Mullen Automotive, a Southern California-based electric vehicle (EV) manufacturer, has announced a significant financial boost to accelerate the production and sales of its subsidiary Bollinger Motors' all-electric Class 4 B4 truck. Robert Bollinger, the founder of Bollinger Motors, has provided $10 million in non-dilutive debt financing to support this initiative. This funding is pivotal as Mullen Automotive seeks to enhance its EV production capabilities, with the B4 trucks currently being assembled by Roush Industries in Michigan, utilizing over 70% U.S.-sourced components.
The financial injection is expected to significantly impact Mullen's production capabilities and market presence. The company operates two U.S.-based vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana, with the Tunica facility beginning commercial vehicle production in August 2023. Mullen's advancements in the EV sector include IRS approval for federal EV tax credits on its commercial vehicles and CARB and EPA certifications for its Mullen ONE and Mullen THREE models, facilitating their sale across the United States.
Moreover, the CARB-issued HVIP approval for the Mullen THREE offers up to a $45,000 cash voucher at purchase, anticipated to drive sales in the commercial sector. Mullen's expansion of its commercial dealer network, including the addition of Papé Kenworth, enhances its sales and service coverage across key U.S. markets. The Foreign Trade Zone status of its Tunica manufacturing center further bolsters Mullen's competitive edge by deferring and eliminating duties on exported vehicles.
This $10 million investment not only reflects confidence in the B4 truck's potential but also reinforces Mullen Automotive's dedication to advancing sustainable transportation solutions in the U.S., aligning with the increasing demand for commercial EVs.
