DETROIT, Feb. 6, 2024
/PRNewswire/ -- Bollinger Motors, Inc., an electric vehicle ("EV")
manufacturer, today announced it 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, is expected to
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, Mich. to supply batteries, and with
Roush Industries in Livonia, Mich.
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 MOTORS
Founded in 2015 by Robert
Bollinger, Bollinger Motors, Inc. is a U.S.-based company
headquartered in Oak Park, Mich.
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.
FORWARD-LOOKING STATEMENT
Certain 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 Bollinger Motors and are difficult
to predict. Examples of such risks and uncertainties include: (a)
the continued availability and support for federal commercial
vehicle purchasing incentives under the Inflation Reduction Act of
2022; (b) Bollinger Motors' continued status as a qualified
manufacturer and ability to meet the requirements under IRC
30D(d)(3); (c) the price of Bollinger's B4 chassis cab and the
market price of comparable internal combustion vehicles exceeding
an incremental difference in excess of $40,000; (d) Bollinger
Motors' continued partnership with Our Next Energy as a battery
supplier; and (e) Bollinger Motors' continued partnership with
Roush Industries as a contract manufacturer.
Additional examples of such risks and uncertainties include but
are not limited to: (i) Bollinger Motors' ability (or inability) to
obtain additional financing in sufficient amounts or on acceptable
terms when needed; (ii) Bollinger Motors' ability to maintain
existing, and secure additional, contracts with manufacturers,
parts and other service providers relating to its business; (iii)
Bollinger Motors' ability to successfully expand in existing
markets and enter new markets; (iv) Bollinger Motors' 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
Bollinger Motors' business; (viii) changes in government licensing
and regulation that may adversely affect Bollinger Motors'
business; (ix) the risk that changes in consumer behavior could
adversely affect Bollinger Motors' business; (x) Bollinger Motors'
ability to protect its intellectual property; (xi) the vehicles
developed will perform as expected and (xii) 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
Automotive, Inc., of which Bollinger Motors is a partially-owned
subsidiary, with the Securities and Exchange Commission. Bollinger
Motors anticipates that subsequent events and developments may
cause its plans, intentions, and expectations to change. Bollinger
Motors 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 Bollinger Motors' plans and
expectations as of any subsequent date.
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SOURCE Bollinger Motors