Mullen Automotive Acquires 60% Controlling Interest in Bollinger Motors

Nascent electric vehicle (EV) manufacturer Mullen Automotive has acquired a 60% stake in electric truck manufacturer Bollinger Motors.

Mullen acquired the stake in Bollinger for $148.2 million worth of cash and stock options and the deal makes Mullen the company's majority owner. The deal, according to Mullen, "positions Bollinger to capture the electric sport utility and commercial vehicle markets. Both companies are based in the US. 

“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, CEO 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.”

Mullen focuses on producing premium EVs with an "end-to-end" ecosystem that helps owners from test driving to financing and servicing through a hybrid dealer network. The company's first electric crossover, the Mullen Five, is due for delivery in 2024 and uses facial recognition tech to personalise the driving experience for different people. 

Bollinger, meanwhile, has no association with the champagne brand and focuses on electric SUVs and medium-duty vehicles. The company also has developed proprietary battery packs, drivetrains, and thermal and vehicle control software units.

As part of the acquisition, the company brings 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.

“We are proud to 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.”

“We have been looking at this space carefully and raising the capital in advance, allowing us to take advantage of opportunities that arise,” added Michery.

“We think Bollinger Motors is a perfect example of a smart investment in a known company and brand.”