BREA, Calif. - Mullen Automotive Inc. (NASDAQ: NASDAQ:MULN), an emerging manufacturer of electric vehicles (EV), announced today that its majority-owned company, Bollinger Motors, has received IRS approval as a qualified manufacturer for clean vehicle credits under the Inflation Reduction Act of 2022. This approval allows the Bollinger B4 chassis cab to be eligible for a tax credit of up to $40,000 per vehicle for commercial buyers.
The tax credit, as outlined in Section 45W of the Internal Revenue Code, is part of a federal initiative to encourage the adoption of clean vehicles. It is calculated as the lesser of 15% of the vehicle's cost (30% if the vehicle is not powered by gas or diesel) or the incremental cost compared to a similar gas or diesel vehicle. The Bollinger B4, with a Gross Vehicle Weight Rating (GVWR) of 15,500 pounds, qualifies for the full $40,000 credit.
Robert Bollinger, founder and CEO of Bollinger Motors, stated that the tax credits are a significant incentive for customers to transition from gas and diesel trucks, potentially reducing their total cost of ownership.
Recent developments for Bollinger Motors include partnerships with Our Next Energy for battery supply and with Roush Industries for the assembly of Bollinger B4 trucks. Deliveries of the Bollinger B4 chassis cab are expected to commence in the second half of 2024.
Bollinger Motors, founded in 2015 and based in Oak Park, Michigan, specializes in developing all-electric commercial chassis cabs Classes 4-6 and all-electric SUV consumer vehicles. Since September 2022, Bollinger Motors has been a majority-owned subsidiary of Mullen Automotive.
The information in this article is based on a press release.
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