Mullen Automotive has acquired EV manufacturer Bollinger Motors
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EV start-up Mullen Automotive has announced that it has acquired a majority stake in Bollinger Motors (start-up), a pioneer in EV trucks. With this acquisition, Mullen enters the medium-duty vehicle classes 3-6 as well as the B1 and B2 sport utility trucks for the first time. Mullen now owns a majority of Bollinger Motors, Inc. for the sum of $148.2 million in cash and stock for a 60% controlling interest. This acquisition will bring opportunities for both companies. Mullen Automotive plans to use some of the money from its acquisition purchase to start producing the B1 and B2 electric trucks. Bollinger is now well-positioned to dominate the electric sport utility and commercial vehicle industries and Mullen will have the exceptional chance to aggressively enter the competitive commercial EV market.
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