OAK PARK, Mich. - Bollinger Motors, an American electric commercial vehicle manufacturer, has struck a deal to provide Momentum, a fleet management and EV charging solutions company, with 80 all-electric Class 4 commercial trucks. This agreement marks a significant step for Bollinger Motors in the electric vehicle (EV) industry, as it continues to forge partnerships and expand its market presence.
The vehicles sold to Momentum are the Bollinger B4 Chassis Cab, which can be outfitted with various configurations such as mobile EV chargers, box trucks, and flatbeds. Momentum is expected to take delivery of the trucks following the commencement of Bollinger Motors' production in the latter half of 2024.
Robert Bollinger, CEO of Bollinger Motors, expressed enthusiasm for the agreement, highlighting Momentum's leadership in mobile charging solutions and commitment to utilizing EVs within fleet management to achieve reduced emissions and cost savings. Jack Pyros, president of Momentum, reciprocated the sentiment, emphasizing the environmental benefits and operational efficiency the Bollinger B4 will bring to their fleet customers.
This deal follows a series of recent updates from Bollinger Motors, including partnerships with various dealers and service centers, a battery supply agreement with Our Next Energy, vehicle assembly operations managed by Roush Industries, warranty administration by Syncron, and mobile service provision by Amerit Fleet Solutions. Additionally, the company has qualified for federal clean-vehicle purchasing incentives under the Inflation Reduction Act, offering $40,000 in refundable tax credits per truck.
Momentum, with over 20 years of experience, offers comprehensive fleet services ranging from vehicle ordering to innovative EV charging solutions. Bollinger Motors, founded in 2015 and headquartered in Oak Park, Michigan, specializes in developing all-electric commercial chassis cab trucks and is a majority-owned subsidiary of Mullen Automotive, Inc. (NASDAQ:MULN).
The information in this article is based on a press release statement from Bollinger Motors.
In other recent news, Mullen Automotive has seen a flurry of developments. The company, through its subsidiary Bollinger Motors, has secured a sales agreement with Momentum Groups for 80 Bollinger B4 electric trucks, amounting to roughly $13.2 million. This deal is significant due to the growing demand for electric vehicles in commercial fleet operations and the eligibility of the Bollinger B4 for federal tax credits under the Inflation Reduction Act.
Mullen Automotive's Mullen THREE EV truck has also been made eligible for a $15,000 state rebate in Massachusetts, effectively reducing the price for buyers. The company has further expanded its dealership network through a partnership with Eco Auto in New England and has secured an order for 13 commercial EVs.
Mullen Automotive's expansion into the European EV market has been marked by the appointment of Alain Van Munster as Vice President of Sales for Europe, Middle East, and Africa, and the securing of its first European orders for 93 EVs. Additionally, the company has reported an $8.25 million deal with EnviroCharge for the sale of 50 Bollinger B4 all-electric commercial trucks.
Lastly, Mullen Automotive has 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 that highlight Mullen's commitment to sustainability and its strategic approach to expanding its global footprint in the EV market.
InvestingPro Insights
In the rapidly evolving electric vehicle (EV) industry, companies like Mullen Automotive Inc. (NASDAQ:MULN), the majority owner of Bollinger Motors, are under intense scrutiny from investors. As Bollinger Motors ramps up its partnership efforts and prepares for production, Mullen Automotive's financial metrics and management strategies can provide valuable insights into the company's potential trajectory.
One of the key InvestingPro Tips for Mullen Automotive is that the management has been aggressively buying back shares, signaling a strong belief in the company's future prospects. Additionally, despite a challenging environment, Mullen holds more cash than debt on its balance sheet, which provides a cushion for operational flexibility and investment in growth opportunities.
From the real-time data available on InvestingPro, Mullen Automotive's market capitalization currently stands at $45.05 million USD. The company's price-to-book ratio as of the last twelve months ending Q2 2024 is 0.46, which may suggest that the stock is undervalued relative to its assets. However, the company's gross profit margin during the same period was -501.56%, reflecting significant challenges in achieving profitability. Furthermore, the stock has experienced a substantial decline, with a 1-year price total return of -99.03% as of the same period.
For investors and industry observers looking to delve deeper into Mullen Automotive's financials and strategic positioning, there are additional InvestingPro Tips available. Subscribers can access these tips to gain a more comprehensive understanding of the company's strengths and weaknesses. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the full range of insights that InvestingPro has to offer, including an expanded list of 17 tips for Mullen Automotive.
As Bollinger Motors enters a critical phase in its business development, keeping an eye on these financial indicators and management strategies will be crucial for assessing the potential success of its commercial EV endeavors and the impact on its parent company, Mullen Automotive.
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