What's Going On With Mullen Automotive Stock Today?

Mullen Automotive, Inc. MULN disclosed today that its subsidiary Bollinger Motors has reached an agreement to sell 50 vehicles to EnviroCharge for an estimated deal value of $8.25 million for electric vehicle owners.

EnviroCharge is a provider of convenient and flexible charging solutions.

“Innovative electric trucks and charging solutions mean fleets can switch today to save money, reduce emissions and get the job done,” said Robert Bollinger, founder and CEO of Bollinger Motors. 

EnviroCharge will take possession of the vehicles after Bollinger Motors launches production in the second half of 2024.

Today’s announcement follows a series of Bollinger Motors announcements in recent months, including: the addition of Nacarato Truck Centers, Nuss Truck & Equipment and LaFontaine Auto Group as dealers and service centers, the company said.

EnviroCharge plans to integrate its mobile clean-propane-powered charging system onto the Bollinger B4 chassis cab, enhancing the truck’s capabilities as an all-electric Class 4 commercial vehicle. 

This collaboration will offer electric vehicle owners a convenient on-the-go charging solution, Mullen Automotive said.

Bollinger Motors recently qualified for federal clean-vehicle purchasing incentives under the Inflation Reduction Act, which provides $40,000 in refundable tax credits per truck.

Price Action: MULN shares are trading lower by 0.37% to $4.299 at last check Wednesday. 

Image: Courtesy of Mullen Automotive, Inc.