In a surprise move, Mullen Automotive has acquired a controlling interest in Bollinger Motors.
According to Mullen, the company purchased a 60% stake in Bollinger for $148.2 (£129 / €148.6) million in cash and stock. The latter is interesting as Mullen stock is effectively worthless as it opened at $0.73 (£0. 64 / €0.73) today and is $0.68 (£0.59 / €0.68) as of this writing.
Putting that aside, Mullen said the move “positions Bollinger to capture the electric sport utility and commercial vehicle markets.” Mullen CEO David Michery added, “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.”
Also Read: Mullen Five Electric Crossover Promises 325 Mile Range And 1.9 Second 0-60 MPH Time
Michery went on to say, “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.”
More interestingly, the takeover is set to revive the Bollinger B1 and B2 that were postponed indefinitely as the company decided to focus on commercial vehicles. As Mullen explained, with the “acquisition and capital injection, both B1 and B2 programs will begin after the start of production for class 3-6 commercial truck programs.”
Bollinger Motors CEO Robert Bollinger stated, “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.”
While Mullen isn’t a household name, the company introduced the Five crossover last year and deliveries are slated to begin in 2024. The EV is set to start at $55,000 and feature a 95 kWh battery pack that powers a dual-motor all-wheel drive system. This setup is claimed to give the Five a 0-60 mph (0-96 km/h) time of 3.2 seconds and a range of approximately 325 miles (523 km). The company has also announced an RS variant, that will reportedly accelerate from 0-60 mph (0-96 km/h) in 1.9 seconds and have a top speed in excess of 200 mph (322 km/h).
