Mullen Buys Bollinger, Revives B1 and B2 Offloaders

U.S. electric vehicle startup Mullen Automotive has acquired a controlling stake in fellow U.S. EV startup Bollinger Motors, expanding its portfolio with Bollinger's commercial vehicles and B1 and B2 off-roaders for enthusiasts.

Mullen, which plans to sell its own crossovers and sports cars, announced Thursday that it will spend $148.2 million in cash and stock to buy a 60% stake in Bollinger. Bollinger CEO and founder Robert Bollinger will remain CEO of his namesake company and lead the team into production, Mullen said in the announcement. In addition, Bollinger's vehicles will continue to be sold under the Bollinger brand.

"This acquisition is one of the largest to date in the EV industry and provides Mullen with a unique opportunity to aggressively enter the high-demand commercial EV segment," Mullen CEO and Chairman David Micheli said in a statement. The strong interest shown by key customers in all high-volume sectors, including delivery, telecommunications, municipal services, and utilities, clearly demonstrates the market's desire for Bollinger's vehicles."

Bollinger was founded in 2015 and first made waves two years later when it introduced the B1, a rugged electric SUV designed for off-road use and intended to be built on a custom-built Class 3 truck chassis. The B2 pickup truck soon debuted, followed by a van, a stand-alone chassis designed for truck classes 4-6, and a chassis cab.

Despite the huge buzz, with nearly 50,000 units booked, Bollinger made a surprise announcement in January that it was putting both the B1 and B2 on hold to focus on commercial vehicles. However, with the Mullen acquisition bringing in new funds, both vehicles are now under consideration again, although the timing is unclear.

The first Bollinger to hit the market will be a B4 chassis cab, but the timing for this vehicle is also undetermined. According to Mullen, the truck will begin testing with various fleet customers, upfitters, and charging companies this fall. The tests will be used to gather feedback prior to the start of production.

Bollinger also planned to launch a commercial van, but that plan will be superseded by Mullen's own commercial van plans.

Other vehicles planned by Mullen include the Five Crossover, which was unveiled at the 2021 Los Angeles Auto Show, and a sports car called the Dragonfly, based on the Chinese Qiantu K50 sports car. Mullen is also developing a solid-state battery that will be made available by Bollinger. However, it is still early days, as Mullen has stated that he plans to begin road testing of the solid-state battery around 2025.