Bollinger Motors, Inc., a leading electric vehicle (EV) manufacturer, has officially received IRS approval for a significant commercial EV federal tax credit, marking a pivotal advancement in the clean vehicle industry. This approval positions the Bollinger B4 chassis cab to benefit from up to $40,000 per vehicle under the Inflation Reduction Act of 2022 (IRA), targeting qualified commercial clean vehicles.
Robert Bollinger, the company’s founder and CEO, expressed enthusiasm for the company’s trajectory and its role in electrifying America’s fleets. “These tax credits are an important incentive for our customers to replace their gas and diesel trucks and lower their total cost of ownership,” he stated, highlighting the financial and environmental benefits of the move towards electric vehicles.
The tax credit, applicable to businesses and tax-exempt organizations purchasing qualified commercial clean vehicles, could cover up to $40,000 under Section 45W of the Internal Revenue Code (IRC). This benefit is calculated as the lesser of 15% of the vehicle’s cost (30% for non-gas or diesel vehicles) or the incremental cost compared to a comparable gas or diesel vehicle. The Bollinger B4, designed with a Gross Vehicle Weight Rating (GVWR) of 15,500 pounds, is anticipated to be eligible for the maximum credit.
Recent months have seen Bollinger Motors announce strategic partnerships, notably with Our Next Energy for battery supplies and Roush Industries for the assembly of Bollinger B4 trucks, signaling a robust preparation for the vehicle’s launch. The company expects to begin deliveries of the Bollinger B4 chassis cab in the second half of 2024.
Founded in 2015 by Robert Bollinger and headquartered in Oak Park, Michigan, Bollinger Motors has emerged as an innovative force in the development of all-electric commercial chassis cabs and SUVs. Following its majority acquisition by Mullen Automotive, Inc. (NASDAQ: MULN) in September 2022, Bollinger Motors continues to reinforce its commitment to revolutionizing the electric vehicle sector. For more information, visit www.BollingerMotors.com and www.MullenUSA.com.