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OAK PARK, Mich. - Mullen Automotive Inc. (NASDAQ:MULN), an electric vehicle (EV) manufacturer with a market capitalization of $8.75 million, has increased its ownership in Bollinger Motors to 95% following the settlement of legal claims by Bollinger Motors’ founder, Robert Bollinger. This development comes as Bollinger Motors exits receivership, a period during which its financial operations were overseen by a receiver. According to InvestingPro analysis, Mullen faces significant financial challenges, with current financial health rated as WEAK and a concerning debt-to-capital ratio of 0.8.
David Michery, CEO and chairman of Mullen Automotive, will now also serve as CEO and chairman of Bollinger Motors. Despite the challenges of receivership, Bollinger Motors maintained its focus on selling and servicing its Bollinger B4 all-electric commercial trucks. With the legal issues now resolved, Bollinger Motors will continue its operations as a subsidiary of Mullen Automotive, which has reported revenue of $8.93 million in the last twelve months. For deeper insights into Mullen’s financial performance and 14 additional key metrics, consider subscribing to InvestingPro.
Michery expressed confidence in the future of Bollinger Motors, emphasizing a commitment to sustainable transportation and electrifying fleets. He praised the team for their dedication to customers throughout the receivership.
Bollinger Motors’ Bollinger B4 Chassis Cab, a Class 4 all-electric commercial truck, has been designed with input from fleets and upfitters. It features a unique chassis that protects its 158-kwh battery pack, enhancing capability and safety. The B4 Chassis Cab is currently available for order through Bollinger Motors’ national dealer network.
Looking ahead, Bollinger Motors is developing the Bollinger B5, an all-electric Class 5 commercial truck, with a launch expected in 2026. Jim Connelly, Chief Revenue Officer for Bollinger Motors, highlighted the company’s ongoing commitment to serving the commercial EV market and the optimism surrounding their future offerings.
Bollinger Motors, founded in 2015 and headquartered in Oak Park, Michigan, specializes in all-electric commercial chassis cab trucks. The company became a majority-owned subsidiary of Mullen Automotive in September 2022. Mullen Automotive, based in Southern California, has been expanding its commercial EV production, with two vehicle plants in the United States and a range of vehicles that have received CARB and EPA certification. Despite recent expansion efforts, Mullen faces operational challenges with a negative gross profit margin and significant cash burn rate. Get exclusive access to detailed financial analysis and real-time alerts through InvestingPro.
This announcement is based on a press release statement from Bollinger Motors.
In other recent news, Mullen Automotive has announced that its commercial electric vehicles, including the Mullen ONE Class 1 EV cargo van, are now eligible for rebates up to $7,500 through the ComEd Business & Public Sector EV Rebate Program in Illinois. Additionally, Mullen has unveiled the upcoming release of its high-speed FIVE RS EV crossover, set to launch in Germany in December 2025, with plans to expand into other markets in 2026. The company has also increased its ownership stake in Bollinger Motors to 95%, enhancing shareholder equity by approximately $3.5 million and regaining full control of Bollinger’s operations. In another strategic move, Mullen announced a 1-for-100 reverse stock split to comply with Nasdaq’s minimum bid price requirement, effective June 2, 2025. Furthermore, Mullen has settled a legal matter with GEM Group concerning the transfer of Mishawaka assets, halting all collection activities during a 55-day due diligence period. These developments reflect Mullen’s ongoing efforts to expand its market presence and manufacturing capabilities, including its operations in Tunica, Mississippi. The company continues to broaden its commercial dealer network across the United States, supporting the sale and service of its electric vehicle lineup.
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