Mullen Automotive acquires ELMS inventory, manufacturing plant, and IP in all-cash purchase
Mullen Automotive has absorbed yet another fellow EV start-up. Today’s acquisition includes Electric Last Mile Solutions, or ELMS, which filed for bankruptcy in June. Mullen received court approval last week to acquire ELMS’s Indiana manufacturing facility, its inventory of EVs, and all its intellectual property.
Mullen Automotive ($MULN) is a Southern California-based EV start-up founded in 2014 that has set out to deliver affordable EVs built entirely on US soil. Although the company has yet to deliver an EV to the market, it came close twice. First, it tried to bring the fabled Coda EV back from the dead, then struck a deal with Qiantu in China to try to bring the assembly of the Dragonfly K50 to the US.
Following a merger in 2020, Mullen pivoted its strategy once again and honed its focus onto its own ground-up EV model – the FIVE crossover SUV. The start-up surprised us yet again by shifting its production sights elsewhere, claiming a majority stake in Bollinger Motors this past September. It vowed to get Bollinger’s ill-fated B1 and B2 electric trucks into production using some of the cash from its acquisition purchase.
Just over a month later, Mullen Automotive announced an investment in another EV start-up, acquiring Electric Last Mile Solutions and all of its assets, including a large production facility.
Mullen approved for all-cash purchase of ELMS’s business
The EV startup shared that it was approved by the US Bankruptcy Court on October 13 as a Chapter 7 transaction, which includes ELMS’s former production facility in Mishawaka, Indiana. Here is the list of assets acquired in the ELMS purchase:
- All intellectual property (IP).
- All inventory, including vehicles (finished and unfinished), finished goods, part modules component parts, raw materials, tooling (including but not limited to product-specific tooling), and all manufacturing data that is required or reasonably helpful for the assembly of the Class 1 Electric commercial delivery vans and Class 3 Commercial Delivery Cab Chassis.
- Real property located in Mishawaka, Indiana, together with all buildings, improvements, and fixtures.
- All tangible personal property, including equipment, machinery, furniture, supplies, computer hardware, data networks, servers (with data and software), communication equipment, software, discs, and all other data storage media.
With the acquisition, Mullen Automotive procures a production footprint with the capability to produce up to 50,000 vehicles per year. The start-up stated that the acquisition of said factory will allow it to accelerate production of the Mullen FIVE and Bollinger B1 and B2 EVs by 12 months.
Mullen currently operates a facility in Tunica, Missouri, which will now become the company’s commercial manufacturing center, responsible for producing Mullen and Bollinger Class 1 to 6 commercial vehicles. Subsequently, FIVE production will move from Tunica to the newly acquired facility in Indiana. Mullen chairman and CEO David Michery spoke to the cash purchase:
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.
Mullen Automotive did not share the purchase price of ELMS in its recent press release, but the start-up reportedly offered over $93 million in cash and other considerations, according to previous court documents. The start-up claims to have access to $275 million to close the ELMS acquisition based upon its cash on hand and “funding commitments” of up to $240 million.
Mullen intends to launch Class 1 to 3 commercial delivery EVs in 2023, followed by the start of FIVE production in 2024.
Electrek’s take
It’s interesting to see Mullen Automotive acquire yet another start-up that couldn’t make it over the scaled production hump. The newly acquired facility could certainly help the start-up answer its own call to destiny in becoming a legitimate automaker, but they still don’t pass the sniff test here at Electrek.
We’d love to be proven wrong. We are by no means rooting against Mullen Automotive. The FIVE and FIVE RS look very cool, but this company remains a mere start-up with some prototypes until it actually starts delivering viable EVs to customers.
Why spend all this money purchasing other technologies from companies instead of using those funds to build your own passenger EVs as planned? Makes you wonder. We totally understand the entry into last-mile and commercial Evs – that segment is absolutely booming. But why now, before successfully scaling a vehicle of its own?
Hopefully, Mullen hasn’t spread itself too thin here financially, especially on the wings of “funding commitments” that make up a large majority of its available funds. Again, rooting for them, but this is definitely a “show, don’t tell” situation.
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Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
Workhorse first showed its W56 medium-duty electric truck at Indiana’s Work Truck Week in 2023, and has sold the trucks to logistics and delivery companies like FedEx and Pride Group – which ordered more than six thousand of the electric vans in 2021, and continues to expand its fleet.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
As part of the approval process, Workhorse completed its registration as a foreign manufacturer under Transport Canada’s Appendix G clearance program. Transport Canada confirmed the vans’ compliance with Canadian Motor Vehicle Safety Standards (CMVSS) for both vehicles – but it remains to be seen if and how the latest tariff-driven trade war between the Trump Administration’s US and Canada will impact Workhorse’s plans to expand throughout North America.
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
SOURCE | IMAGES: Workhorse, via Electric Autonomy Canada.
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![Liebherr developing giant, 140-ton Segway-style autonomous haulers [video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/operational-area-earth-moving-copy.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
Liebherr will show the S1 Vision at this year’s bauma equipment exhibition in Munich, Germany. The design has already been nominated for the bauma Innovation Award in the Mechanical Engineering category – and my money’s on it winning.
Electrek’s Take
This is such goofy, stupid fun that if it was wheelbarrow-sized I’d have three of them. I can’t imagine the insanity of watching one of these things roll across a job site with 100 tons of granite in the bucket – and will have nightmares about the kind of damage it could do if it flipped out like a poorly made Chinese hoverboard clone whipping a toddler across a living room … which, in fairness, would probably get a billion views on Instagram or TikTok or whatever.
I can’t wait.
SOURCE | IMAGES: Liebherr.
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The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
- enclosed cab vs. open canopy
- 32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
Like its counterparts at Volvo CE, the new Hyundai excavator uses automotive-style charging ports to take advantage of existing infrastructure at fleet depots and public charging stations. More detailed specifications, dimensions, and pricing should be announced by bauma.
Electrek’s Take
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.
SOURCE | IMAGES: HD Hyundai; via Construction Index, Equipment World.
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