Mullen Subsidiary, Bollinger Motors, Announces Its Approval by New York State for up to $100,000 Cash Voucher Incentive NYTVIP Program on the All-Electric B4 Truck

Bollinger is approved for other Northeast state incentive programs from Massachusetts, New Jersey and Pennsylvania

BREA, Calif., November 07, 2024- via InvestorWire - Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an electric vehicle ("EV") manufacturer, announces today that its subsidiary, Bollinger Motors ("Bollinger"), is now eligible for New York State's New York Truck Voucher Incentive Program ("NYTVIP"), an incentive for commercial electric vehicles from the New York State Energy and Research Development Authority ("NYSERDA") providing up to a $100,000 cash voucher incentive on the all-electric B4 Truck.

New York is the fourth state incentive in the Northeast which Bollinger Motors has qualified for, including:

• Massachusetts: Voucher up to $30,000 from Massachusetts Offers Rebates for Electric Vehicles (MOR-EV)
• New Jersey: Voucher up to $90,000 from New Jersey Zero Emission Incentive Program (NJ ZIP) through the New Jersey Education Development Authority (NJEDA)
• New York: Up to $100,000 from NYTVIP through NYSERDA; and,
• Pennsylvania: Up to a $20,000 grant from Alternative Fuels Incentive Grant Program (AFIG) through the Pennsylvania Department of Environmental Protection

The 2025 Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique chassis design protects the 158-kilowatt-hour battery pack and components to offer unparalleled capability and safety in the commercial market.

"We applaud the states in the Northeast who are working hard to create more sustainable transportation options," said Jim Connelly, chief revenue officer for Bollinger Motors. "The commercial fleet market is primed for electrification, and the incentives available in the Northeast will accelerate the adoption of this important technology."

In addition to state incentives, the Bollinger B4 Chassis Cab has qualified for federal clean vehicle tax credits under the Inflation Reduction Act ("IRA") of $40,000 per vehicle. The state incentives coupled with the IRA can offer Bollinger Motors Northeast customers between $70,000 and $140,000 in incentives.

"The financial incentives combined with the versatility of the Class 4 B4 to perform a variety of duty cycles creates incredible value for our customers," Connelly said. "The B4 is a world-class, highly engineered vehicle that is capable and durable. It is well suited for urban driving. It will be an important part of many commercial fleets moving forward."

Bollinger Motors has passed numerous milestones in the past several months, including:• Its production launch on Septembe

• Regulatory achievements including FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, and CARB certification
• A 145 vehicle sale to Momentum Group
• A 70 vehicle sale to Doering Fleet Management
• A 50 vehicle sale to EnviroCharge
• The addition of Anderson Motors, TEC Equipment, Affinity Truck Center, Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group as dealers and service centers
• Working with Our Next Energy in Novi, Michigan, to supply battery packs
• Providing a full warranty coverage of the B4 chassis cab; and,
• Announcing Syncron as its warranty administration partner and Amerit Fleet Solutions as its mobile service provider

About Bollinger Motors

Founded in 2015 by Robert Bollinger, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. Bollinger Motors produces Class 4 all-electric commercial chassis cab trucks. In September of 2022, Bollinger Motors became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN).

Learn more at www.BollingerMotors.com

About Mullen

Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ("CARB") and EPA certified and available for sale in the U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The Company has also announced Foreign Trade Zone ("FTZ") status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.

To learn more about the Company, visit www.MullenUSA.com.

Mullen Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include whether the Bollinger B4 will prove successful; how long state and federal electric vehicle incentive programs will continue to apply; the ability of Bollinger Motors' B4 Class trucks to qualify for such incentive programs; and the impact of incentive programs on the resultant price of the Bollinger B4 Class trucks.

Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen and Bollinger Motors' ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen and Bollinger Motors' ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen and Bollinger Motors' ability to successfully expand in existing markets and enter new markets; (iv) Mullen and Bollinger Motors' ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen and Bollinger Motors' business; (viii) changes in government licensing and regulation that may adversely affect Mullen and Bollinger Motors' business; (ix) the risk that changes in consumer behavior could adversely affect Mullen and Bollinger Motors' business; (x) Mullen and Bollinger Motors' ability to protect its intellectual property; (xi) the vehicles developed will perform as expected and (xii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed by Mullen Automotive, Inc., of which Bollinger Motors is a partially owned subsidiary, with the Securities and Exchange Commission. Mullen and Bollinger Motors anticipate that subsequent events and developments may cause the Company's plans, intentions and expectations to change. Mullen and Bollinger Motors assume no obligation, and specifically disclaim any intention or obligation, to update any forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen and Bollinger Motors' plans and expectations as of any subsequent date.

Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
[email protected]

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