Mullen Automotive (NASDAQ:MULN) acquired a 60% controlling interest in Bollinger Motors last September for $148.2 million in cash and stock. This morning, the commercial electric vehicle (EV) company made an exciting announcement, marking its first press release since November 2022.
Bollinger has disclosed that it has initiated the process of its “design validation” pilot builds for its B4 chassis cab. The vehicles, built for testing and demonstration, have begun the manufacturing process in collaboration with Roush Industries at its facility in Livonia, Michigan.
“Bollinger Motors has over 8 years of experience in developing, producing, and testing all-electric trucks,” said CEO Robert Bollinger. “I’m excited to see our hard work come together in the B4 and to keep hitting our milestones.”
The first five completed B4s are expected to arrive by this summer, while another 15+ B4s are expected to arrive by Sept. 30.
MULN Stock: Bollinger Begins B4 Pilot Build
In September, Bollinger will hold demonstrations on the pilot build at a demonstration and testing facility at University of Michigan’s North Campus. To prepare, the company has contacted multiple upfitting parters to accomodate the needs of its potential fleet customers. During Q1, Bollinger told InvestorPlace that his company had “three or four” nationwide fleets who were interested in the design verification prototypes of the B4.
However, only “invited key prospects and partners” will be allowed to attend the event. Chief Revenue Officer Jim Connelly also hinted that “Our nationwide service network will be announced soon.”
The B4 carries a gross vehicle weight rating (GVWR) of 15,000 lbs. and a range of 185 miles. Charge-up time to 80% totals 4.9 hours of Level 2 charging and 1.2 hours for Level 3. What’s more, the EV is eligible for a federal purchase incentive of 30% for the cost of the vehicle, or up to a maximum of $40,000, under the Inflation Reduction Act of 2022. Deliveries of the B4 are set to begin in July of 2024, consistent with the guidance Bollinger provided to InvestorPlace during Q1.
As mentioned earlier, Roush will assist with manufacturing the pilot B4. Roush is conveniently located about 20 miles away from Bollinger’s headquarters in Michigan, while Bollinger’s battery supplier, One Next Energy, is located about 20 miles away as well, simplifying the logistics of production.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
