BREA, Calif. - Mullen Automotive Inc. (NASDAQ: NASDAQ:MULN), through its subsidiary Bollinger Motors, announced the expansion of its dealership network for its commercial electric truck line. The Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck, is set to roll out in the second half of 2024, with two dealership groups now enlisted to cover seven states across the United States.
Nacarato Truck Centers, with 10 locations in Florida, Georgia, Kentucky, Maryland, Tennessee, and Virginia, along with Nuss Truck & Equipment in Minneapolis, Minnesota, have been named as the next partners to distribute the Bollinger B4 Chassis Cab. These dealerships will play a crucial role in Bollinger's strategy to electrify commercial fleets nationwide.
The B4 Chassis Cab is designed with input from fleet operators and upfitters, featuring a unique chassis that safeguards its 158-kilowatt-hour battery pack and components, aiming to offer unmatched capability and safety in the commercial market. The company has strategically built its dealer network to align with Bollinger's commitment to quality and customer service, according to Robert Bollinger, founder and CEO of Bollinger Motors.
This announcement follows a series of recent updates from Bollinger Motors, including partnerships for battery supply and vehicle assembly operations, as well as the qualification for federal clean vehicle tax credits under the Inflation Reduction Act. The tax credits amount to $40,000 per B4 chassis cab vehicle.
Bollinger Motors, a majority-owned company of Mullen Automotive since September 2022, is developing all-electric commercial chassis cab trucks, ranging from Class 4 to 6. The company's growth strategy includes the ongoing development of its national dealer network, which began with the naming of Michigan's LaFontaine Automotive Group as the first commercial dealer earlier in the month.
The information in this article is based on a press release statement from Mullen Automotive Inc.
InvestingPro Insights
As Mullen Automotive Inc. (NASDAQ: MULN) forges ahead with its expansion plans for the Bollinger B4 Chassis Cab, the company's financial health and market performance remain key factors for investors. With a current market capitalization of $45.08 million, Mullen Automotive is navigating the commercial electric vehicle space with a strategy that includes a recent dealership network expansion. An InvestingPro Tip highlights that the company is trading at a low Price / Book multiple of 0.21, which could suggest that its assets are potentially undervalued in the market as of the last twelve months ending Q1 2024.
Despite the challenges in the industry, another InvestingPro Tip indicates that Mullen holds more cash than debt on its balance sheet, providing a cushion for operational flexibility and development. However, it's notable that the company is quickly burning through cash, which could be a concern for sustainability in the longer term.
Investors considering Mullen Automotive may also observe the company's stock performance, which has seen a significant decline over the past year with a -99.86% one-year price total return. This volatility is reflected in the stock's high price volatility, another aspect for potential investors to consider. With these insights in mind, readers interested in a deeper analysis can find additional InvestingPro Tips for Mullen Automotive, offering a comprehensive view of the company's financial metrics and market performance. For those looking to access these valuable insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. Currently, there are 17 additional tips available for MULN, which can provide further guidance for investment decisions.
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