Mullen Automotive Inc. acquired a controlling curiosity in fellow electrical car producer Bollinger Motors, of Oak Park, Mich.
Mullen, headquartered in Brea, Calif., purchased a 60 p.c stake in Bollinger for $148.2 million, the corporate stated Thursday.
The deal marks Mullen’s first foray into the electrical truck market, with Bollinger Motors introducing each electrical SUVs and chassis cabs previously half-decade.
Just final week, Bollinger stated it will produce the Bollinger Motors B4 — a battery-powered Class 4 chassis cab. The automaker didn’t embrace a manufacturing timeline within the announcement.
“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,” Mullen CEO David Michery stated in a press release.
Since its launch in 2015, Bollinger Motors has been suffering from issues, particularly surrounding its launch home windows. In January, after failing to discover a manufacturing companion in time, the corporate indefinitely postponed the discharge of its first two fashions — the B1 SUV and B2 pickup.
“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,” Robert Bollinger, CEO of Bollinger Motors, stated in a press release.
Bollinger will keep on as CEO of his namesake firm at its Oak Park facility, he advised Automotive News.
Source: www.autonews.com