DETROIT - Bollinger Motors, Inc., an American electric commercial vehicle manufacturer, announced comprehensive warranty coverage for its upcoming Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck.
The warranty includes bumper-to-bumper coverage for 3 years or 36,000 miles, powertrain for 5 years or 50,000 miles, and high voltage battery for 8 years or 100,000 miles. Additional coverage extends to air conditioning systems, frame rails, cross-members, corrosion on perforation, and tires, with varying terms.
Jim Connelly, the company’s chief revenue officer, stated that the warranty reflects the B4's capability and durability, aiming to provide customer assurance in the product's reliability. The B4 has been designed with fleet and upfitter input, featuring a unique chassis design that protects its 158-kWh dual-battery pack, enhancing capability and safety in the commercial market.
Bollinger anticipates the start of B4 deliveries in the latter half of 2024. The announcement of the warranty is a part of Bollinger's progression towards market introduction, following several recent milestones. These include regulatory approvals, sales agreements with fleet management companies, and partnerships for vehicle assembly operations, battery supply, warranty administration, and mobile service provision.
The company has also undergone a leadership transition, appointing former General Motors (NYSE:GM) executive James Taylor as CEO, while company founder Robert Bollinger remains on the Board of Directors.
Bollinger Motors, headquartered in Oak Park, Michigan, was founded in 2015 and became majority-owned by Mullen Automotive, Inc. (NASDAQ:MULN) in September 2022. Specializing in electric commercial chassis cab trucks for Classes 4-6, Bollinger is preparing for production as it continues to build its corporate infrastructure and market presence.
This news report is based on a press release statement from Bollinger Motors.
In other recent news, Mullen Automotive has secured an order from the City of Dublin, Ohio, for its Class 3 electric truck, the Mullen THREE, aligning with Dublin's commitment to sustainable solutions.
The company's vehicles, including the Mullen THREE, now qualify for federal EV tax credits and significant incentives in Massachusetts and California. Mullen has also expanded its commercial dealer network and achieved Foreign Trade Zone status for its manufacturing center in Tunica, Mississippi.
Meanwhile, Bollinger Motors, a subsidiary of Mullen Automotive, has made significant leadership changes, appointing James Taylor as the new CEO, Bryan Chambers as President and COO, and Siva Kumar as the Chief Strategy Officer and Senior Vice President of Finance. The company is preparing for the launch of the Bollinger B4 Chassis Cab, an all-electric commercial truck, in the latter half of 2024.
Mullen Automotive has launched the POWER BOOST program, allowing customers to upgrade their lithium-ion battery packs to solid-state polymer battery packs for their Class 1 EV cargo vans.
This development is expected to extend their driving range to over 200 miles. Mullen Automotive has also made its first commercial EV sale in Massachusetts, marking its entry into the New England market.
Furthermore, Bollinger Motors has received EPA certification for the B4 Chassis Cab, a Class 4 electric commercial truck. The company has also secured a deal to supply Momentum with 80 of these trucks. Lastly, Mullen Automotive has appointed Alain Van Munster as Vice President of Sales for Europe, Middle East, and Africa, marking the company's expansion into these markets.
InvestingPro Insights
As Bollinger Motors accelerates towards the production of its B4 Chassis Cab, it's noteworthy to consider the financial health and market performance of its majority owner, Mullen Automotive, Inc. (NASDAQ:MULN). According to InvestingPro data, Mullen Automotive has a market capitalization of $22.28 million USD and is trading at a low Price / Book multiple of 0.24 as of the last twelve months ending Q2 2024. This could indicate that the company's stock is potentially undervalued relative to its assets, which might be an attractive entry point for investors.
Despite challenging market conditions reflected in a significant year-to-date price total return of -90.06%, Mullen Automotive holds more cash than debt on its balance sheet, a positive sign for its liquidity and financial flexibility. Moreover, management's aggressive share buyback activity, as highlighted by InvestingPro Tips, can be interpreted as a strong vote of confidence in the company's prospects from its leadership.
Investors interested in the electric vehicle sector may find these insights particularly relevant, especially when considering the strategic position of Bollinger Motors within the industry. For a deeper dive into Mullen Automotive's performance and strategic outlook, there are additional InvestingPro Tips available at: https://www.investing.com/pro/MULN. Readers can also take advantage of a special offer by using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further valuable investment insights.
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