Mullen Automotive, Inc. (MULN) saw its shares decline on Thursday despite positive news from its subsidiary, Bollinger Motors. Bollinger Motors successfully delivered its first customer order of the 2025 Bollinger B4 Chassis Cab, marking a significant milestone achievement for the company.
Five B4s were delivered to Nacarato Truck Centers in LaVergne, Tennessee, generating $800,000 in revenue for Bollinger Motors. This delivery signifies the beginning of their commercial electric vehicle sales and a notable step forward for the company.
“We are excited to see the B4 going to work on the streets of the Nashville area, and across the country,” stated Jim Connelly, chief revenue officer for Bollinger Motors. This delivery will contribute to the company’s revenue for the quarter ending September 30, with payment received via wire transfer.
Nacarato Truck Centers plans to utilize the B4s in their fleet operations. Four of the vehicles will be sold to commercial fleet customers, while one will be used for internal parts deliveries across their 13 locations in the East, Southeast, and Midwest.
The 2025 Bollinger B4 Chassis Cab carries a Manufacturers Suggested Retail Price of $158,758. Furthermore, Bollinger Motors qualifies for federal clean vehicle tax credits under the Inflation Reduction Act, receiving $40,000 per vehicle for the B4 chassis cab.
Despite this positive news, MULN stock has experienced a significant decline, losing over 99% in the past year. However, the company anticipates reporting $4.5 million in revenue for the quarter ending September 30, 2024, a remarkable increase of 6,791% compared to the $65,235 reported for the quarter ending June 30.
The price action for MULN shares reflected this mixed news, closing down 8% at $2.53 on Thursday. The market is likely taking a wait-and-see approach to assess the impact of these recent developments on the company’s overall financial performance. Investors remain focused on the potential of electric truck sales and the company’s future in the electric vehicle market.
