Turo and Bollinger Incentives, Dealerships, Financial Assistance, and Charging Stations Detailed in Mullen News
In a significant move, Bollinger founder Robert Bollinger has provided $10 million in non-dilutive financing to support the production of the B4, the company's Class 4 all-electric commercial truck. This funding comes at a crucial time, as Bollinger continues to make strides in the electric vehicle (EV) market.
Mullen Automotive, Bollinger's parent company, announced on October 16, 2024, that it has regained Nasdaq compliance with minimum bid price requirements, ensuring continued trading on the Nasdaq Capital Market. This milestone marks a positive step forward for the company, signaling stability and growth.
Savings on Electric Vehicles Vary by State
The Bollinger B4 and Mullen ONE, Mullen Automotive's Class 1 EV cargo van, offer attractive incentives for potential buyers. The Bollinger B4, designed for durability, safety, and adaptability in urban settings, is manufactured at Roush Industries in Michigan, with over 70% U.S.-sourced content.
The current incentives for purchasing these vehicles vary by state and combine federal and state programs. For the Mullen ONE, the manufacturer's MSRP is reduced to approximately $27,000 after a $7,500 price adjustment by Bollinger Innovations. This vehicle is also eligible for an additional $7,500 federal tax credit under the Inflation Reduction Act, effectively providing $15,000 total savings if delivery occurs before September 30, 2025.
In New York, the Bollinger B4 qualifies for up to $100,000 in state incentives under the New York Truck Voucher Incentive Program (NYTVIP). When combined with the federal Class 4 EV tax credit, which can provide up to $40,000, the total potential incentive can exceed $125,000 to $184,000 in New York. Other states, like Illinois, offer smaller commercial EV rebates, such as the $7,500 ComEd Business & Public Sector EV Rebate, adding to federal tax benefits but being much lower than New York’s program.
Collaborations and Partnerships
Bollinger works with Our Next Energy for battery pack supply, and has recently delivered three B4 trucks to TEC Equipment locations in California and Washington, marking its first West Coast delivery. TEC Equipment, a prominent dealer with over 30 locations, views this as an opportunity to meet the growing demand for electric trucks among commercial fleet customers along the West Coast.
Bollinger has also selected Syncron and Amerit Fleet Solutions for warranty and mobile service. Blink Charging is offering solutions for former Enel X and JuiceBox customers, replacing JuiceBox units for free under a revenue share program, covering the cost of equipment, warranty, and maintenance.
Expanding the EV Market
Mullen Automotive is making strides in expanding the EV market. The Mullen ONE is now available for rental on Turo, aiming to provide cost-effective, sustainable transport for businesses. Parasol Strategic Solutions, a Turo host in Florida, will pilot the Mullen ONE in Jacksonville and Baltimore.
Blink's infrastructure is designed to support future EV technology advancements, such as vehicle-to-grid integration. The company's initiatives, like the one with Turo, aim to make EVs more accessible and affordable for businesses.
Mullen's EV lineup includes the Mullen ONE and the Class 3 Mullen THREE. With partnerships, incentives, and a growing product line, Mullen Automotive and Bollinger Motors are poised to make a significant impact in the electric vehicle market.
- Bollinger's innovative electric vehicle, the B4, alongside the Mullen ONE, provides attractive financial incentives, especially in states like New York where the Truck Voucher Incentive Program can offer up to $100,000 in state incentives, resulting in substantial savings for fleet management.
- Mullen Automotive's business partnerships expand beyond the automotive sector, with collaborations with Our Next Energy, Syncron, Amerit Fleet Solutions, Blink Charging, and Turo, demonstrating a commitment to finance, technology, and lifestyle advances in the electric-vehicle market.
- To further promote electric vehicles, especially for businesses, Mullen Automotive has launched rental options on Turo, utilizingParasol Strategic Solutions to pilot the Mullen ONE in Jacksonville and Baltimore as part of their initiatives to make clean, cost-effective transportation options more accessible through technology and business collaborations.
