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WebsiteIntroduction
Bollinger Innovations Inc (NASDAQ: BINI) (Korean: 볼린저 이노베이션스) is a Southern California–based company that designs, manufactures, and sells commercial electric vehicles (EVs). Its product lineup includes the Class 1 Mullen ONE cargo van, the Class 3 Mullen THREE cab chassis truck, and the Class 4 Bollinger B4 all-electric truck. Bollinger Innovations shares trade on NASDAQ; on September 22, 2025, the stock closed at USD 8.08, down 34.18% for the day, with a trading volume of 329,539 shares.
Corporate Structure
Bollinger Innovations operates under Mullen Automotive, which holds a 95% equity stake following a June 2, 2025, agreement to acquire an additional 21% of Bollinger Motors. The company’s leadership team includes CEO and Chairman David Michery, CFO Jonathan New, and VP of Operations Toni Haner. According to LinkedIn, the workforce ranges between 51 and 200 employees. Manufacturing and assembly occur at the company-owned facility in Tunica, Mississippi, following the transfer of Class 4 production from Roush Industries in Michigan.
Electric Vehicles by CHUTTERSNAP
Developments and News
- June 2, 2025: Agreement for Mullen Automotive to increase its ownership of Bollinger Motors to 95%.
- July 28, 2025: Corporate rebranding and consolidation of commercial EV brands under Bollinger Innovations, Inc., trading as BINI.
- August 14, 2025: Financial results announced for Q3 covering the three and nine months ended June 30, 2025, including:
- Initiation of a USD 7,500 pricing adjustment on Class 1 and Class 3 models, stackable with a federal tax credit through September 30, 2025.
- Strategic relocation of Bollinger B4 production to Tunica, Mississippi, aimed at streamlining operations and reducing costs.
- May 2025: Delivery of a Bollinger B4 truck to the Lower East Side Ecology Center in New York City.
- April 2025: Sale of an Urban Delivery Class 1 EV cargo van to Global Expert Shipping (Glendale, California) and the first 2025 Bollinger B4 to EnviroCharge for conversion into mobile chargers.
- Ongoing: Acceptance of cryptocurrency payments for vehicles and participation in industry events such as ACT Expo and Government Fleet Expo.
Financial and Strategic Analysis
Bollinger Innovations reported trailing-twelve-month revenues of USD 9.34 million against a net loss of USD 472.94 million, reflecting a negative EPS of –4,749.94. As of the most recent quarter, total cash stood at USD 454,660, with levered free cash flow at USD 29.19 million. The market cap was approximately USD 1.52 million (intraday), with an enterprise-value-to-revenue ratio of 4.01. Profit margin and return on assets remain negative, indicating ongoing investments in production and dealer network expansion.
Strategically, consolidating manufacturing into a single, company-owned facility may enhance logistics and production oversight. Pricing adjustments combined with tax incentives could facilitate fleet sales. The 95% ownership of Bollinger Motors provides operational control and simplifies governance, while partnerships with dealers such as Papé Kenworth and National Auto Fleet Group support national sales and service coverage.
Market Position and Industry Context
Bollinger Innovations competes in the U.S. commercial EV market, which is projected to grow at a compound annual growth rate (CAGR) of 22.6% through 2027. Certification by CARB and the EPA allows for eligibility for state and federal incentives that can reduce acquisition costs by up to USD 15,000 per vehicle. A dealer network of over 50 locations and a focus on urban delivery and utility segments position Bollinger Innovations competitively within the commercial electric vehicle sector.
tl;dr
As of September 22, 2025, BINI shares decreased 34.18% to USD 8.08 amid market fluctuations. On August 14, the company announced Q3 2025 results, which included USD 7,500 price reductions on Class 1 and 3 models and the relocation of B4 production to Tunica, Mississippi. Federal and state incentives remain integral to the sales strategy, with pricing adjustments combinable with a USD 7,500 tax credit through September 30, 2025. The consolidation of operations under a single manufacturing facility and full control of Bollinger Motors follow the July 28 rebranding, preparing for fleet expansion in a commercial EV market expected to grow at a 22.6% CAGR through 2027.
