Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Tuesday. The company disclosed that its subsidiary, Bollinger Motors, has secured a follow-on order from TEC Equipment for seven all-electric 2025 Bollinger B4 trucks.
The company stated that the payment for all seven vehicles has been received, and the revenue will be recognized in the fiscal quarter ending December 2024.
This marks TEC Equipment's second order of Bollinger B4 trucks, following its initial purchase of three B4s on October 30.
The latest trucks will be delivered to TEC dealer locations in Fontana, Oakland, and San Diego, California; Portland, Oregon; and Des Moines, Washington.
"The growth in our partnership with TEC Equipment through this transaction reaffirms our mutual commitment to bringing innovative vehicle solutions that help our customers improve both their bottom line, and the communities that they operate in," said Jim Connelly, chief revenue officer of Bollinger Motors.
Last month, the company announced that the Bollinger Motors 2025 Bollinger B4 truck qualified for California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
Under HVIP, the 2025 Bollinger B4 EV truck, with a suggested MSRP of $158,758, now qualifies for up to a $60,000 cash voucher. When added to the available $40,000 federal tax credit, the net effective cost of the B4 could be less than $59,000.
Also, Mullen partnered with Emerald and Papé to develop a refrigerated upfit for its Mullen THREE Class 3 electric truck.
Price Action: MULN shares are down 7.11% at $2.35 at the last check Tuesday.
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