Acquisition alert: Mullen Automotive to take control of EV truck manufacturer Bollinger
Launched in 2015, Bollinger Motors is an American automobile designer and manufacturer of electric sport utility and medium-duty vehicle lines. As part of the acquisition, the company brings Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles.
Mullen Automotive has recently acquired EV truck manufacturer Bollinger. We mentioned the latter just a few days ago, on the occasion of the company’s launch of the Class-4 electric truck for the North American market. Now, Bollinger is going to belong to a new group. According to Investorwire, the purchase price is $148.2 million in cash and stock for a 60% controlling interest, which gives Mullen the majority ownership of Bollinger Motors, Inc. and positions Bollinger to capture the electric sport utility and commercial vehicle markets.
Launched in 2015, Bollinger Motors is an American automobile designer and manufacturer of electric sport utility and medium-duty vehicle lines. The company 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. As part of the acquisition, the company brings Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles.
Statements from Bollinger and Mullen Automotive
“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”.
“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.
