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Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower on Tuesday.
The company revealed that its unit, Bollinger Motors, Inc., named former General Motors Company (NYSE:GM) executive James Taylor as CEO.
He will assume the role from company founder Robert Bollinger, who will retain positions on the Board of Directors and as a major shareholder.
Additionally, the company appointed Bryan Chambers as President and Chief Operating Officer, and promoted Siva Kumar to Chief Strategy Officer and Senior Vice President of Finance.
In September of 2022, Bollinger Motors became a majority-owned company of Mullen Automotive.
“Robert and his team have done an incredible job of creating a world-class electric truck with the Bollinger B4, and the upcoming Bollinger B5. The response from the market has been very encouraging, and we are well-positioned to disrupt the Class 4 trucking market,” Taylor added.
Bollinger Motors intends to debut the Bollinger B4 Chassis Cab in the latter half of 2024.
This new electric vehicle, designed specifically for commercial use in Class 4, incorporates extensive feedback from fleets and upfitters. Featuring a unique chassis design, it safeguards the 800-volt battery and components, delivering exceptional capability, flexibility, and performance in the commercial sector.
Bollinger Motors has also qualified for federal clean vehicle incentives under the Inflation Reduction Act, granting $40,000 in refundable tax credits per truck.
Price Action: MULN shares are trading lower by 7.29% to $1.845 at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Courtesy of Mullen Automotive, Inc.
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