Bollinger was supposed to start selling the B1 electric SUV and the B2 electric pickup truck as its first products. In January, Bollinger announced these EVs would have to wait because commercial vehicles were more promising. Mullen changed all that by giving Bollinger the money to complete the B1 and B2 development. The cost is Bollinger becoming part of Mullen, which bought a 60% controlling interest in the B1 creator.
Robert Bollinger must have thought that it was better to own 40% of something with more chances of delivering its products than 100% of a company that could not do everything it wanted for lack of funds. As he stresses in the video below, “automotive is expensive.”
This is why his company put B1 and B2 in pajamas at the beginning of the year. According to Bollinger, the electric chassis his team developed had high demand. The company founder was putting his own money into the development process, and the electric chassis would turn a profit more quickly than the EVs.
It was a pity for the more than 50,000 people Bollinger said reserved the B1 and B2. The capability to carry long objects through a system of liftgates made them unique vehicles. Belonging to the Class 3 market segment came with less rigorous homologation requirements, turning the process into something more feasible for a startup.
Mullen stated it injected $148.2 million in cash and stock into Bollinger but did not disclose how much money that company actually received. It must be enough to complete the B1 and B2 development, of which David Michery, Mullen’s CEO, is a great fan.
It is not clear if Michery will become the CEO of both companies or if Bollinger will keep running the company that bears his name while reporting to Michery. What Marc Tarpenning and Martin Eberhard went through at Tesla is definitely something we would not like to see happening with Bollinger.
Michery said Mullen would manufacture a Class 1 utility truck. We are not sure if that is a reference to the Mullen 5, a gorgeous electric crossover. Although Mullen said its production will start in 2023 at the Advanced Manufacturing Engineering Center (AMEC) in Tunica, Mississippi, deliveries should begin only in Q2 2024. The facility has the “ability for light vehicle assembly.” Next year, Bollinger should start delivering the B4, the company’s Class 4 commercial truck. Roush is Bollinger's manufacturing partner, but we don't know if the deal with Mullen changes anything. We’ll probably hear more about that soon.
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