Bollinger Motors, a once-promising electric truck brand, is facing a dire situation as a federal court judge in Michigan has placed the company’s assets into receivership. This drastic move comes after claims surfaced that the company’s owners owe its founder, Robert Bollinger, more than $10 million.
The journey of Bollinger Motors has been a rollercoaster ride in the competitive electric vehicle industry. The brand initially gained attention during the “draw a truck, get a billion dollars” phase of the EV revolution, where companies like Nikola briefly surpassed Ford in market capitalization. However, Bollinger Motors struggled to bring its trucks into production in a timely manner. Despite a late-stage pivot to sell the brand to Mullen Automotive and focus on launching a medium-duty commercial truck, it seems that the efforts were not enough to save the company.
Recent reports from Automotive News shed light on the convoluted details surrounding the Mullen purchase deal. Robert Bollinger claims that Mullen Automotive owes him over $10 million for a loan he provided to the company in 2024. The circumstances that led to Robert loaning such a substantial amount to Mullen Automotive remain unclear, but Mullen’s response was evident – they failed to show up in court to address the matter.
In addition to the financial turmoil between Bollinger and Mullen, at least two suppliers have also taken legal action against Mullen for unpaid debts. As a result, Honorable Terrence G. Berg has placed the Bollinger brand into receivership, freezing its assets in preparation for potential liquidation. The official court filings revealed a grim reality for Bollinger Motors, with the company being over $20 million in debt and facing eviction from its production facilities.
The CEO of Bollinger Motors has been locked out of the company’s facilities, and critical suppliers and contractors are demanding payment. The dire situation outlined in the court documents paints a bleak picture for the future of the company. It’s a stark reminder of the challenges faced by startups in the EV industry, even those with promising products like the Bollinger B1.
As the saga continues to unfold, it remains to be seen what the future holds for Bollinger Motors. The company’s downfall serves as a cautionary tale in the fiercely competitive and rapidly evolving electric vehicle market. Stay tuned for updates on this developing story.
Sources: Automotive News, Justia, Yahoo!
