The company anticipates deliveries of the Bollinger B4 chassis cab to begin in the second half of 2024
BREA, Calif. , Feb. 6, 2024 (GLOBE NEWSWIRE) – IBN – Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric car (“EV”) manufacturer, today announced that Bollinger Motors (“Bollinger”) has obtained IRS approval as a “qualified manufacturer” for blank vehicle credits under the Inflation Reduction Act of 2022 (the “IRA”). This designation allows the Bollinger B4 Chassis Cab to qualify for the new IRA Qualified Clean Commercial Vehicle Credit, which offers eligible buyers tax credits of up to $40,000 per vehicle.
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“Bollinger Motors is poised for growth and we’re ready to help electrify America’s fleets,” said Robert Bollinger, founder and CEO of Bollinger Motors. “These tax credits are an important incentive for our customers to replace their gas and diesel trucks and lower their total cost of ownership.”
Tax-exempt businesses and organizations that purchase a qualified blank advertising vehicle would possibly be eligible to receive blank vehicle tax credits of up to $40,000 under Section 45W of the Internal Revenue Code (“IRC”). Credits are equivalent to the lesser of:
The Bollinger B4, with a GVWR of $15,500, will be eligible for the full $40,000 eligible tax.
Today’s award follows a series of announcements in recent months, adding partnerships with Our Next Energy in Novi, Michigan, to batteries, and with Roush Industries in Livonia, Michigan, to bring together Bollinger B4 trucks.
The company expects deliveries of the Bollinger B4 chassis-cab to begin in the second half of 2024.
About Bollinger Motors Founded in 2015 through Robert Bollinger, Bollinger Motors, Inc. is an American company headquartered in Oak Park, Michigan. Bollinger Motors develops advertising chassis with all-electric Class 4-6 all-electric cabs and SUVs. In September 2022, Bollinger Motors, a company majority-owned by Mullen Automotive, Inc. (NASDAQ: MULN). Learn more about www. BollingerMotors. com and www. MullenUSA. com.
About MullenMullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric automobiles (“EVs”) to be manufactured at its two U. S. -based assembly plants. Mullen’s electric vehicle development portfolio includes the Mullen FIVE EV. crossover, the Mullen-GO advertising urban delivery electric vehicle, Mullen Commercial Class 1-3 electric cars and Bollinger Motors, including the B1 and B2 electric SUVs and Class 4-6 advertising offerings. On September 7, 2022, Bollinger Motors, an electric truck corporation majority owned through Mullen Automotive, and on December 1, 2022, Mullen completed the acquisition of the assets of Electric Last Mile Solutions (“ELMS”), adding all intellectual properties and a 650,000 square foot land. facility in Mishawaka, Indiana.
To receive more information about the company, www. MullenUSA. com.
Forward-Looking Statements Certain statements in this press release that are not past facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of past fact may be deemed to be forward-looking statements. Words like “continue”, “will”, “possibly”, “may also simply”, “deserve”, “expect”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate “,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve life-threatening threats and uncertainties that may also cause actual effects to differ materially from those expressed or implied by the forward-looking statements, many of which are sometimes beyond Mullen’s control and difficult to predict. Examples of such threats and uncertainties include, but are not limited to, the timing of Bollinger B4 Chassis Cab deliveries, the amounts of tax credits earned and overall pricing for Bollinger B4 Chassis Cabs customers, and whether partnerships with Our Next Energy and Roush Industries will be successful. Additional examples of such threats and uncertainties include, but are not limited to: (i) Mullen’s ability (or lack of ability) to release additional financing in sufficient amounts or on appropriate terms when necessary; (ii) Mullen’s ability to maintain existing contracts and discharge additional contracts with manufacturers, parts and other service providers similar to its business; (iii) Mullen’s ability to effectively expand in existing markets and enter new markets; (iv) Mullen’s ability to effectively manage and integrate any business acquisitions, responses or technologies; (v) unanticipated operating prices, transaction prices and actual or contingent liabilities; (vi) the ability to attract and retain qualified workers and key personnel; (vii) the negative effects of an increased festival on Mullen’s business; (viii) adjustments in government licensing and regulations that may also have an adverse effect on Mullen’s business; (ix) the threat that adjustments in customer habits will likely have an adverse effect on Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industrial and general business and economic conditions. Additional points that may also cause actual effects to differ materially from those expressed or implied by the forward-looking statements can be discovered in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the existing reports in form 8-. K filed through Mullen with the Securities and Exchange Commission. Mullen anticipates that upcoming events and developments may cause its plans, objectives and expectations to change. Mullen undertakes no obligation, and in particular disclaims any objective or obligation, to update any forward-looking statements, whether as a result of new developments, long-term developments or otherwise, unless expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:Mullen Automotive, Inc. 1 (714) 613-1900www. MullenUSA. com
Corporate Communications:InvestorBrandNetwork (IBN) Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office [email protected]
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