Mullen Automotive has bolstered its position in the electric vehicle sector by increasing its ownership stake in Bollinger Motors to 95%, up by 21%, enhancing shareholder equity by approximately $3.5 million. This move comes after the resolution of legal issues that had placed Bollinger under court-ordered receivership, now dismissed with prejudice, allowing Bollinger to operate independently under Mullen's umbrella. The focus remains on advancing the commercial electric vehicle lineup, particularly the all-electric B4 Chassis Cab, with Mullen aiming to leverage its expanded ownership to speed up development and foster growth in this competitive market.
Strategically, Mullen has been enhancing its electric vehicle production capabilities, operating two U.S.-based plants in Tunica, Mississippi, and Mishawaka, Indiana. The company commenced commercial vehicle production in Tunica in August 2023 and later secured IRS approval for federal electric vehicle tax credits in September 2023. Its commercial offerings, the Mullen ONE and Mullen THREE, have achieved CARB and EPA certification, with the Mullen THREE also receiving HVIP approval, offering up to a $45,000 cash voucher for eligible buyers.
Expanding its commercial dealer network to seven dealers, Mullen ensures sales and service coverage across crucial U.S. markets. Additionally, the FTZ status for its Tunica plant promises duty deferments and exemptions on exports, potentially boosting Mullen's competitiveness in the electric vehicle industry.
