Mullen Automotive Inc. acquired a controlling interest in fellow electric vehicle manufacturer Bollinger Motors, of Oak Park, Mich.
Mullen, headquartered in Brea, Calif., bought a 60 percent stake in Bollinger for $148.2 million, the company said Thursday.
The deal marks Mullen's first foray into the electric truck market, with Bollinger Motors introducing both electric SUVs and chassis cabs in the past half-decade.
Just last week, Bollinger said it would produce the Bollinger Motors B4 — a battery-powered Class 4 chassis cab. The automaker did not include a production timeline in the announcement.
"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," Mullen CEO David Michery said in a statement.
Since its launch in 2015, Bollinger Motors has been plagued by problems, especially surrounding its release windows. In J…