Mullen Automotive Inc. (NASDAQ: MULN) has announced a strategic rebranding to Bollinger Innovations, Inc., with the NASDAQ stock exchange approving the new ticker symbol BINI. This change signifies a pivotal moment for the company as it continues to expand its footprint in the commercial electric vehicle (EV) market. The rebranding includes the renaming of its Oceanside, California, Commercial Vehicle Center to operate under the Bollinger Innovations name, further solidifying its commitment to innovation and sustainability in the EV sector.
The company's commercial EV lineup, which includes the Mullen ONE (Class 1), Mullen THREE (Class 3), and the newly designed Bollinger B4, a Class 4 electric truck with a 185-mile range and a 7,325-pound payload, is federally certified and compliant with the California Air Resource Board (CARB) standards. This rebranding effort underscores Mullen's dedication to advancing green technology and reducing carbon emissions in the commercial vehicle industry.
Since August 2023, Mullen has commenced commercial vehicle production in Tunica, Mississippi, and received IRS approval for federal EV tax credits, offering eligible customers up to $7,500 per vehicle. The CARB-issued HVIP approval on the Mullen THREE provides up to a $45,000 cash voucher at the time of purchase, making it an attractive option for businesses looking to transition to electric vehicles. With the addition of Papé Kenworth to its dealer network, Mullen now boasts seven dealers across key U.S. markets, enhancing its sales and service coverage.
The Foreign Trade Zone (FTZ) status approval for its Tunica manufacturing center offers additional benefits, including duty deferment and elimination on exported vehicles, further positioning Mullen, soon to be Bollinger Innovations, as a leader in the commercial EV space. This rebranding and the strategic initiatives undertaken by the company highlight its growth trajectory and its potential impact on the EV industry and environmental sustainability efforts worldwide.
