Company Overview - Mullen Automotive is a Southern California-based automotive company specializing in commercial electric vehicles (EVs) with two US-based vehicle plants located in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet) [2] - The company began commercial vehicle production in Tunica in August 2023 and received IRS approval for federal EV tax credits in September 2023, offering eligible customers up to $7,500 per vehicle [2] - Mullen's commercial EV lineup includes the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), both CARB and EPA certified and available for sale in the US as of January 2024 [2] - The company has expanded its commercial dealer network to seven dealers, providing sales and service coverage in key markets across the US [2] Product Details - The Mullen THREE, a Class 3 EV cab chassis truck, features a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets [3] - The versatile chassis of the Mullen THREE provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload [3] - Both the Mullen ONE and Mullen THREE are purpose-built to meet the demands of urban last-mile delivery and are in full compliance with US Federal Motor Vehicle Safety Standards, EPA, and CARB certifications [2] Incentives and Rebates - The Mullen THREE qualifies for a $15,000 incentive through the State of Massachusetts MOR-EV program and a $45,000 cash rebate voucher through the California HVIP program [2] - The Mullen ONE is eligible for a $3,500 MOR-EV incentive in Massachusetts [2] - When combined with the $7,500 Federal Tax Incentive, both vehicles offer substantial savings for commercial fleet customers [2] Recent Developments - Westland Floral, based in Carpinteria, CA, has placed an order for two Mullen THREE Class 3 EV trucks with vehicle upfits performed by Phenix Truck Bodies & Van Equipment [1][3] - The vehicle order was fulfilled by Pritchard and includes California HVIP incentives approval for the Class 3 EVs purchased by Westland [3] - The Mullen THREE recently received HVIP approval from CARB, providing up to $45,000 cash voucher at the time of vehicle purchase [2] Industry Impact - The adoption of the Mullen THREE by Westland Floral demonstrates the growing recognition of EVs as a cost-effective and sustainable solution for commercial fleets [3] - The utilization of California's HVIP incentives by Westland Floral highlights the role of government programs in promoting EV adoption and reducing operational costs for businesses [3]

Mullen Automotive's Battery Production Strategy - Mullen Automotive has submitted a modified plan to the DOE for US-based battery and pack production, incorporating facilities in Mishawaka, Indiana, and Fullerton, California [1] - The company is transitioning to manufacturing and assembly of high-voltage and low-voltage battery systems in the United States [1] - Mullen has invested $12 million to date in battery and pack development and manufacturing, with plans to invest an additional $43 million [2] - The company is seeking $55 million in matching DOE funds to support US manufacturing capabilities and expand production in response to global demand [2] Strategic Investments and Production Plans - Mullen has made strategic acquisitions, including assets from Romeo Power and Nikola for battery pack production, and key infrastructure investments to increase speed to market [3] - The first production units are planned for delivery in mid-2025, with two additional production lines scheduled to launch in each of the next two years [3] - The Mishawaka facility will be the base for multiple battery production lines, with a capacity of 108,000 battery systems or 1 gigawatt-hour per year [5] - The Fullerton facility will focus on research and development as well as low-volume, solid-state prototype production [4] Government Support and Industry Context - The DOE program, established on Nov 13, 2023, provides up to $3.5 billion from the Bipartisan Infrastructure Law to boost domestic production of advanced batteries and battery materials [6] - Mullen's CEO emphasized the company's focus on bringing battery and pack production to the USA [7] Company Overview and Commercial EV Production - Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles [8] - The company has two US-based vehicle plants in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet) [8] - Commercial vehicle production began in Tunica in August 2023, and the company received IRS approval for federal EV tax credits in September 2023 [8] - The Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck) are CARB and EPA certified and available for sale in the US [9] - The company has expanded its commercial dealer network to seven dealers, providing sales and service coverage in key US markets [9]

Financial Performance - The company has significantly reduced its monthly burn rate from $16 8M in August 2024 to $11 8M in September 2024 and further to $5 3M in October and November 2024 [1] - Since September 30 2024 the company has sold and delivered 57 Class 3 and 43 Class 1 EV cargo vans and trucks totaling 100 vehicles and generating $5 5 million in sales [1][2] Sales and Market Expansion - The company has sold a total of 100 all-electric vehicles including 57 Class 3 and 43 Class 1 EV cargo vans and trucks since September 30 2024 [1][2] - The company is actively engaging with government agencies universities and large fleets to expand the adoption of EV vehicles across America and internationally [1][2][3] - The company's commercial EV lineup includes the Mullen ONE Class 1 EV cargo van and the Mullen THREE Class 3 EV cab chassis truck both fully compliant with U S Federal Motor Vehicle Safety Standards EPA and CARB certifications [3] Incentives and Certifications - The Mullen THREE qualifies for a $15 000 incentive through the Massachusetts MOR-EV program and a $45 000 cash rebate voucher through the California HVIP program [4] - The Mullen ONE is eligible for a $3 500 MOR-EV incentive in Massachusetts and both vehicles qualify for a $7 500 federal tax incentive [4] - The Mullen THREE has received HVIP approval from CARB providing up to $45 000 cash voucher at the time of purchase [5] Production and Infrastructure - The company operates two U S-based vehicle plants in Tunica Mississippi (120 000 square feet) and Mishawaka Indiana (650 000 square feet) [5] - Commercial vehicle production began in Tunica in August 2023 and the company received IRS approval for federal EV tax credits in September 2023 [5] - The company has expanded its commercial dealer network to seven dealers providing sales and service coverage in key markets across the U S [5] Strategic Focus - The company is focused on expanding its efforts both domestically and internationally while managing market conditions and product placement in various use case scenarios [3] - The company is building positive traction for both Mullen and Bollinger Motors with growing sales and continued discussions with key stakeholders [3]

Company Performance and Milestones - Bollinger Motors has delivered 25 B4 trucks since production began in September 2024, with a retail sales value of approximately $4.1 million [1] - The company attributes its strong sales start to the vehicle's design, functionality, and nationwide dealer network [1] - The 2025 Bollinger B4 chassis cab is an all-electric Class 4 commercial truck with a 158-kWh battery pack, a payload exceeding 7,300 pounds, and an average driving range of 185 miles [1] - Bollinger Motors began serial production of the B4 on September 16, 2024, in partnership with Roush Industries in Livonia, Michigan [1] - The company has achieved several milestones, including FMVSS compliance, EPA and CARB certifications, and the creation of a world-class dealer and service network [1] Dealer Network and Partnerships - Bollinger Motors has established agreements with top commercial vehicle dealers, including Anderson Motors, TEC Equipment, and Bergey’s Truck Centers [1] - The company plans to continue expanding its dealer network in key markets in 2025 [1] - Bollinger Motors has partnered with Our Next Energy for battery packs and Syncron for warranty administration, with Amerit Fleet Solutions as its mobile service provider [1] About Bollinger Motors - Bollinger Motors, founded in 2015, is headquartered in Oak Park, Michigan, and specializes in all-electric commercial chassis cab trucks for Classes 4-6 [2] - The company became a majority-owned subsidiary of Mullen Automotive in September 2022 [2] About Mullen Automotive - Mullen Automotive is a Southern California-based company with two U.S. vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana [3] - The company began commercial vehicle production in Tunica in August 2023 and received IRS approval for federal EV tax credits in September 2023 [3] - Mullen's commercial vehicles, including the Mullen ONE and Mullen THREE, are CARB and EPA certified and available for sale in the U.S. [3] - The company has expanded its commercial dealer network to seven dealers, covering key markets across the U.S. [3]

Bollinger Motors and HVIP Incentives - The Bollinger B4 electric truck, with a suggested MSRP of $158,758, now qualifies for a rebate of up to $60,000 under the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) [1] - Combined with the $40,000 federal tax credit, the net effective cost of the Bollinger B4 would be less than $60,000 [1] - California-based customers can qualify for incentives up to $100,000 per vehicle when combining HVIP and Inflation Reduction Act incentives [1] Market and Strategic Milestones - HVIP certification is a significant milestone for Bollinger Motors in growing its commercial electric vehicle market share, particularly in California [2] - California is a critical market for the Bollinger B4, as the state has taken a leadership role in creating a market for commercial electric vehicles [2] - The HVIP program has funded more than 12,000 clean vehicle purchases to date [2] Bollinger B4 Specifications and Features - The Bollinger B4 Chassis Cab is an all-electric Class 4 commercial truck with a range of 185 miles and a payload of 7,394 lbs [3] - The vehicle features a unique Quad-Bend chassis design that protects the 158-kwh battery pack and components, offering unparalleled capability and safety [3] - The Bollinger B4 is designed for commercial fleets seeking a world-class truck capable of performing various job functions [3] Recent Achievements and Partnerships - Bollinger Motors launched production on September 16 and achieved regulatory milestones, including FMVSS compliance, EPA certification, and CARB certification [4] - The company secured agreements for 145 vehicles with Momentum Group, 70 vehicles with Doering Fleet Management, and 50 vehicles with EnviroCharge [4] - Bollinger Motors expanded its dealer and service network, adding Anderson Motors, TEC Equipment, Affinity Truck Center, Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group [4] - The company partnered with Our Next Energy for battery supply, Syncron for warranty administration, and Amerit Fleet Solutions for mobile service [4] Company Background - Bollinger Motors, founded in 2015, is a U S-based company headquartered in Oak Park, Michigan, specializing in all-electric commercial chassis cab trucks for Classes 4-6 [5] - In September 2022, Bollinger Motors became a majority-owned subsidiary of Mullen Automotive, Inc (NASDAQ: MULN) [5]

State Incentives and Eligibility - Bollinger Motors is now eligible for New York's NYTVIP, offering up to $100,000 in incentives for commercial electric vehicles [1] - The company has qualified for incentives in four Northeast states: Massachusetts ($30,000), New Jersey ($90,000), New York ($100,000), and Pennsylvania ($20,000) [2] - Combined with federal tax credits under the Inflation Reduction Act ($40,000 per vehicle), customers in the Northeast can receive between $70,000 and $140,000 in incentives [4] Product and Market Positioning - The 2025 Bollinger B4 Chassis Cab is an all-electric Class 4 commercial truck designed with fleet and upfitter input, featuring a 158-kilowatt-hour battery pack for enhanced capability and safety [3] - The B4 is positioned as a versatile, durable, and world-class vehicle well-suited for urban driving and commercial fleet electrification [5] Recent Milestones and Partnerships - Bollinger Motors launched production on September 16 and achieved regulatory compliance, including FMVSS, EPA certification, and CARB certification [5] - The company secured significant sales, including 145 vehicles to Momentum Group, 70 to Doering Fleet Management, and 50 to EnviroCharge [5] - Expanded dealer and service center network with Anderson Motors, TEC Equipment, Affinity Truck Center, Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group [5] - Partnered with Our Next Energy for battery supply and announced Syncron and Amerit Fleet Solutions as warranty administration and mobile service providers, respectively [5] Company Background - Bollinger Motors, founded in 2015 and headquartered in Oak Park, Michigan, specializes in all-electric commercial chassis cab trucks (Classes 4-6) [6] - In September 2022, the company became majority-owned by Mullen Automotive, Inc (NASDAQ: MULN) [6]

First Bollinger B4 delivery includes nearly $800,000 in sales value Revenue from these vehicles to be recognized in current quarter financials LAVERGNE, Tenn., Oct. 3, 2024 /PRNewswire/ -- Bollinger Motors, Inc. ("Bollinger Motors"), a commercial electric vehicle ("EV") manufacturer, announced today the first customer delivery of its 2025 Bollinger B4 Chassis Cab. Bollinger Motors delivered five Bollinger B4s to Nacarato Truck Centers LaVergne, Tennessee facility – generating revenue for the OEM based off a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 2, 2024 | --- | --- | --- | |--------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|---------------------------------------| | Delaware | MULLEN AUTOMOTIVE INC. \n(Exact n ...

Employees, Suppliers, Government Leaders Share Historic Bollinger B4 Vehicle Launch LIVONIA, Mich., Sept. 23, 2024 /PRNewswire/ -- It's not every day a start-up vehicle manufacturer gets to celebrate its ascension to full-fledged Original Equipment Manufacturer (OEM). For Bollinger Motors, that day came on Friday, Sept. 20, as employees, suppliers and government leaders gathered to recognize the company's first customer-ready vehicles, the all-electric Class 4 Bollinger B4 Chassis Cab, to go to market. From ...

The 2025 B4 buyers can qualify for more than $100,000 in state and federal incentives on all-new, allelectric Class 4 truck OAK PARK, Mich., Sept. 18, 2024 /PRNewswire/ -- Bollinger Motors, Inc. ("Bollinger Motors"), a commercial electric vehicle ("EV") manufacturer, announced today that the 2025 Bollinger B4 Chassis Cab will have a Manufacturers Suggested Retail Price (MSRP) of $158,758. Bollinger B4Bollinger B4 The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from ...