Mullen Automotive Inc. (NASDAQ: MULN), an emerging player in the electric vehicle (EV) manufacturing sector, has unveiled plans to rebrand as Bollinger Innovations, with an expected change to its NASDAQ ticker symbol by August 15, 2025. This strategic move is part of a broader effort to consolidate operations under the Bollinger brand, aiming to streamline its commercial vehicle functions by relocating them to Oak Park, Michigan, and unifying its sales, marketing, and service divisions. The company has already taken significant steps towards operational efficiency, including the reduction of 155 positions since January and cutting annual operating expenses by at least $35 million.
The rebranding and operational consolidation are designed to bolster fiscal efficiency while accelerating the development of its Class 1, 3, and 4 commercial EVs. Among the vehicles in focus are the Mullen ONE and THREE, alongside the Bollinger B4, which is notable for its impressive 7,325-lb payload capacity and a range of 185 miles. Company executives are optimistic about securing substantial sales orders in the current fiscal quarter, signaling confidence in the rebranding strategy and its potential to drive growth.
Mullen Automotive's commitment to innovation and efficiency is further evidenced by its recent achievements, including the commencement of commercial vehicle production in Tunica, Mississippi, in August 2023, and the receipt of IRS approval for federal EV tax credits on its commercial vehicles. This designation allows eligible customers to benefit from up to $7,500 per vehicle. Additionally, the Mullen ONE and THREE have received certification from the California Air Resource Board (CARB) and the EPA, making them available for sale across the U.S. The CARB-issued HVIP approval for the Mullen THREE offers up to a $45,000 cash voucher at the time of purchase, enhancing its appeal to potential buyers.
The company's expansion of its commercial dealer network to seven dealers, including the recent addition of Papé Kenworth, underscores its efforts to broaden its market reach and improve service coverage in key regions. The Foreign Trade Zone (FTZ) status approval for its Tunica manufacturing center further supports its operational goals by offering benefits such as duty deferment and elimination on exported vehicles.
This rebranding and operational streamlining by Mullen Automotive Inc. to Bollinger Innovations represents a pivotal moment in the company's evolution, reflecting its dedication to advancing the commercial EV market while achieving greater operational efficiency and market penetration.
