Mullen Automotive acquires bankrupt ELMS for $240 million

Mullen Automotive said Wednesday it has acquired Electric Last Mile Solutions, paving the way for the California-based startup to manufacture its first electric vehicle.
The $240 million cash purchase allows Mullen the capability to build up to 50,000 EVs annually, accelerating the launch of the Mullen FIVE and Bollinger B1 and B2 retail vehicles. The deal also gives Mullen control over ELMS’s inventory, intellectual property rights and plant in Mishawaka, Indiana.
Mullen, which went public in a 2021 SPAC merger, is in growth mode, acquiring in September a 60% controlling interest in Bollinger

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