Mullen Buys Bankrupt ELMS And Its Indiana Plant For $240 Million via insideevs.com
After acquiring a 60 percent controlling interest in Bollinger Motors in September, Mullen Automotive has now bought bankrupt Electric Last Mile Solutions and its assets, including the plant in Mishawaka, Indiana.electric vehicle company Electric Last Mile SolutionsThe California-based startup says the former ELMS plant in Indiana will provide it with the capability to produce up to 50,000 vehicles per year.
"Mullen's acquisition of Bollinger was one of the largest transactions of its kind in the EV market. Upon closing the ELMS transaction, the Company will be in a position to strategically leverage all its acquired assets to shorten its production path and aggressively expand into the commercial and consumer EV market.
, is the main benefit of the ELMS acquisition. Besides bringing additional production capacity, the plant will enable a significant reduction of Mullen's previously forecast overall spend.control over ELMS's intellectual property rights and inventory—including finished and unfinished vehicles, part modules component parts, tooling, raw materials and more.
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