Volt Mobility Secures $210M EV Van & Truck Deal with Mullen Automotive

2 min read | August 26, 2024 06:00 PM PDT | By Team Kalkine Media

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Volt Mobility Secures $210M EV Van & Truck Deal with Mullen Automotive — Image source: Shutterstock

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Mullen Seals $210M EV Contract with Volt Mobility

Volt Mobility Orders 3,000 Mullen EV Vans & Trucks

$210M Deal: Mullen to Deliver EV Fleet to Volt Mobility

Mullen Automotive (NASDAQ:MULN), a leading electric vehicle (EV) manufacturer, has announced a significant contract with Volt Mobility, based in the United Arab Emirates (UAE). The deal, valued at approximately $210 million, involves the purchase of 3,000 Class 1 and Class 3 EV cargo vans and trucks over a 16-month period. Mullen is set to receive an initial $3 million deposit within 60 days, with subsequent payments tied to the delivery schedule. The first vehicles will be shipped immediately.

This agreement is expected to generate approximately $210 million in revenue for Mullen over the next 16 months. Volt Mobility plans to lease these EVs to its corporate clients across the Middle East and Gulf States. Current Volt clients include major logistics companies such as UPS, DHL, and FedEx, operating within the Gulf Cooperation Council (GCC) region, which encompasses Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

The vehicles ordered by Volt will be assembled at Mullen’s Commercial Vehicle Facility in Tunica, Mississippi. This facility is equipped to produce 20,000 Class 1 and 6,000 Class 3 vehicles annually, operating on two production shifts.

Volt Mobility, founded in 2020, has rapidly grown into one of the largest commercial EV leasing companies in the region. Its diverse vehicle portfolio includes 17 models, focusing on light, medium, and heavy-duty electric vehicles. Volt leases these vehicles to corporate customers for various services, including first to last-mile delivery and heavy-duty truck operations, under long-term secured leasing agreements.

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