BREA, Calif. - Mullen Automotive Inc. (NASDAQ:MULN), a micro-cap electric vehicle manufacturer currently valued at approximately $20 million, announced that its subsidiary Bollinger Motors has partnered with Broadway Ford (NYSE:F) Truck Center in St. Louis, Missouri, to bolster its presence in the Midwest. According to InvestingPro data, the company faces significant financial challenges, with a weak financial health score of 0.6 out of 1.0. The collaboration, which commenced today, aims to meet increasing demand for electric vehicles (EVs) in the commercial fleet sector.
Bollinger Motors, known for its all-electric commercial trucks, has recently begun delivering its Bollinger B4 Chassis Cab, a Class 4 commercial truck. The vehicle, designed with input from fleet operators and upfitters, features a unique chassis design that protects its 158-kilowatt-hour battery pack, enhancing capability and safety in the commercial market.
Dennis Phillips, president and general manager of Broadway Ford Truck Center, expressed enthusiasm for the partnership, citing a shared commitment to quality, innovation, and sustainable progress in transportation.
This partnership is part of Bollinger Motors' broader expansion strategy, which includes multiple milestones such as regulatory achievements, production launches, and agreements with various fleet management and service providers. The company's recent activities include a production launch on September 16, agreements with Momentum Group, Doering Fleet Management, and EnviroCharge, and establishing a network of dealers and service centers.
Mullen Automotive has also made significant strides, including starting commercial vehicle production in Tunica, Mississippi, and receiving IRS approval for federal EV tax credits. Furthermore, the Mullen THREE, a Class 3 EV cab chassis truck, has received California Air Resource Board certification and is eligible for a cash voucher of up to $45,000 through the CARB's HVIP program.
The partnership with Broadway Ford Truck Center is expected to enhance Bollinger Motors' sales and service capabilities in the Midwest, contributing to the company's growth in the electric commercial vehicle market. With current revenues of just $0.16 million in the last twelve months and a concerning current ratio of 0.53, the company faces significant operational challenges. InvestingPro subscribers can access 15 additional key insights about Mullen's financial position and market performance, including detailed analysis of its growth prospects and financial health metrics. This news is based on a press release statement from Mullen Automotive Inc.
In other recent news, Mullen Automotive has been actively addressing its financial obligations and expanding its electric vehicle offerings. Mullen Automotive has settled its outstanding liabilities of over $20 million through an agreement involving the issuance of common stock to creditors. Additionally, the company has secured significant orders for its electric vehicles, including an order for 10 Class 3 EV cab chassis trucks from Associated Coffee and a repeat order for seven B4 all-electric trucks from TEC Equipment.
Furthermore, Mullen Automotive has announced collaborations with Emerald Transportation Solutions and the National Auto Fleet Group. The partnership with Emerald aims to develop a refrigerated upfit for the Mullen THREE, a Class 3 all-electric truck. The partnership with the National Auto Fleet Group is expected to increase the penetration of electric vehicles in the commercial sector by distributing Bollinger B4 electric commercial trucks to government agencies.
The company's Class 1 EV cargo van, the Mullen ONE, is now part of a pilot program in Jacksonville, Florida, and is available for rental on Turo, a car-sharing marketplace. Despite these developments, Mullen Automotive faces potential financial challenges, as indicated by a concerning current ratio of 0.53. These are the recent developments in Mullen Automotive's operations.
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