Mullen Announces Bollinger Motors Receives IRS Approval for $40,000 Commercial EV Tax Credit
February 06 2024 - 9:20AM
via IBN -- 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.
About Bollinger MotorsFounded 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 and all-electric
SUV consumer vehicles. In September of 2022, Bollinger Motors
became a majority owned company of Mullen Automotive, Inc. (NASDAQ:
MULN). Learn more at www.BollingerMotors.com and
www.MullenUSA.com.
About MullenMullen 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.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking StatementsCertain statements in
this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Exchange Act of 1934, as amended. Any statements
contained in this press release that are not statements of
historical fact may be deemed forward-looking statements. Words
such as "continue," "will," "may," "could," "should," "expect,"
"expected," "plans," "intend," "anticipate," "believe," "estimate,"
"predict," "potential" and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Mullen and are difficult to
predict. Examples of such risks and uncertainties include but are
not limited the timing of deliveries of the Bollinger B4 chassis
cab, the tax credit amounts received and total costs to purchasers
of Bollinger B4 chassis cabs and whether the partnerships with Our
Next Energy and Roush Industries will prove successful. Additional
examples of such risks and uncertainties include but are not
limited to: (i) Mullen’s ability (or inability) to obtain
additional financing in sufficient amounts or on acceptable terms
when needed; (ii) Mullen's ability to maintain existing, and secure
additional, contracts with manufacturers, parts and other service
providers relating to its business; (iii) Mullen’s ability to
successfully expand in existing markets and enter new markets; (iv)
Mullen’s ability to successfully manage and integrate any
acquisitions of businesses, solutions or technologies; (v)
unanticipated operating costs, transaction costs and actual or
contingent liabilities; (vi) the ability to attract and retain
qualified employees and key personnel; (vii) adverse effects of
increased competition on Mullen’s business; (viii) changes in
government licensing and regulation that may adversely affect
Mullen’s business; (ix) the risk that changes in consumer behavior
could adversely affect Mullen’s business; (x) Mullen’s ability to
protect its intellectual property; and (xi) local, industry and
general business and economic conditions. Additional factors that
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements can be found
in the most recent annual report on Form 10-K, quarterly reports on
Form 10-Q and current reports on Form 8-K filed by Mullen with the
Securities and Exchange Commission. Mullen anticipates that
subsequent events and developments may cause its plans, intentions
and expectations to change. Mullen assumes no obligation, and it
specifically disclaims any intention or obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by law.
Forward-looking statements speak only as of the date they are made
and should not be relied upon as representing Mullen’s plans and
expectations as of any subsequent date.
Contact:Mullen Automotive, Inc.+1 (714)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
- Bollinger B4 Chassis Cab, All-Electric Class 4 Truck
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