A surprising acquisition has taken place in the field of EV startups in the US: Mullen Automotive announced the acquisition of a 60 per cent majority stake in Bollinger Motors for $148.2 million in cash and stock. Mullen is apparently looking to revive the B1 electric terrain vehicle and its B2 pickup variant.
The acquisition is Mullen’s first in the electric vehicle space, according to the company. It gives the company access to the medium-duty truck classes 3-6, as well as the B1 and B2 sport utility trucks.
Mullen CEO and Chairman David Michery says there has been strong interest from major customers such as utilities and municipal services. He says this is a clear indication of the market’s “desire for Bollinger’s vehicles.” “,” he says. “ .”
Bollinger Motors had put the development of both the B1 and B2 electric vans on hold to shift its focus to electric utility vehicles. The models were introduced in 2017, and the company later developed a second generation. With the acquisition now in place, Mullen is taking over nearly 50,000 reservations for the B1 and B2, the release added. The models’ programs are slated to begin oh the start of production for the Class 3-6 commercial vehicle programs. As part of the deal, Bollinger will gain access to Mullen’s solid-state battery technology.
In September, Bollinger debuted the B4, a Class 4 electric commercial vehicle, and the B4 electric chassis are expected to be the first from the company’s commercial product line to be used in upcoming customer test programs. The new Bollinger B4 incorporates years of feedback from dozens of large fleets looking to electrify their vehicles, according to the company. The trucks are scheduled to be tested with customers this fall.
A few months ago, Mullen announced it was retooling its plant in Monrovia, California, to begin producing battery packs for its electric vehicles. The company said it was doing so to reduce its reliance on third-party suppliers and the risk of material and supply shortages. Producing battery packs in-house is also expected to reduce costs and improve overall quality control in battery pack development.
Mullen Automotive had caused a stir with a series of announcements in recent years, but had most recently been accused by short-seller Hindenburg Research of misleading its investors. This concerned both the batteries and the van, which, contrary to what was stated, is not an in-house development, but an import from China with Mullen’s logo. Accordingly, Mullen is still a long way from volume production.
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