Mullen Automotive
American electric vehicle company
Last updated August 31, 2026
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History
Mullen Automotive emerged from the combination of Mullen Motor Cars and Coda Automotive under David Michery. The business sought to build an American electric-vehicle manufacturer with a portfolio spanning premium passenger vehicles, sports cars, urban mobility products, delivery vans, and commercial trucks. Its early plans included the Dragonfly K50, a high-performance electric sports car derived from the Qiantu K50, and the Mullen FIVE, a premium compact electric crossover. The company’s corporate structure changed through its 2020 agreement with Net Element. The transaction closed in November 2021 as a reverse merger. Mullen became a subsidiary of Net Element, while Net Element adopted the Mullen Automotive name. Around the same period, Mullen announced plans for a factory in the Memphis, Tennessee area, initially associating the site with future FIVE production. The company instead acquired a facility in Robinsonville, Mississippi, and did not proceed with the announced Tennessee plan. Although Mullen presented itself as a U.S.-based EV manufacturer, its practical product strategy increasingly relied on Chinese vehicles and supplier relationships. The Mullen GO was based on the Chinese Xiaohu FEV and was aimed at city mobility and last-mile delivery. The Mullen ONE was derived from the Wuling G100 van, while the Mullen Campus was an unhomologated version intended for private-property use. The Mullen THREE was a cab-over class 3 truck manufactured by Yuejin, a subsidiary of SAIC Motor. The GT and GTRS were rebadged versions of the Qiantu K50 concept and kit-based vehicle line. The company’s progress attracted criticism because several announced vehicles remained in development or had not reached meaningful production. In 2022, research reports from Fuzzy Panda Research and Hindenburg Research challenged Mullen’s representations, acquisition strategy, imported-vehicle model, and revenue practices. These reports contributed to public controversy around the company, while Mullen also promoted the view that its share price was affected by illegal naked short selling. In 2023, Michery and attorney Wes Christian discussed a lawsuit involving alleged naked short selling on a Fox Business program. Charles Schwab, one of the named defendants, denied the allegations. Mullen acquired a controlling stake in Bollinger Motors in September 2022. The transaction expanded Mullen’s presence in electric pickups, SUVs, and commercial trucks. Bollinger later delivered several B4 electric trucks in 2024, although the acquired business remained financially pressured. Mullen’s planned FIVE crossover was ultimately cancelled in 2024, marking a major retreat from the company’s earlier premium-passenger-vehicle ambitions. Financial disclosures cited for the twelve months ending September 30, 2024 showed approximately $506 million in losses against approximately $1 million in revenue, with approximately $10 million in cash at the end of the period. The company also faced controversy over executive compensation: Michery’s reported base salary was $750,000 annually, and performance awards disclosed through September 2023 were described as exceeding $40 million. The company changed its name to Bollinger Innovations in June 2025. Nasdaq delisted the company in October 2025. The Bollinger Motors unit reportedly shut down in November 2025 after failing to meet payroll, and the broader company was reported to have entered receivership in January 2026.
- 2025
Corporate renaming and Nasdaq delisting
[1]Mullen Automotive adopted the Bollinger Innovations name in June and was delisted from Nasdaq in October.
- 2024
Mullen FIVE cancelled
[1]Development of the planned premium electric crossover was cancelled.
- 2022
Bollinger Motors acquisition
[1]Mullen purchased a controlling interest in Bollinger Motors, broadening its electric commercial-vehicle portfolio.
- 2021
Reverse merger completed
[1]The transaction with Net Element closed in November, after which Net Element adopted the Mullen Automotive name.
- 2021
Manufacturing-site strategy changed
[1]Mullen moved away from its announced Memphis-area factory plan and purchased a facility in Robinsonville, Mississippi.
- 2020
Merger agreement with Net Element announced
[1]Mullen Technologies announced a merger agreement with Net Element, establishing the route to a public-company listing through a reverse merger.
Products and positioning
An American electric-vehicle venture positioned around domestic EV manufacturing, commercial electrification, and a broad model range, but whose actual portfolio relied substantially on Chinese captive imports, rebadged vehicles, acquisitions, and vehicles at different stages of development.
Electric city and last-mile vehicle · 2022
Mullen GO
Unveiled in 2022, the Mullen GO was positioned as a compact electric city vehicle and last-mile delivery product. It was essentially a rebadged version of the Chinese Xiaohu FEV, reflecting Mullen’s shift toward imported vehicles for near-term commercial opportunities.
Electric delivery van
Mullen ONE
The Mullen ONE was a delivery van based on the Wuling Motors G100. It was intended for commercial fleet and last-mile use. A related unhomologated version, marketed as the Mullen Campus, was limited to private-property operation and did not include the safety improvements associated with the Mullen ONE.
Private-property electric van
Mullen Campus
The Mullen Campus was an unhomologated version of the Wuling G100-derived van. It was intended for controlled private-property environments rather than unrestricted road use, distinguishing it from the more fully specified Mullen ONE.
Class 3 electric delivery truck
Mullen THREE
The Mullen THREE was a three-seat cab-over electric truck aimed at last-mile delivery and other commercial applications. It used an electric powertrain associated with Jing-jin and was manufactured by Yuejin, a subsidiary of SAIC Motor. The model represented Mullen’s effort to prioritize fleet and commercial electrification.
Electric sports cars
Mullen GT and GTRS
The Mullen GT and GTRS were planned electric sports-car variants based heavily on the Qiantu K50. The program was initially associated with the Dragonfly K50 and was intended to bring a luxury-performance EV to the United States, but engineering and production progress remained limited in the supplied historical record.
Premium compact electric crossover
Mullen FIVE
The Mullen FIVE was planned as a premium compact electric crossover and was presented as a cornerstone of the company’s original passenger-vehicle strategy. Mullen discussed production and sales beginning in the mid-2020s, but development was cancelled in 2024 before the model became an established production vehicle.
Commercial electric truck · 2024
Bollinger B4
The Bollinger B4 was a commercial electric truck developed by Bollinger Motors, the company in which Mullen acquired a controlling stake. Several B4 trucks were delivered in 2024, making it one of the more tangible commercial products associated with Mullen’s acquired portfolio.
Controversies
2023
Executive compensation controversy
Mullen faced scrutiny over David Michery’s reported $750,000 base salary and performance awards described as exceeding $40 million through September 2023, despite the company remaining unprofitable. The issue was discussed publicly during a television interview and in subsequent company communications.
2023
Naked-short-selling allegations
Mullen and its leadership alleged that illegal naked short selling had harmed the company’s stock and brought a lawsuit naming TD Ameritrade, Charles Schwab, and National Financial Services. Charles Schwab denied the allegations. The supplied material does not establish the final legal outcome.
2022
Research criticism of imported vehicles and revenue practices
Fuzzy Panda Research described Mullen as an electric-vehicle company passing off Chinese imports as American-made and alleged that certain products generated questionable revenue treatment. Hindenburg Research separately characterized Mullen as one of the more problematic EV promotions in the market. These were research-firm allegations and should not be treated as judicial findings.
Brand decisions
2025
Adopt the Bollinger Innovations nameStrategyBackground
The Bollinger acquisition had become increasingly central to the group’s identity and commercial-vehicle ambitions.
Action taken
Mullen Automotive changed its corporate name to Bollinger Innovations in June 2025.
Aftermath
The rebranding was followed by Nasdaq delisting and later reports of operational failure and receivership.
2024
Cancel development of the Mullen FIVEStrategyBackground
The FIVE had been positioned as a flagship premium passenger EV, but the company’s practical portfolio had shifted toward commercial vehicles and imported models.
Action taken
Mullen cancelled development of the FIVE.
Aftermath
The cancellation represented a retreat from the company’s original premium-consumer EV strategy.
2022
Acquire control of Bollinger MotorsM&ABackground
Mullen wanted to expand beyond passenger EV concepts into electric pickups, SUVs, and commercial vehicles.
Action taken
Mullen acquired a controlling stake in Bollinger Motors.
Aftermath
Bollinger became a major part of Mullen’s commercial-vehicle portfolio, including the B4 truck program.
Acquisition consideration. $148.2 million (September 2022)
2021
Change the planned manufacturing locationStrategyBackground
Mullen had announced a Memphis-area factory for the Mullen FIVE but later reconsidered the location.
Action taken
The company purchased a facility in Robinsonville, Mississippi instead of proceeding with the announced Tennessee site.
Aftermath
The Mississippi facility became part of the company’s domestic-manufacturing narrative, although the supplied material does not confirm sustained volume production there.
2020
Pursue a reverse merger with Net ElementM&ABackground
Mullen sought access to public markets and a broader corporate platform while developing its electric-vehicle plans.
Action taken
The company announced a merger agreement with Net Element, which was completed in November 2021.
Aftermath
Mullen became a subsidiary of Net Element, and Net Element changed its name to Mullen Automotive.
Recent events
- 2025
Mullen Automotive changed its name to Bollinger Innovations[1]
Other
The corporate identity was changed from Mullen Automotive to Bollinger Innovations, reflecting the increasing prominence of the acquired Bollinger business.
- 2025
Bollinger Motors closed after failing to meet payroll[1]
Bankruptcy
The Bollinger Motors unit reportedly ceased operations after it was unable to meet payroll obligations.
- 2025
The company was delisted from Nasdaq and later entered receivership[1]
Bankruptcy · Regulation
The company was delisted from Nasdaq in October 2025 and was subsequently reported to have entered receivership in January 2026.
- 2024
Mullen FIVE development was cancelled[1]
Product launch
The company discontinued development of the planned premium compact electric crossover after years of positioning the model as a major future product.
- 2024
Mullen reported a large loss relative to revenue[1]
Other
For the twelve-month period ending September 30, 2024, the company reported a loss of approximately $506 million on approximately $1 million of revenue and held approximately $10 million in cash at period end.
- 2022
Mullen acquired a controlling interest in Bollinger Motors[1]
M&A
Mullen acquired control of Bollinger Motors, an electric truck and SUV developer, expanding its commercial-vehicle and off-road EV ambitions.
- 2021
Mullen announced plans for a Tennessee manufacturing facility[1]
Other
The company announced plans to open a Memphis-area factory for production of the Mullen FIVE, but later abandoned the Tennessee site after purchasing a facility in Robinsonville, Mississippi.
- 2021
Mullen completed its reverse merger with Net Element[1]
M&A
The reverse merger made Mullen a subsidiary of Net Element, which changed its corporate name to Mullen Automotive.
- 2020
Mullen Technologies announced a merger agreement with Net Element[1]
M&A
Mullen Technologies announced a merger with Net Element, a payments-as-a-service company. The transaction was later completed as a reverse merger.
Sources3 sources
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