Mullen buys Bollinger, plans to revive B1 and B2

Mullen bought a 60% stake in Bollinger for $148.2 million in cash and stock. Mullen stock opened today at $0.73 (£0.64 / €0.73) and is $0.68 (£0.59 / €0.68) as of this writing.

Mullen CEO David Michery said, "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."

Combining Bollinger's vehicles with our existing class 1 and class 2 EV cargo van programs gives us the chance to dominate class 1-6 commercial light and medium duty truck segments.

Bollinger will be able to use Mullen's solid-state battery technology, making their current vehicles more competitive when our technology launches across both companies' EV portfolios.

The takeover will revive the Bollinger B1 and B2 that were shelved as the company focused on commercial vehicles. With the acquisition and capital injection, B1 and B2 programs will begin after class 3-6 truck production.

Robert Bollinger, CEO of Bollinger Motors, said Mullen wants to build the best EV cars and trucks. This partnership allows us to ramp up production and get Mullen's EV programs to market faster.

Mullen introduced the Five crossover last year; deliveries will begin in 2024. The $55,000 EV will have a 95 kWh battery pack and dual-motor all-wheel drive.

This setup gives the Five a 0-60 mph time of 3.2 seconds and a 325-mile range (523 km). The RS variant will reportedly go from 0-60 mph (0-96 km/h) in 1.9 seconds and have a top speed over 200 mph (322 km/h).