Mullen Automotive has significantly expanded its stake in Bollinger Motors, acquiring an additional 21% ownership and bringing its total to 95%. The strategic move resolves previous legal challenges and sets the stage for enhanced commercial electric vehicle development.
The acquisition increases shareholder equity by approximately $3.5 million and follows the dismissal of court-ordered receivership proceedings. Bollinger Motors will continue to operate independently while benefiting from Mullen's increased financial backing and strategic support.
Central to this development is the Bollinger B4 Chassis Cab, a key commercial electric vehicle that will receive full sales, service, and warranty support. Mullen plans to leverage the acquisition to accelerate the B4's development and expand its footprint in the commercial electric vehicle sector.
This expansion comes at a critical time for Mullen, which has already begun commercial vehicle production in its Tunica, Mississippi facility. The company has secured important certifications, including California Air Resource Board and EPA approvals for its Mullen ONE cargo van and Mullen THREE truck models.
The acquisition of Bollinger Motors represents a strategic move to strengthen Mullen's position in the rapidly evolving commercial electric vehicle market. By increasing ownership and resolving previous legal challenges, the company demonstrates its commitment to innovation and growth in the electric vehicle industry.
Mullen's recent achievements include obtaining federal EV tax credit approvals, which offer eligible customers up to $7,500 per vehicle, and expanding its commercial dealer network to seven dealers across key market regions. The company has also secured Foreign Trade Zone status for its Mississippi manufacturing center, providing additional economic advantages.
The strategic integration of Bollinger Motors signals Mullen's continued investment in developing advanced commercial electric vehicle solutions. As the automotive industry increasingly shifts toward electrification, this acquisition positions Mullen to capitalize on growing market demand for sustainable transportation options.
