OAK PARK, Mich. - Electric vehicle manufacturer Bollinger Motors, Inc. announced today that it has achieved a critical regulatory milestone by obtaining the Certificate of Conformity from the Environmental Protection Agency (EPA) for its Bollinger B4 Chassis Cab, a Class 4 electric commercial truck.
This certification confirms the vehicle's compliance with EPA emissions standards, despite being an all-electric, zero-emissions vehicle. The certification is a prerequisite for any vehicle manufacturer to begin sales in the U.S. market. The company plans to launch the B4 Chassis Cab in the latter half of 2024.
Robert Bollinger, founder and CEO of Bollinger Motors, expressed pride in the accomplishment, emphasizing the vehicle's engineering and assembly in Michigan with a significant portion of American-made components. The Bollinger B4 is designed to offer safety, flexibility, and performance, with a unique chassis that protects its 800V battery system.
The company also highlighted its eligibility for federal clean-vehicle purchasing incentives under the Inflation Reduction Act, which could provide up to $40,000 in refundable tax credits per truck.
Bollinger Motors has recently completed sales agreements for its vehicles and has expanded its dealer and service network. It has also secured partnerships for battery supply, vehicle assembly operations, warranty administration, and mobile service provision.
This news follows a series of strategic moves by Bollinger Motors, including sales to Momentum Groups and EnviroCharge, and partnerships with various service centers and suppliers. The company, headquartered in Oak Park, Michigan, was founded in 2015 and became majority-owned by Mullen Automotive, Inc. (NASDAQ:MULN) in September 2022.
This announcement is based on a press release statement and the information provided therein.
In other recent news, Mullen Automotive has been making significant strides in the electric vehicle (EV) industry. The company secured a deal with Bollinger Motors to supply Momentum with 80 all-electic Class 4 commercial trucks. Momentum is expected to take delivery of these trucks in the latter half of 2024. The company's Mullen THREE EV truck has also become eligible for a $15,000 state rebate in Massachusetts, which will reduce the price for buyers.
Mullen Automotive has expanded its dealership network through a partnership with Eco Auto in New England and secured an order for 13 commercial EVs. Furthermore, the company has expanded into the European EV market with the appointment of Alain Van Munster as Vice President of Sales for Europe, Middle East, and Africa. Lastly, Mullen Automotive announced partnerships with Ziegler Truck Group and Range Truck Group to distribute its commercial EVs, enhancing its presence in the Pacific Northwest and upper Midwest regions of the United States. These are all recent developments in the company's operations.
InvestingPro Insights
As Bollinger Motors navigates the competitive landscape of the electric vehicle industry, its majority owner, Mullen Automotive, Inc. (NASDAQ:MULN), presents a mixed financial picture. With a market capitalization of $42.23 million, Mullen Automotive's financial health and stock performance are critical factors for stakeholders monitoring the EV manufacturer's progress.
An InvestingPro Tip highlights that Mullen Automotive holds more cash than debt on its balance sheet, which could provide a cushion for Bollinger Motors' operational and development needs. Additionally, the management's aggressive share buyback program may signal confidence in the company's future prospects.
However, the company's financial metrics reveal challenges, such as a negative gross profit margin of -501.56% and an operating income margin of -70853.63% for the last twelve months as of Q2 2024. These figures suggest that Mullen Automotive is facing significant cost management issues. Moreover, the stock has experienced substantial volatility, with a 1-month price total return of -38.53% and a 6-month price total return of -72.76%, reflecting the high-risk nature of the investment.
For investors seeking a deeper understanding of Mullen Automotive's financial health and stock performance, InvestingPro offers additional insights. There are 15 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/MULN. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing valuable context and analysis for informed decision-making.
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