Latest news with #BollingerMotors
Yahoo
17-07-2025
- Automotive
- Yahoo
California EV maker to consolidate with Bollinger Motors in Michigan under new name
Mullen Automotive Inc. is putting all of its chips on Bollinger Motors Inc., consolidating operations with the electric truck startup and moving business functions from the West Coast to metro Detroit. The Brea, Calif.-based parent company of Bollinger is moving commercial vehicle operations to Detroit suberb Oak Park and combining Mullen and Bollinger sales, marketing and service operations, the company announced Tuesday. The company will be renamed Bollinger Innovations and update its NASDAQ ticker symbol by Aug. 15. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Mullen was trading at 11 cents per share on July 15, a precipitous decline from a month ago when a second reverse stock split briefly sent its share value climbing. As part of its consolidation, the company touted cash conservation efforts, including the elimination of 155 jobs since January and a $35 million reduction in operating expenses. 'These essential measures position the Company for growth in a challenging environment while working towards becoming cash flow positive,' Mullen CEO David Michery said in a news release. The CEO hinted at the move last month when he told Automotive News affiliate Crain's Detroit Business that Mullen would close its engineering base in Irvine, Calif., and consolidate it to the company's tech center in Troy, where 40-50 employees would be added. 'I want all engineering, all manufacturing, everything in the state of Michigan,' he said at that time. Crain's Detroit inquired with the company about what its footprint will be in Michigan and California following the consolidation. Bollinger's business has sputtered in recent months. The manufacturer of Class 4 electric trucks was forced into receivership after founder and former CEO Robert Bollinger sued the company, seeking to recoup an $11 million loan. While the company exited receivership, it faces major challenges around demand and governmental EV rollbacks. Send us a letter to the editor Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Sign in to access your portfolio
Yahoo
15-07-2025
- Automotive
- Yahoo
EV Maker Mullen Automotive Rebrands To Bollinger Innovations
Mullen Automotive, Inc. (NASDAQ:MULN) shares moved lower on Tuesday after the electric vehicle maker announced a consolidation of its business and a forthcoming rebrand to streamline operations and improve financial efficiency. The company revealed plans to merge operations with its subsidiary Bollinger Motors, adopt a new corporate name, Bollinger Innovations, and update its NASDAQ ticker symbol prior to August 15, 2025. The restructuring involves centralizing its commercial vehicle operations in Oak Park, Michigan, and consolidating all sales, marketing, and service divisions under the Bollinger the beginning of 2025, Mullen said it has reduced its workforce by 155 positions and expects to cut operating expenses by at least $35 million annually. Executives say the consolidation eliminates duplicative functions and focuses resources on the company's core offerings in the Class 1, 3, and 4 electric commercial vehicle segments. "After the consolidation, we are laser focused and confident we will drive our products into the market while being fiscally responsible under one unified brand," said Jim Connelly, Chief Revenue Officer of Bollinger Motors. Jonathon New, Chief Operating Officer of Mullen Automotive, emphasized that the move would unlock substantial savings across sales, engineering, and operations. David Michery, CEO and Chairman of Mullen, added the changes are essential for scaling toward profitability. The updated lineup includes the Mullen ONE, a Class 1 electric cargo van, and the Mullen THREE, a Class 3 cab chassis EV truck, both fully certified under U.S. safety and emissions regulations. Meanwhile, Bollinger's B4 Chassis Cab, an all-electric Class 4 truck, boasts a 158-kWh battery pack, 185-mile range, and payload capacity of 7,325 pounds. Executives noted the company anticipates meaningful sales orders this fiscal quarter. Price Action: MULN shares are trading lower by 5.7% to $0.1109 at last check Tuesday. Read Next:Photo by Ringo Chiu via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article EV Maker Mullen Automotive Rebrands To Bollinger Innovations originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Globe and Mail
15-07-2025
- Automotive
- Globe and Mail
New York State to Offer New Commercial EV Incentives in August; Perfect Time to Buy the Bollinger B4 All-Electric Truck
BREA, Calif., July 15, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an emerging electric vehicle ('EV') manufacturer, today announces its subsidiary, Bollinger Motors, reveals that August will be one of the best times to buy a commercial electric vehicle, as funding for state incentives in New York are set to be replenished, according to Bollinger Motors. The New York Truck Voucher Incentive Program ('NYTVIP') is a state incentive aimed to accelerate commercialization by providing point-of-sale vouchers to make advanced vehicles more affordable. The NYTVIP program can provide credits from $85,000 up to $144,000. Paired with the 45W federal tax credit — up to $40,000 for a Class 4 — and you've got unprecedented up-front affordability for commercial EVs. The federal tax credit will expire for any commercial electric vehicle delivered after September 30, 2025. 'The New York program is a model for how government incentives can stimulate the market for clean transportation,' said Jim Connelly, chief revenue officer for Bollinger Motors. 'Any company with sustainable transportation goals that wants to take advantage of this access to important incentives should act quickly. We anticipate demand for program funds will be high and they could be gone again in a matter of weeks.' Connelly urged companies to prepare purchase orders in July so they can be at the front of the line when the programs reopen in August. Bollinger Motors' commercial Class 4 all-electric truck, the Bollinger B4, is a prime example of a vehicle supported by programs such as HVIP and NYTVIP. The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique chassis design protects the 158-kWh battery pack and components to offer unparalleled capability and safety in the commercial market. The B4 also has been designed with exceptional driving characteristics. The company's patented Quad Bend frame construction allowed for the battery pack to be housed inside the frame wells, while tapering toward the cab to allow tighter turning radius for the vehicle's tires. The vehicle's powerful pickup, combined with its tight turning radius, makes the B4 a versatile truck for multiple urban use cases. About Bollinger Motors Founded in 2015, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. Bollinger Motors is producing and selling its all-electric commercial Class 4 chassis cab truck. In September of 2022, Bollinger Motors became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at About Mullen Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ('CARB') and EPA certified and available for sale in the U.S. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets. In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer network with over 50 locations across the United States for sales and service support. To learn more about the Company, visit Forward-Looking Statements Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, how long the NYTVIP incentive and other government incentives will be available and the net pricing impact of these programs on Bollinger's vehicles. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date. Mullen Automotive Contact: Bollinger Media Contact: Mike DeVilling, (248) 875-4207, mdevilling@ Corporate Communications IBN Austin, Texas 512.354.7000 Office
Yahoo
05-06-2025
- Automotive
- Yahoo
Electric truck startup Bollinger exits court receivership after paying back founder who sued
Editor's note: An earlier version of this story incorrectly described the court status of Bollinger Motors. The company was in receivership in U.S. District Court. Electric truck startup Bollinger Motors has exited U.S. court receivership thanks to more financial aid from parent Mullen Automotive Inc., whose chief has ambitious plans for a rebound set in Michigan. California-based Mullen acquired an additional 21 percent of Bollinger, bringing its ownership stake in the suburban Detroit company to 95 percent, Mullen announced June 2 as it executed its second reverse stock split in as many months to stay compliant with Nasdaq rules on share prices. In tandem with Mullen's transaction, Bollinger was discharged from federal court receivership and case dismissed with prejudice, according to a filing in U.S. district court in Detroit. Mullen Automotive CEO David Michery said the company paid $11 million to Robert Bollinger. In March, Bollinger sued the company he founded, claiming it was broke and seeking to recover his loan. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Mullen, which has faced a host of financial issues beyond Bollinger, is all-in on the electric vehicle startup, Michery said June 4 in an interview with Automotive News and affiliate Crain's Detroit Business. Bollinger Motors — despite the spat with its namesake — will persevere as a brand that 'will outlast everyone,' Michery vowed at the startup's Oak Park, Mich., headquarters. 'You can't blame Bollinger for the current market, you can't blame Bollinger for tariffs, you can't blame Bollinger for the disruption that occurred with Robert filing this frivolous lawsuit,' Michery said. 'That hurt the company.' Now, Mullen is putting its chips on Bollinger Motors to weather the storm. Michery said production of Class 4 trucks would resume in eight to 10 weeks and that the company's staff of about 85 in metro Detroit would soon swell in line with a predicted increase in demand — though that remains in question with a stagnant market. Mullen will close its engineering base in Irvine, Calif., and consolidate it to the company's tech center near Detroit in Troy, Mich., where 40 to 50 employees will be added, Michery said. 'I want all engineering, all manufacturing, everything in the state of Michigan,' he said. While Michery serves as CEO of Bollinger Motors, the company's daily operations will be overseen by James Taylor. After departing in March, Taylor will return to the company as a consultant. One priority is cleaning up the company's supply chain. Bollinger Motors has been sued by several suppliers claiming they were being stiffed by the startup. Michery said he is in the process of paying debts, including to contract manufacturer Roush, which makes the Class 4 trucks for Bollinger. Mullen's earnings reports to the Securities and Exchange Commission seem to indicate big financial trouble. It lost $162 million on revenue of $7.9 million in the first quarter and the company posted a $115 million loss on revenue of $2.9 million in the prior quarter. In May, Mullen Automotive lost its 675,000-square-foot former AM General factory in Mishawaka, Ind., to settle a financial dispute with creditor GEM Yield Bahamas Ltd. However, Michery said Mullen has ample liquidity, including a $150 million equity line allowing the company to use its stock as currency — an instrument approved by the SEC and shareholders. 'Picture a credit card,' he said. 'Mullen has a $150 million credit card that it can use at will.' Mullen's 1-for-100 reverse stock split executed Monday was designed to bring its stock price above $1 per share to meet Nasdaq requirements. Financial adviser Alex Calderone said the move is window dressing and does not solve underlying business performance issues. 'I would not surmise that would impact company valuation at all or shareholder rights at all,' Calderone said. 'It just appears to be a cosmetic change to be able to adjust the share price. … It's like if I traded you a hundred dollar bill for a hundred singles.' On June 4, Mullen Automotive's stock shot up to above $16 per share, tripling its value over the course of a day, as Michery pointed out after pulling up the market summary on his phone. 'They knew we were coming out here to put Bollinger back in business,' he said. Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Sign in to access your portfolio
Yahoo
05-06-2025
- Automotive
- Yahoo
Electric truck startup Bollinger exits bankruptcy after paying back founder who sued
Electric truck startup Bollinger Motors has exited U.S. bankruptcy court thanks to more financial aid from parent Mullen Automotive Inc., whose chief has ambitious plans for a rebound set in Michigan. California-based Mullen acquired an additional 21 percent of Bollinger, bringing its ownership stake in the suburban Detroit company to 95 percent, Mullen announced June 2 as it executed its second reverse stock split in as many months to stay compliant with Nasdaq rules on share prices. In tandem with Mullen's transaction, Bollinger was discharged from bankruptcy court, its receiver removed and case dismissed with prejudice, according to a filing in U.S. District Court in Detroit. Mullen Automotive CEO David Michery said the company paid $11 million to Robert Bollinger, who in March sued the company he founded, claiming it was broke and seeking to recover his loan. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Mullen, which has faced a host of financial issues beyond Bollinger, is all-in on the EV startup, Michery said June 4 during an interview with Automotive News and affiliate Crain's Detroit Business. Bollinger Motors — despite the spat with its namesake — will persevere as a brand that 'will outlast everyone,' Michery vowed at the startup's Oak Park, Mich., headquarters. 'You can't blame Bollinger for the current market, you can't blame Bollinger for tariffs, you can't blame Bollinger for the disruption that occurred with Robert filing this frivolous lawsuit,' Michery said. 'That hurt the company.' Now, Mullen is putting its chips on Bollinger Motors to weather the storm. Michery said production of Class 4 trucks would resume in 8 to10 weeks and that its staff of about 85 in metro Detroit would soon swell in line with a predicted increase in demand — though that remains in question with a stagnant market. Mullen will close its engineering base in Irvine, Calif., and consolidate it to the company's tech center near Detroit in Troy, Mich., where 40-50 employees will be added, Michery said. 'I want all engineering, all manufacturing, everything in the state of Michigan,' he said. While Michery serves as CEO of Bollinger Motors, the company's daily operations will be overseen by James Taylor, who will return to the company as a consultant after departing in March. Another priority is cleaning up the company's supply chain. Bollinger Motors has been sued by several suppliers claiming they were being stiffed by the startup. Michery said he is in the process of paying debts, including to contract manufacturer Roush, which makes the class 4 trucks for Bollinger. Mullen's earnings reports to the SEC seem to indicate big financial trouble. It lost $162 million on revenue of $7.9 million in the first quarter; it posted a $115 million loss on revenue of $2.9 million in the prior quarter. The company lost its 675,000-square-foot former AM General factory in Mishawaka, Ind., last month to settle a financial dispute with creditor GEM Yield Bahamas Ltd. However, Michery said the company has ample liquidity, including a $150 million equity line allowing the company to use its stock as currency — an instrument approved by the SEC and shareholders. 'Picture a credit card,' he said. 'Mullen has a $150 million credit card that it can use at will.' Mullen's 1-for-100 reverse stock split executed Monday was designed to bring its stock price above $1 per share to meet Nasdaq requirements. Financial adviser Alex Calderone said the move is window dressing and does not solve underlying business performance issues. 'I would not surmise that would impact company valuation at all or shareholder rights at all,' Calderone said. 'It just appears to be a cosmetic change to be able to adjust the share price. … It's like if I traded you a hundred dollar bill for a hundred singles.' On Wednesday, Mullen's stock shot up to above $16 per share, tripling its value over the course of a day, as Michery pointed out after pulling up the market summary on his phone. He said: 'They knew we were coming out here to put Bollinger back in business.' Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
