Mullen Automotive, a California-based electric vehicle (EV) manufacturer, is navigating a turbulent landscape under the leadership of CEO David Michery. Despite financial struggles, market uncertainties, and a shifting regulatory environment, Mullen CEO David Michery doubles down on commercial EVs, steering the company toward an ambitious vision of dominating the commercial electric vehicle sector. This article explores Michery’s strategy, Mullen’s recent moves, and the challenges and opportunities ahead, drawing from recent reports and insights into the company’s operations.
Mullen’s Financial Landscape: A High-Stakes Game
Mullen Automotive is no stranger to financial challenges. For the six months ending March 31, 2025, the company reported a staggering $162 million loss on just $7.9 million in sales, with cash reserves dwindling to $2.3 million. These figures paint a grim picture, but Michery remains undeterred, emphasising that many of these losses are non-cash and attributing the company’s survival to its resilience in a tough market. “EVs are out of favour right now,” Michery acknowledged in a June 4, 2025, interview with Automotive News and Crain’s Detroit Business, but he insists the downturn is temporary.
To maintain Nasdaq compliance, Michery orchestrated two reverse stock splits in the last 60 days after Mullen’s stock price fell below a nickel per share. Additionally, the company settled a lawsuit with Bollinger Motors’ founder, Robert Bollinger, for $11 million, increasing Mullen’s ownership of Bollinger to 95%. These moves, while stabilising in the short term, highlight the precarious financial tightrope Mullen walks. Michery relies heavily on an unnamed investor who provides $1.5 million weekly and a $150 million line of credit, totalling over $800 million in cash infusions. This financial backing underpins Michery’s confidence as he pushes forward with his vision for commercial EVs.
Mullen CEO David Michery Doubles Down on Commercial EVs
At the heart of Mullen’s strategy is a focus on commercial electric vehicles, particularly through its subsidiary, Bollinger Motors. Mullen CEO David Michery doubles down on commercial EVs by prioritising models like the Bollinger B4 chassis cab and Mullen’s Class 1 and Class 3 vehicles. Michery’s acquisition of Bollinger for $148.2 million, followed by an additional $77 million investment, was initially driven by enthusiasm for the B1 and B2 off-road SUVs. However, he has since pivoted to emphasise commercial vehicles like the B4 and B5, citing their potential to capture a significant market share.
Michery’s vision is rooted in a belief that American-engineered, U.S.-built vehicles will resonate with buyers. “Here in Detroit is the foundation of the electric car business,” he said, expressing confidence in Bollinger’s ability to outlast competitors. The Mullen CEO, David Michery, doubles down on commercial EVs by planning to ramp up production of the B4, with 40 vehicles ready for delivery and an expected restart of production within 10 weeks from June 2025. This push comes despite a stagnant market and challenges with tariffs on Chinese-sourced components, which form a significant part of Mullen’s vehicles.
Bollinger Motors: A Key Pillar of Mullen’s Strategy
Bollinger Motors, based in Oak Park, Michigan, is central to Mullen’s commercial EV ambitions. The company’s B4 chassis cab, a Class 4 truck, is designed for commercial fleets, and Michery sees it as a cornerstone of Mullen’s future. Despite a temporary pause in production due to supply chain issues and a lawsuit from Bollinger’s founder, Michery is optimistic about resuming output and scaling up. He is also exploring high-volume production options, potentially moving beyond the current low-volume manufacturing partnership with Roush Enterprises to a facility capable of producing “hundreds of thousands” of vehicles.
The acquisition of a 95% stake in Bollinger, announced on June 2, 2025, increased shareholder equity by $3.5 million and eliminated significant debt, allowing Mullen to regain full control of Bollinger’s operations. Michery’s dual role as CEO of both Mullen and Bollinger underscores his commitment to integrating the subsidiary’s operations while maintaining its brand identity. The Mullen CEO David Michery doubles down on commercial EVs by focusing on Bollinger’s Class 4 and Class 5 trucks, which he believes will meet growing demand for eco-friendly fleet solutions.
Expanding Market Reach: The Mullen FIVE RS and Beyond
While commercial EVs are the immediate focus, Mullen is also eyeing the consumer market with its high-performance Mullen FIVE RS EV crossover. Set to launch in Germany in December 2025, the FIVE RS boasts a top speed exceeding 200 mph, 0-60 mph acceleration in under two seconds, and over 1,100 horsepower. Mullen plans to expand sales to other European countries, the UAE, and South Africa in 2026, partnering with Faissner Petermeier Fahrzeugtechnik AG to ensure compliance with German regulations. This move diversifies Mullen’s portfolio, but its success hinges on overcoming financial constraints and market skepticism.
The Mullen CEO David Michery doubles down on commercial EVs while simultaneously pursuing consumer EVs, reflecting a dual strategy to stabilise the company’s finances through commercial sales while building brand recognition with high-performance vehicles. However, with a market capitalisation of just $3 million and ongoing financial challenges, this ambitious expansion raises questions about execution.
Financial Moves and Market Challenges
Mullen’s financial manoeuvres have been critical to its survival. On May 29, 2025, the company raised $14.4 million through securities purchase agreements, boosting its stock price by over 240%. This capital infusion, combined with the $150 million equity line of credit, provides a lifeline as Mullen navigates a tough EV market. However, the company faces scrutiny for late payments to suppliers, with Michery admitting to managing cash flow tightly but insisting that Mullen’s payment terms are comparable to industry giants like General Motors.
The Mullen CEO David Michery doubles down on commercial EVs despite tariffs on Chinese components, which complicate pricing and supply chains. Michery views these challenges as temporary, banking on tariff negotiations resolving favorably and domestic manufacturing providing a competitive edge. Mullen’s vehicles, including the Mullen ONE Class 1 cargo van and Mullen THREE Class 3 truck, are 100% U.S.-assembled, which Michery highlights as a cost-effective solution for fleet operators.
Recent Wins and Partnerships
Mullen has secured several strategic wins to bolster its commercial EV push. The company landed a $1.4 million order for 20 Mullen THREE vehicles from Cashflow on Wheels, a logistics company focused on last-mile delivery. Additionally, Mullen’s vehicles were added to the National Auto Fleet Group’s Sourcewell contract, streamlining procurement for government agencies and educational institutions. The Mullen ONE also found a home in Orange County, North Carolina, as part of its Climate Action Plan to transition to an all-electric fleet by 2025.
A partnership with EGI to manufacture advanced solid-state batteries (SSBs) in Michigan and California further strengthens Mullen’s position. These batteries, set to enter production in late Q3 2025, promise double the energy density of traditional lithium-ion batteries, potentially enhancing Mullen’s commercial offerings. The Mullen CEO David Michery doubles down on commercial EVs by leveraging these partnerships to position Mullen as a leader in sustainable transportation.
Criticism and Controversies
Despite these efforts, Mullen faces significant scepticism. A federal securities class action lawsuit alleges that Michery and Mullen misled investors about reverse stock splits, business partnerships, and battery technology between February 2023 and March 2024. Hindenburg Research has also criticised Michery’s leadership, pointing to his background in entertainment rather than automotive and a history of failed ventures. Posts on X reflect investor frustration, with some accusing Michery of prioritising personal gain over shareholder interests.
The Mullen CEO David Michery doubles down on commercial EVs amid these controversies, maintaining that the company’s financial health is stronger than perceived. He points to a $150 million credit line and $80 million in committed capital as evidence of Mullen’s staying power. However, with a Nasdaq delisting risk looming due to a market value below $35 million, Mullen has until August 25, 2025, to regain compliance.
The Road Ahead for Mullen Automotive
Michery’s strategy hinges on scaling production, resolving supply chain issues, and capitalizing on the growing demand for commercial EVs. The Mullen CEO David Michery doubles down on commercial EVs by focusing on Bollinger’s B4 and B5 trucks and Mullen’s Class 1 and Class 3 vehicles, aiming to “monopolize the commercial segment”. Plans to produce the Bollinger B1 SUV in the future signal long-term ambitions, but the immediate priority is stabilizing operations and delivering on existing orders.
The EV market remains challenging, with high interest rates, reduced incentives, and tariff uncertainties dampening demand. Yet, Michery’s optimism and financial backing provide Mullen with a runway to pursue its goals. Whether this gamble pays off depends on the company’s ability to execute its production plans, manage its finances, and rebuild investor trust.
Conclusion: A High-Risk, High-Reward Strategy
Mullen Automotive stands at a crossroads, with Mullen CEO David Michery doubling down on commercial EVs as the path to survival and growth. His unconventional leadership, backed by significant investor support, keeps Mullen afloat despite daunting financial challenges. By focusing on American-made commercial vehicles and strategic partnerships, Michery aims to carve out a niche in a competitive market. However, with legal battles, investor skepticism, and a volatile EV landscape, Mullen’s success is far from guaranteed. For now, Michery’s poker face remains intact, betting big on a future where commercial EVs drive Mullen to prominence.