OAK PARK, Mich. – Bollinger Motors, Inc. has announced the commencement of production for its Bollinger B4 Chassis Cab, a Class 4 electric commercial vehicle, on September 16, 2024. The company, in collaboration with Roush Industries, is set to begin delivering the first saleable units in October 2024.
The Bollinger B4 Chassis Cab is designed with fleet and upfitter input, featuring a unique EV chassis that encases its 158-kwh battery pack for enhanced capability and safety. Roush Industries, a seasoned contract manufacturer, will produce the vehicles at its Michigan facility, leveraging its extensive e-mobility expertise.
Company President Bryan Chambers highlighted the rapid progress from startup to production, praising the collective efforts of the Bollinger Motors team, Roush Industries, and the supply chain network. Chief Revenue Officer Jim Connelly expressed confidence in the market's momentum, citing secured sales orders from significant customers nationwide.
In recent developments, Bollinger Motors has achieved several milestones, including full warranty coverage for the B4 Chassis Cab, an Environmental Protection Agency Certificate of Conformity, and significant fleet sales to companies like Doering Fleet Management and Momentum Group. The addition of dealers and service centers, a battery supply agreement with Our Next Energy, and partnerships for warranty administration and mobile service provision further bolster the company's readiness for production.
Additionally, Bollinger Motors has qualified for federal clean vehicle tax credits under the Inflation Reduction Act, offering a $40,000 incentive per B4 chassis cab vehicle.
This news is based on a press release statement from Bollinger Motors. The company, a majority-owned subsidiary of Mullen Automotive, Inc. (NASDAQ:MULN), continues to advance in the electric commercial vehicle sector, with its products now eligible for federal EV tax credits and certified by the California Air Resource Board and the EPA.
Forward-looking statements in the press release indicate potential risks and uncertainties that could impact the company's ability to deliver on sales agreements and maintain partnerships essential for its operations. These statements are not guarantees of future performance and are subject to change.
In other recent news, Mullen Automotive has made significant strides in its operations. The company's subsidiary, Bollinger Motors, is set to start production of the Bollinger B4, a Class 4 electric commercial truck, with deliveries and revenue recognition expected to begin in October 2024. This move follows a partnership with Roush Industries, a company with extensive experience in engineering and manufacturing.
Mullen Automotive has also seen substantial growth in its commercial electric vehicle sales, including the sale of a Mullen THREE truck to Princeton University and the delivery of Mullen ONE electric cargo vans to the University of Virginia. The company has expanded its dealer network, with Eco Auto committing to purchase 180 vehicles, and has secured new financing commitments of $250 million.
In other developments, Mullen Automotive has appointed John Taylor as the President of the Commercial EV division, following his significant contributions to the successful launch of Mullen's commercial EV lines. Bollinger Motors has also qualified for federal clean vehicle tax credits under the Inflation Reduction Act, amounting to $40,000 per B4 chassis cab. These recent developments highlight Mullen Automotive's continued progress in the electric vehicle market.
InvestingPro Insights
As Bollinger Motors, a subsidiary of Mullen Automotive, Inc. (NASDAQ:MULN), gears up for the production of its B4 Chassis Cab, the financial health of its parent company is of interest to investors monitoring the electric commercial vehicle sector. Mullen Automotive's current market capitalization stands at approximately $11.12 million, which reflects the company's valuation in the eyes of investors. Despite the forward momentum in product development and federal incentives, Mullen's financial metrics indicate areas of concern. The company's price-to-book ratio, as of the last twelve months leading up to Q3 2024, is 0.28, suggesting the stock is trading at a low multiple of its book value—a potential sign of undervaluation.
However, the company's revenue growth presents a stark contrast, with a significant decrease of 49.17% over the last twelve months as of Q3 2024. This decline is further accentuated by a quarterly revenue drop of 78.82% in Q3 2024. Such figures highlight the challenges Mullen faces in generating sales and could be a red flag for investors considering the company's growth prospects.
One of the InvestingPro Tips for Mullen Automotive suggests the stock is currently in oversold territory according to the Relative Strength Index (RSI), which may interest traders looking for potential entry points. Additionally, the stock is noted for trading with high price volatility, a factor that can offer opportunities but also poses significant risk. For a comprehensive analysis, investors can find a total of 19 InvestingPro Tips, which provide deeper insights into Mullen Automotive's financial and operational status on the InvestingPro platform: https://www.investing.com/pro/MULN.
It's important for stakeholders to weigh these financial metrics and InvestingPro Tips against the operational milestones achieved by Bollinger Motors, as they evaluate the potential risks and rewards associated with Mullen Automotive's market performance and future outlook.
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