BREA, Calif. - Mullen Automotive Inc. (NASDAQ:MULN), an electric vehicle manufacturer, has announced that its subsidiary, Bollinger Motors, has expanded its national dealer network with the addition of Bergey’s Truck Centers as an official dealer. This partnership extends Bollinger Motors’ commercial sales and service network into Delaware, Maryland, New Jersey, and Pennsylvania, bringing the total number of locations to over 50.
Bergey’s Truck Centers, a family-owned commercial truck dealership and service center with a history dating back to 1924, will now offer the all-electric Bollinger B4 Trucks. Bollinger Motors began delivering the B4 vehicles to customers in October, following its production launch on September 16. The B4 Chassis Cab is a Class 4 commercial truck, designed with input from fleets and upfitters, featuring a unique chassis that protects its 158-kilowatt-hour battery pack, aiming to provide capability and safety in the commercial market.
Jim Connelly, chief revenue officer for Bollinger Motors, expressed excitement about the partnership, highlighting Bergey’s position as a leader in the East Coast market and their shared vision for an electrified future. Stephen Rybacki, vice president of Medium Duty Truck Sales at Bergey’s Truck Centers, also conveyed enthusiasm for the partnership, noting the Bollinger B4’s role in meeting customer needs and contributing to a sustainable future.
Bollinger Motors has achieved several milestones in recent months, including compliance with Federal Motor Vehicle Safety Standards (FMVSS), Environmental Protection Agency certification, and California Air Resources Board certification. Despite these achievements, InvestingPro analysis reveals concerning financial metrics, including a weak financial health score of 0.57 and a significant stock price decline of over 99% in the past six months. InvestingPro subscribers have access to 15 additional key insights about Mullen Automotive's financial position and market performance. The company has also established agreements with various fleet management groups and expanded its dealer network with the addition of several new service centers across the United States.
Bollinger Motors, founded in 2015 and now a majority-owned subsidiary of Mullen Automotive, is developing all-electric commercial chassis cab trucks for Classes 4-6. The company's growth plan includes strategic partnerships and regulatory achievements, positioning it within the emerging electric commercial vehicle market.
This expansion is based on a press release statement and reflects Bollinger Motors' ongoing efforts to increase its presence in the commercial electric vehicle sector. For detailed financial analysis and comprehensive insights into Mullen Automotive's growth strategy and market position, investors can access advanced metrics and expert analysis through InvestingPro.
In other recent news, Mullen Automotive Inc. has been actively expanding its footprint in the electric vehicle (EV) sector. The company's subsidiary, Bollinger Motors, has partnered with Broadway Ford (NYSE:F) Truck Center to increase its presence in the Midwest. This collaboration aims to cater to the rising demand for EVs in the commercial fleet sector. Furthermore, Mullen Automotive has settled its outstanding liabilities of over $20 million by issuing common stock to creditors.
In addition, Mullen Automotive has received an order for 10 Class 3 EV cab chassis trucks from Associated Coffee. This supports the company's sustainability efforts in their delivery services. On the other hand, Bollinger Motors received a repeat order for seven B4 all-electric trucks from TEC Equipment, marking a significant boost to Mullen's revenue.
Mullen Automotive has also announced collaborations with Emerald Transportation Solutions and the National Auto Fleet Group. The partnership with Emerald aims to develop a refrigerated upfit for the Mullen THREE, a Class 3 all-electric truck. The partnership with the National Auto Fleet Group is expected to increase the penetration of electric vehicles in the commercial sector by distributing Bollinger B4 electric commercial trucks to government agencies. These recent developments illustrate Mullen Automotive's ongoing efforts to expand its presence in the electric commercial vehicle market.
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