If you’ve ever tried to launch a new tech company — or even just watched someone else do it — you’ll know this: the climb is rarely gentle, and rarely straight. Mullen Automotive was supposed to be a David with a lithium-powered slingshot, ready to take down the Goliaths of the electric vehicle world. Now, a decade in, the headlines are less “up and coming” and more “bracing for collapse.” But let’s not write the eulogy just yet.
The Rise and Recent Spiral of Mullen Automotive
For starters, Mullen Automotive didn’t emerge from nowhere. The company was founded to blend “California car startup cool” with big visions for affordable electric vehicles — all assembled on U.S. soil. At large, it jumped onto Wall Street in 2021 through a splashy SPAC deal.
Mullen’s earliest fans saw a bold promise: Take on Tesla and GM with lower-cost electric SUVs and vans built in America.
But by 2024, the tune had changed. As is often the case with buzzy startups, scaling up proved far messier than plotting business plans on a whiteboard. The troubles showed up early and, eventually, in stereo. Delayed vehicle launches. Funding scares. Lawsuits with suppliers. Take your pick.
One recurring headline: Mullen’s dreams kept colliding with the cash register. And that brings us up to the financial elephant in the room.
The Brutal Numbers: Losses, Revenue, and Cash Burn
Let’s talk dollars and sense. The numbers for the twelve months ending September 30, 2024, are…well, they’re not for the faint of heart. According to SEC filings, Mullen Automotive posted a staggering loss of approximately $506 million — and here’s the kicker — that loss came with only $1 million in revenue over the same period.
That’s not a typo. By one count, Mullen lost about $500 for every dollar it pulled in. Meanwhile, those magical words, “cash on hand,” painted their own grim picture; the company had just $10 million left in the bank at the end of September 2024.
For anyone with a startup spreadsheet, you know what time it is when the money hits single digits: time for all-hands meetings, phone calls to every would-be investor, and a lot of caffeine.
Name Changes and Nasdaq Drama: The Shift to Bollinger Innovations
If you blinked, you might have missed the rebrand. In 2025, Mullen Automotive officially changed its name to Bollinger Innovations. From the outside, this might look like a play to pivot — maybe shake off some trailing baggage. More likely, a sign that something was about to snap.
Then came the Nasdaq axe. After months of warnings and extension requests, Bollinger Innovations was delisted from the Nasdaq in October 2025. That’s usually a one-way ticket to the investor penalty box. The stock had failed listing requirements, including share price minimums and liquidity rules, effectively stripping away a key source of credibility and cash.
Delisting isn’t a death sentence for every company, but for a public EV startup hanging by threads, it’s about as positive as a red battery light mid-highway.
Living on the Edge: “Substantial Doubt” and Bankruptcy Warnings
Let’s not sugarcoat this part. In early regulatory filings, the company openly admitted “substantial doubt” about its ability to keep the doors open as a “going concern.” That’s corporate speak for, “We honestly don’t know if we can make payroll this year — or next quarter.”
In more than one SEC document, management said plainly that without fresh funding, they might need bankruptcy protection. (Pro tip: When a startup’s own lawyers are penciling in bankruptcy scenarios, it’s rarely for fun.)
At large, these warnings are the ultimate smoke signal. The electric vehicle industry is growing — but it’s also unforgiving, and it takes discipline to win. Not everyone gets a second act.
Is Mullen Out of Business? Here’s Where It Gets Messy
Right now, contrary to some doomsday Twitter threads, Mullen/Bollinger Innovations is not “fully out of business” everywhere. Stretching the truth? Maybe. Evaporated overnight? Not so fast.
A late-2025 news report from Southern California showed the Brea headquarters still open — or at least, not padlocked. Operations had definitely been scaled back, with staff reductions and a sharp shift in focus. Manufacturing at some sites ground to a halt, and “non-core” units were put on indefinite pause. The vibe, described by one supplier: “Bare bones, but breathing.”
This has led to an odd limbo. Shuttered factory floors in one state, conference calls and prototype builds in another. Even for business veterans, it’s tough to pin down.
From Mullen to Bollinger: What’s Still Standing?
Let’s zoom in. Mullen Automotive, as we knew it — hyped, headline-grabbing, and cash-hungry — is effectively in hibernation. The company’s main value now rests with two spinouts:
1. Bollinger Motors: Once a separate “rugged EV truck” brand, it’s now the tentpole under Bollinger Innovations. The firm claims it’s still developing all-electric commercial trucks and chassis cabs, but sources say output is minimal and demo units are rare sightings.
2. Bollinger Innovations: This is what’s left after all the costume changes. The focus now leans on licensing, fleet deals, and maybe — an occasional contract manufacture job. R&D hasn’t stopped entirely, but most engineers have moved on, and many facilities are mothballed.
At large, the creative business units — from battery tech to e-delivery prototypes — have either closed, downsized, or been spun off. If you call the main line in Brea, a human may answer. But don’t expect a tour of humming assembly lines.
The “Going Concern” Warning: What Does That Mean for Stakeholders?
For public investors, this is the page in the story where hope and denial trade places daily. After the Nasdaq exit, shares (now OTC, or over-the-counter) are barely trading. Debt holders? They’re circling like hesitant buzzards, wondering if there’s any meat left.
Suppliers have gone from “strategic partners” to collecting whatever pennies are owed. And if you ordered a Mullen EV for your fleet, the best thing you can do is call, email, and — if you’re the praying kind — hope for a shipping confirmation.
The hard truth is that once the “going concern” warning appears, survival often depends on a White Knight, a deep-pocketed acquirer, or sudden new demand. So far, none have appeared.
What’s the Mood on the Ground?
Here’s where the story breaks from typical startup fare. Speak to laid-off engineers or former factory hands, and you’ll hear more disappointment than outrage. “We dreamed big,” one Brea-based employee shared. “But the cash crunch just crushed day-to-day progress. No one wanted it to end like this.”
A supplier in Michigan put it more bluntly: “I’ve seen companies scale fast and trip. But this felt like the music stopping way before the dance was over.”
That said, not everyone’s in mourning. A few true believers are still trying to salvage contracts and tech files, betting the EV boom gives Bollinger Innovations a sliver of resurrection. The odds? Not zero, but you’d want a backup plan.
Wider Lessons: EV Is a Knife Fight, Not a Garden Party
There’s a lesson here for anyone with startup ambitions — or money riding on the next “Tesla-killer.” Hype is oxygen for founders, but it doesn’t put chargers in the ground, and it sure doesn’t cover payroll.
The electric vehicle sector is growing, yes, but it’s cold-blooded: If you can’t show revenue, cash, or mindshare, you get left in the dust. Mullen’s experience is a reality check that should be taped over every “future unicorn” pitch deck.
If you want deeper research on the economics of struggling startups or concrete case studies on how to keep businesses out of this kind of mess, you’ll find plenty over at inbusinessvoice.com. Their coverage dives into what works, why companies fall, and what entrepreneurs can actually do about it.
Final Thoughts: Is Mullen Automotive Going Out Of Business?
So, is Mullen out of business? Not quite, but it’s hanging on by a thread — and the scissors are close. The company, now renamed Bollinger Innovations, is treading water with barely enough cash to keep the lights on in Brea. Factories are idled, production is fleeting, and the Nasdaq delisting has boxed out institutional backers.
If you’re a betting person, you’d call it a long shot — but some startups refuse to die quietly. Occasionally, just occasionally, a sliver of product-market fit or a wild rescue deal delivers redemption. For everyone else — investors, customers, would-be rivals — Mullen’s saga is a mix of wild ambition and the cold math of cash flow.
For the moment, Mullen/Bollinger Innovations is neither fully alive nor officially dead. Watch this space — there’s always another surprise in the rough ride of the EV business.
Read Also:
