Mullen Automotive Grabs Controlling Stake in Bollinger Motors for $148 Million
Mullen Automotive pays $148.2 million for a 60% controlling stake in Bollinger Motors to expand its reach in the commercial electric vehicle market. The partnership aims to accelerate the production of electric trucks across classes 1 through 6.
Mullen Automotive acquires a 60% controlling interest in Bollinger Motors for $148.2 million to strengthen both companies in the electric sport utility and commercial vehicle markets. This strategic purchase gives Mullen a major foothold in the high-demand commercial EV space. Bollinger Motors, a Michigan-based startup founded in 2015, originally focuses on building all-electric commercial vehicles for classes 3 through 6.
The investment allows Bollinger to fast-track the development of its commercial electric trucks, including a class 4 vehicle expected next year, and resume its previously postponed consumer truck program. By combining Mullen's existing class 1 and class 2 EV cargo van programs with Bollinger's lineup, the companies aim to dominate the entire class 1-6 commercial light- and medium-duty truck segments. Robert Bollinger remains as CEO of his namesake company.
Despite the ambitious acquisition, Mullen faces immediate financial scrutiny as it receives a minimum share warning from the Nasdaq exchange for trading below $1 for 30 consecutive days. Mullen, which goes public last year and plans to launch its first electric crossover in 2024, intends to leverage the partnership by sharing resources like its solid-state battery technology. The two companies will continue to grow their teams and develop all-electric commercial platforms together.