Mullen Automotive Inc., an electric vehicle (EV) manufacturer based in Brea, Calif., has acquired a controlling interest in Oak Park EV truck company Bollinger Motors, moving it into the medium-duty class 3-6 truck category.
The purchase price is $148.2 million in cash and stock for a 60 percent controlling interest, which gives Mullen the majority ownership of Bollinger Motors and positions Bollinger to better enter the electric sport utility and commercial vehicle markets.
“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,” says 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.”
Launched in 2015, Bollinger has developed proprietary vehicle battery packs, drivetrains, and thermal and vehicle control software units alongside its vehicles. In 2017, Bollinger built and debuted the B1 class 3 sport utility vehicle, the first of its kind.
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,” says 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.”
The company states it brings a pipeline of 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 Sept. 1, 2022, Bollinger revealed for the first time the B4, a class 4 electric commercial truck.
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.
“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,” says Michery. “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.”
