Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today Bollinger Motors (“Bollinger”) has received IRS approval as a “qualified manufacturer” for clean vehicle credits under the Inflation Reduction Act of 2022 (the “IRA”). This designation enables the Bollinger B4 chassis cab to qualify for the IRA’s new credit for qualified commercial clean vehicles, providing eligible purchasers a tax credit of up to $40,000 per vehicle.
“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.”
Businesses and tax-exempt organizations that buy a qualified commercial clean vehicle may qualify for a clean vehicle tax credit of up to $40,000 under Section 45W of the Internal Revenue Code (“IRC”). The credit equals the lesser of:
15% of the purchaser’s basis in the vehicle (30% if the vehicle is not powered by gas or diesel
The incremental cost of the vehicle versus a comparable vehicle with a gas or diesel engine
The Bollinger B4, with a GVWR of 15,500 pounds, will qualify for the full eligible tax credit of $40,000.
Today’s award followed a series of announcements in recent months, including partnerships with Our Next Energy in Novi, Michigan, to supply batteries, and with Roush Industries in Livonia, Michigan, to assemble Bollinger B4 trucks.
The company anticipates deliveries of the Bollinger B4 chassis cab to begin in the second half of 2024.
Bollinger B4 Chassis Cab, All-Electric Class 4 Truck
The Company Anticipates Deliveries to Begin in the Second Half of 2024
About Bollinger Motors
Founded in 2015 by Robert Bollinger, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. Bollinger Motors is developing all-electric commercial chassis cabs, Classes 4-6. In September of 2022, Bollinger Motors became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at www.BollingerMotors.com at www.MullenUSA.com.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
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