EV startup Bollinger acquired by Mullen Automotive for $148.2 million - The Verge

Mullen Automotive is acquiring Bollinger for $148.2 million and plans to put the struggling EV startup’s two electric trucks into production.

Mullen Automotive has acquired a controlling stake in electric vehicle startup Bollinger Motors, buying up 60 percent of the struggling company’s stock for $148.2 million, the companies announced Thursday.

Mullen said it will add Bollinger-designed medium-duty trucks and sport utility trucks to its inventory. The deal “positions Bollinger to capture the electric sport utility and commercial vehicle markets,” the company added.

Mullen is a relatively unknown Southern California electric vehicle manufacturer with the stated goal to build “the next-generation of premium electric vehicles that are affordable and built entirely in the United States.”

Bollinger burst onto the scene in 2015 with a pair of very cool-looking, rugged, box-like electric truck prototypes. The company has since pivoted to electric commercial vehicles after running into speed bumps in its quest to build a complex vehicle manufacturing business from scratch.

Earlier this year, Bollinger announced it selected Detroit auto supplier Roush as a contract manufacturer to assemble its line of platforms and chassis cabs for electric commercial vehicles.

https://www.theverge.com/2022/9/8/23342674/bollinger-mullen-ev-truck-acquisition-b1-b2

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