The electric vehicle sector has faced severe financial distress over the last two years due to rising costs from inflation and high interest rates, which led to several bankruptcy filings and business closings.
Fisker Group Inc., which began deliveries of its Ocean battery-electric crossover SUV in 2023, filed for Chapter 11 bankruptcy on June 17, 2024, shut down, and liquidated its assets.
Ideanomics Inc., the parent company of another EV maker Via Motors, on Dec. 4, 2024, filed for Chapter 11 bankruptcy after closing down all of its EV manufacturing operations.
Ideanomics sought to sell its assets to its secured debt lender Tillou Management & Consulting, which offered a credit bid to purchase the company.
Commercial EV truck makers filed bankuptcy
Via Motors manufactured a line of commercial EVs that included box trucks, walk-in vans, service trucks, skate trucks, walk-through shuttle buses, and step vans.
Nikola Corp. a pioneer in the development of battery electric and hydrogen fuel cell electric semi-trucks, filed for Chapter 11 bankruptcy on Feb. 19, 2025, seeking a sale of its assets.
Nikola’s recall of all of its BEV trucks at the beginning of the third quarter of 2023 to replace defective battery packs incurred significant expenses and $44 million in losses, which led to its bankruptcy filing.
Bollinger Motors shut down operations after missing two payroll payments to employees.
Bollinger Motors shuts down operations
And now, commercial electric truck manufacturer Bollinger Motors has shut down operations six months after emerging from receivership.
Bollinger Motors, which was founded in 2015, released its B1 SUV prototype for consumers in 2017 before later launching its commercial electric truck manufacturing in Oak Park, Mich., with its Bollinger B4 in September 2024.
The commercial electric truck maker’s financial issues led to it missing two payroll periods in November and ceasing operations on Nov. 21, the Detroit Free Press reported, according to FreightWaves.
Bollinger owner exited receivership
The commercial truck maker’s parent, Mullen Automotive, in June 2025 reached a lawsuit settlement with Bollinger Motors founder Richard Bollinger, exited receivership, and took 95% ownership in the electric truck manufacturer.
Brea, Calif.-based Mullen Automotive subsequently changed its corporate name to Bollinger Innovations.
Bollinger Motors vehicles
- Bollinger B1 SUV
- Bollinger B2 Truck
- Bollinger B4 Chassis Cab electric Class 4 truck
- Bollinger B5 Chassis Cab Class 5 truck (planned launch in 2026)
The company operated manufacturing facilities in Oak Park, Mich., and Robinsonville, Miss., a retail center in Oceanside, Calif., and an energy facility in Fullerton, Calif.
Bollinger Motors shut down operations on the same day it claimed to have initiated a cost reduction plan “intended to streamline operations and preserve liquidity.” Bollinger Innovations’ phone number was no longer working, Freightwaves reported.
Bollinger initiates cost-reduction plan
Bollinger Innovations on Nov. 21 filed a Securities and Exchange Commission Form 8K revealing its cost-reduction plan, which included a workforce reduction and closing of its Troy, Mich., office.
The company said it was consolidating its remaining staff in its Oak Park facility and aligning its cost structure with current operating conditions. It said the company’s actions do not involve the disposal or discontinuation of any business line.
More closings:
- Major trucking company closes Home Depot distribution facility
- 63-year-old bankrupt retail chain closes all stores permanently
- Discount retail chain closes half its store locations
Bollinger Innovations also began notifying its dealer network of changes to its support model, including the discontinuation of factory service and warranty support and consolidation of operations into a single Oak Park location.
The company is considering potential dealer-driven programs relating to parts and vehicle purchases. It may provide further updates as initiatives develop, the SEC filing said.
Bollinger Innovations cost-reduction plan:
- Workforce reduction
- Close Troy, Mich., office
- Consolidate remaining staff in Oak Park, Mich., office
- Align cost structure with current operating conditions
- Discontinue factory service and warranty support
Related: 79-year-old national trucking company closes down, no bankruptcy