A federal court judge in Michigan has placed the assets of Bollinger Motors into receivership amid escalating financial troubles.
The move follows claims that the electric truck manufacturer owes its founder, Robert Bollinger, over $10 million.
This dire situation is compounded by an alarming total debt of more than $20 million owed to various suppliers and contractors, threatening the company’s operational viability and access to essential production facilities.
Electric Truck Maker Owes Founder Over $10 Million Amid Debt Troubles
Once considered a noteworthy contender in the electric vehicle (EV) marketplace, Bollinger Motors has struggled to bring its highly anticipated trucks to market.
The company initially gained attention during the early EV revolution but subsequently faced significant delays. In a last-ditch effort to save the brand, Robert Bollinger sold it to Mullen Automotive, a pivot that has yet to yield the desired results for either party.
According to Robert Bollinger, Mullen Automotive now owes him over $10 million stemming from a loan issued in 2024, yet Mullen has not responded to these claims in court. Additionally, at least two suppliers have joined the fray, suing Mullen for unpaid debts—a significant complication in an already precarious financial landscape.
In court proceedings, CEO Bryan Chambers revealed that he has been locked out of Bollinger’s production facilities since May, with potential eviction looming. The situation has been characterized as a financial crisis, as Bollinger relies heavily on its supplier relationships to sustain its operations.
The court filings indicate a bleak outlook for the company, as critical production resources have been curtailed due to unpaid debts.
Despite its initial promise, Bollinger Motors now finds itself teetering on the edge of collapse. The unfolding drama serves as a stark reminder of the unpredictability of the burgeoning EV market, and whether Bollinger can navigate through these tumultuous waters remains to be seen.