger B4 Chassis Cab represents a new direction in all-electric commercial truck design, with a focus on capability, flexibility, and serviceability, made possible by a unique chassis that safeguards the 800-volt battery system. This agreement follows a series of recent milestones for Bollinger Motors, including sales to other organizations, the expansion of its dealer and service center network, and partnerships for battery supply and vehicle assembly operations.
Mullen Automotive has been proactive in the electric vehicle space, with production underway at its facilities and recent approvals for federal EV tax credits, which could benefit customers of the Bollinger B4.
Doering Fleet Management, with a history of over three decades, operates nationwide, offering specialized services in electric vehicle leasing and fleet management for government and municipal clients, among others.
This press release statement contains forward-looking statements regarding the timing and value of the vehicle order and the availability of government incentives, which are subject to risks and uncertainties that could cause actual results to differ materially. These statements have not been independently verified and should be considered in the context of Mullen Automotive's regulatory filings and market conditions.
The information is based on a press release statement from Mullen Automotive, Inc. and provides a snapshot of the evolving partnership between Bollinger Motors and Doering Fleet Management in the electric commercial vehicle market.
In other recent news, Mullen Automotive has announced a series of significant developments. The company has launched POWER BOOST, a battery exchange program aimed at extending the driving range of Class 1 EV cargo vans.
The solid-state polymer battery packs, set to be integrated into the Mullen ONE, are expected to more than double the vehicle's current range. Production of the Mullen ONE equipped with this new battery technology is slated for the second half of 2025.
Mullen Automotive has made its first commercial EV sale in Massachusetts, marking the beginning of its commercial EV presence in the New England market. Additionally, Bollinger Motors, a subsidiary of Mullen Automotive, has received EPA certification for its B4 Chassis Cab, and secured a deal to supply Momentum with 80 of these trucks.
The Mullen THREE EV truck has become eligible for a $15,000 state rebate in Massachusetts, reducing the price for buyers. The company has also expanded its dealer network through partnerships with Eco Auto in New England, Ziegler Truck Group, and Range Truck Group, and has secured orders for commercial EVs.
Furthermore, Mullen Automotive has appointed Alain Van Munster as Vice President of Sales for Europe, the Middle East, and Africa, marking its expansion into the European EV market. These are all recent developments in the company's operations.
InvestingPro Insights
Mullen Automotive, Inc. (NASDAQ: MULN) has recently made headlines with its sales agreement for Bollinger B4 electric trucks. As the company positions itself in the electric vehicle market, several financial metrics and management activities from InvestingPro provide additional context for investors considering MULN's stock.
According to InvestingPro, Mullen Automotive's management has been actively buying back shares, signaling their confidence in the company's future. Moreover, MULN holds more cash than debt on its balance sheet, which could provide the company with a cushion to navigate the capital-intensive nature of the automotive industry. These InvestingPro Tips are particularly relevant as they reflect on the company's financial health and management's belief in the company's growth prospects.
InvestingPro data further reveals that MULN has a market capitalization of approximately $33.35 million USD, with a very low Price / Book multiple of 0.35 as of the last twelve months ending in Q2 2024. This could indicate that the company's stock is potentially undervalued relative to its book value.
Moreover, the stock's recent performance shows a 1-week price total return of -9.17%, highlighting the volatility that investors may need to consider. The company's revenue for the same period stood at $0.4 million USD, juxtaposed against a significant operating loss, which points to the challenges Mullen Automotive faces in scaling its operations profitably.
For investors interested in a deeper analysis, there are additional InvestingPro Tips available that cover various aspects of Mullen Automotive's business and stock performance. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro for more insights into MULN and other investment opportunities.
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