- Mullen Automotive (NASDAQ: MULN) to become Bollinger Innovations, enhancing operational efficiency.
- Corporate restructuring leads to 155 job cuts and $35 million in annual cost savings.
- Commercial vehicle operations to consolidate in Oak Park, Michigan, by August 15, 2025.
Mullen Automotive, Inc. (NASDAQ: MULN) has announced a significant corporate restructuring, signaling a strategic pivot aimed at achieving profitability. The restructuring includes a name change to Bollinger Innovations, with the consolidation of operations expected to be completed before August 15, 2025. This move is part of an aggressive cost-cutting initiative that has seen the elimination of 155 positions and a reduction in annual operating expenses by $35 million.
The consolidation will involve relocating commercial vehicle operations to Oak Park, Michigan, in order to streamline operations and unify the sales, marketing, and service functions under the Bollinger brand. The company's commercial electric vehicle lineup encompasses the Mullen ONE, a Class 1 cargo van, the Mullen THREE, a Class 3 cab chassis, and the Bollinger B4, a Class 4 chassis cab with a range of 185 miles and a payload capacity of 7,325 pounds.
The restructuring seems strategically aimed at bolstering presence in the commercial vehicle market, with a focus on Class 1, 3, and 4 commercial vehicles. This geographic and operational consolidation positions Bollinger Innovations closer to potential commercial customers and the heart of the American automotive industry, promising substantial savings across marketing, sales, engineering, and operational expenses.
Despite significant workforce reductions, the company remains optimistic, with expectations of significant sales orders in the current fiscal quarter. Management emphasizes a commitment to being "fiscally responsible" and laser-focused on driving the market presence of their products under a unified brand identity.
Mullen’s commercial EV offerings remain fully compliant with U.S. regulatory standards, ensuring adherence to Federal Motor Vehicle Safety Standards, EPA, and CARB certifications.
