Mullen Automotive, Inc. has announced it has acquired a controlling interest in EV truck innovator Bollinger Motors, Inc.
Mullen’s first foray into the EV acquisition market places it firmly within the Class 3-6 medium duty sector, as well as involvement with B1 and B2 sport utility trucks.
The 60 percent controlling interest cost Mullen $148.2 million in cash and stock and provides it as the majority owner of Bollinger Motors.
“This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space. 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,” said David Michery, Chief Executive Officer and Chairman of Mullen Automotive. “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.”
Bollinger Motors is an American automobile designer and manufacturer of electric sport utility and medium-duty vehicle lines. It has also successfully developed proprietary vehicle battery packs, drivetrains, and thermal and vehicle control software units.
In 2017, Bollinger built and debuted the critically acclaimed B1 Class 3 sport utility vehicle, the first of its kind. The company followed its initial success with the development of the second-generation B1 and B2 vehicles, before pausing in favor of commercial truck development.
With years of history in Class 3 truck development, intellectual property, patents, and expertise, the company’s decision made sense to pivot into commercial vehicle development for Classes 3-6.
The acquisition, Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles. With Mullen’s acquisition and capital injection, both B1 and B2 programs will begin after the start of production for Class 3-6 commercial truck programs.
Bollinger brings significant interest from large companies for commercial electric truck Classes 3-6 in a wide range of markets such as last-mile delivery, refrigeration, utilities, and their upfitters.
On September 1, 2022, Bollinger revealed its B4, a Class 4 electric commercial truck (see image at top of page).
The B4 electric chassis cabs will be the first of the company’s commercial lineup to hit the ground in upcoming client test programs. The new Bollinger B4 incorporates years of feedback from dozens of major fleets looking to electrify their vehicles. The result is a cab-forward truck, designed from the ground up to offer maximum cargo volume, accommodate unlimited adaptation and prioritize safety. Bollinger will be testing B4 chassis cab trucks this fall with numerous fleet customers, upfitters, and charging companies to gather constructive feedback. More on the B4 at https://www.servicetruckmagazine.com/news/bollinger-debuts-its-b4-commercial-electric-truck/
“We are proud to design our commercial EVs from the ground up, here in America, offering greater efficiency, a 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 Chief Executive Officer 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.”
Added Michery, “We have been looking at this space carefully and raising the capital in advance, allowing us to take advantage of opportunities that arise. We think Bollinger Motors is a perfect example of a smart investment in a known company and brand.”
He continued: “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. Bollinger is a true innovator and generational company, and we believe they have the potential to turn the sector on its head, similar to what the Hummer H1 did over 30 years ago. Bollinger is a transformative acquisition and paradigm shift for the EV industry.”
Founded in 2015, Bollinger Motors is headquartered in Oak Park, Michigan. It manufactures all-electric platforms and chassis cabs for commercial vehicles in Classes 3-6. To learn more, visit www.BollingerMotors.com.
Based in Brea, California, Mullen Automotive is a manufacturer of premium affordable electric vehicles built entirely in the US. The Mullen FIVE, the company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. More at www.MullenUSA.com.