Mullen Automotive Increases Bollinger Motors Ownership, Resolves Receivership
TL;DR
Mullen Automotive gains competitive edge with 95% stake in Bollinger Motors, boosting shareholder equity by $3.5 million.
Mullen's acquisition increases ownership to 95% in Bollinger Motors, ensuring support for its commercial EV lineup like the all-electric B4 Chassis Cab.
Mullen's investment in Bollinger Motors fosters growth in commercial EV sector, driving innovation for a more sustainable future.
Mullen Automotive's ownership expansion in Bollinger Motors accelerates development of the all-electric B4 Chassis Cab, shaping the future of commercial EVs.
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Mullen Automotive has significantly increased its ownership stake in Bollinger Motors to 95%, acquiring an additional 21% of the company and resolving outstanding legal challenges. The acquisition, valued at approximately $3.5 million in shareholder equity, follows the dismissal of a court-ordered receivership case.
The strategic investment ensures Bollinger Motors will continue operations independently while benefiting from Mullen's full support. The companies will focus on developing the all-electric B4 Chassis Cab, targeting the commercial electric vehicle (EV) market.
This acquisition represents a critical expansion of Mullen's commercial EV capabilities. With two manufacturing facilities in Mississippi and Indiana, the company has already begun commercial vehicle production and received federal EV tax credit qualifications. The Mullen ONE cargo van and Mullen THREE truck are both California Air Resource Board and EPA certified, positioning the company competitively in the rapidly evolving electric vehicle landscape.
The move underscores Mullen's commitment to growing its commercial EV portfolio and leveraging strategic partnerships to accelerate technological development. By increasing its stake in Bollinger Motors, Mullen demonstrates a clear strategy of consolidating expertise and resources within the electric vehicle sector.
Curated from InvestorBrandNetwork (IBN)
