Bollinger Motors Appoints New CEO Amid Strategic Overhaul in Electric Truck Sector

A recent publication by The Detroit News reveals that Bollinger Motors Inc., an electric vehicle manufacturer based in Michigan, has successfully emerged from receivership with a revamped leadership team and ownership structure.

This turnaround follows a federal judge’s decision last month to place the company under self-reliant oversight due to financial difficulties that halted production and impacted employee payments. The situation escalated after Robert Bollinger, the founder and former CEO of the company, filed a lawsuit claiming he was owed approximately $10 million. It seemed like this once-promising EV startup was nearing its end as creditors prepared to claim its assets.

However, recent court documents indicate that the receiver has been dismissed and Robert Bollinger’s loan issue has been resolved.Mullen Automotive Inc., based in California, announced it now holds a commanding 95% stake in Bollinger after acquiring an additional 21%. David Michery, Mullen’s CEO, is stepping into the role of head of Bollinger as well.

Bollinger Motors is back on track following receivership as parent company Mullen Automotive resolves claims and increases ownership stake.

“Our increased investment reflects our confidence in Bollinger’s future,” Michery stated regarding their commitment to the brand’s lineup.

Bollinger began producing its electric chassis cab truck known as the B4 last year; they also plan to launch a larger model called the B5 next year. A statement from Mullen confirmed that while they will maintain majority control over operations at Bollinger, it will continue functioning independently with its own brand identity intact—customers can expect business as usual moving forward.

Mullen agreed during this process to cover costs associated with managing receiver Gene Kohut along with payroll expenses while resolving Robert Bollinger’s loan issue. Despite this positive development for Bollinger motors’ future prospects,concerns linger about Mullen’s financial health; they’ve reported notable losses recently according to U.S. Securities filings. During a court hearing last month in Detroit, executives expressed worries over insufficient support from Mullen amid cash flow challenges leading up to production halts and missed payments across various obligations including suppliers and employee benefits.

The previous CEO noted earlier this May that only two trucks had sold recently while around forty remained unsold in inventory—a clear sign of struggles ahead.
“In recent weeks we’ve reassured customers we’re open for business,” said Jim Connelly who serves as chief revenue officer at Bollinger Motors. “The commercial EV market is ripe with potential—we’re committed to providing outstanding vehicles tailored for fleet electrification needs.”

This week Michery shared his ambition for resuming production within eight to ten weeks while also aiming to expand their current workforce of roughly eighty-five employees located near Detroit—though he wasn’t available instantly for further comments on June 5th.