EV manufacturer Mullen Automotive has acquired a controlling interest in EV truck innovator Bollinger Motors. Mullen paid $148.2 million in cash and stock for a 60% controlling interest.
Mullen says the acquisition will enable its entry into the market for medium-duty trucks (Classes 3-6), while also positioning Bollinger to capture the electric sport utility and commercial vehicle markets.
“This acquisition provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space,” said David Michery, CEO and Chairman of Mullen Automotive. “The strong interest shown by major customers in all the high-volume segments like delivery, telecom, municipal services and utilities is a clear indication of the market’s desire for Bollinger’s vehicles. Combining Bollinger’s vehicles with our existing Class 1 and Class 2 EV cargo van programs gives us the chance to dominate the entire Class 1-6 commercial light- and medium-duty truck segments. In addition, Bollinger will be able to leverage Mullen’s solid-state battery technology, making their current vehicles even more competitive as our technology launches across the total portfolio of EVs from both Mullen and Bollinger.”
As part of the acquisition, Bollinger brings Mullen nearly 50,000 existing reservations for its B1 and B2 sport utility vehicles. Following Mullen’s acquisition and capital injection, the B1 and B2 programs will begin after the start of production for Class 3-6 commercial truck programs.
“We design our commercial EVs from the ground up, here in America, offering greater efficiency, lower total cost of ownership and greater cargo volume. Our dream is to build the world’s best trucks and SUVs,” said Robert Bollinger, founder and CEO of Bollinger Motors. “Mullen shares a similar dream to build the best EV cars and trucks. This partnership will bring us closer to making those visions a reality, as it allows us to ramp up production on our end and get Mullen’s EV programs to the market faster.”
“I am really impressed with what Robert Bollinger has created for the commercial vehicle space and the off-road capable B1 and B2 sport utility vehicles,” Michery continued. “Bollinger is a true innovator and generational company, and we believe they have the potential to turn the sector on its head.”
Source: Mullen Automotive