Mullen Automotive Inc. acquired a controlling curiosity in fellow electrical car producer Bollinger Motors, of Oak Park, Mich.

Mullen, headquartered in Brea, Calif., purchased a 60 p.c stake in Bollinger for $148.2 million, the corporate mentioned Thursday.

The deal marks Mullen’s first foray into the electrical truck market, with Bollinger Motors introducing each electrical SUVs and chassis cabs prior to now half-decade.

Simply final week, Bollinger mentioned it could produce the Bollinger Motors B4 — a battery-powered Class 4 chassis cab. The automaker didn’t embrace a manufacturing timeline within the announcement.

“This acquisition is without doubt one of the largest within the EV business to this point and supplies Mullen with the distinctive alternative to aggressively increase into the high-demand business EV house,” Mullen CEO David Michery mentioned in a press release.

Since its launch in 2015, Bollinger Motors has been affected by issues, particularly surrounding its launch home windows. In January, after failing to discover a manufacturing companion in time, the corporate indefinitely postponed the discharge of its first two fashions — the B1 SUV and B2 pickup.

“Mullen shares an analogous dream to construct the perfect EV automobiles and vans. This partnership will carry us nearer to creating these visions a actuality, because it permits us to ramp up manufacturing on our finish and get Mullen’s EV applications to the market sooner,” Robert Bollinger, CEO of Bollinger Motors, mentioned in a press release.

Bollinger will keep on as CEO of his namesake firm at its Oak Park facility, he informed Automotive Information.