Mullen Automotive, Inc. ( MULN ) shares are trading lower on Thursday.

The company announced that its subsidiary, Bollinger Motors, has completed its first customer delivery of the 2025 Bollinger B4 Chassis Cab.

Five Bollinger B4s were delivered to Nacarato Truck Centers in LaVergne, Tennessee, generating $800,000 in revenue for the original equipment manufacturer.

“We are excited to see the B4 going to work on the streets of the Nashville area, and across the country,” said Jim Connelly, chief revenue officer for Bollinger Motors.

Revenue from this delivery will be recognized for the three months ending September 30, with payment received via wire transfer.

Nacarato Truck Centers plans to sell four of the vehicles to commercial fleet customers while using one for internal parts deliveries across its 13 locations in the East, Southeast, and Midwest.

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The 2025 Bollinger B4 Chassis Cab will have a Manufacturers Suggested Retail Price of $158,758. In addition, Bollinger Motors qualified for federal clean vehicle tax credits under the Inflation Reduction Act of $40,000 per vehicle for the B4 chassis cab.

According to Benzinga Pro, MULN stock has lost over 99% in the past year.

Yesterday, the company said it expects to report $4.5 million in revenue for the quarter ending September 30, 2024, a significant increase of 6,791% compared to the $65,235 reported for the quarter ending June 30.

Price Action: MULN shares are trading lower by 8% to $2.53 at last check Thursday.

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