Mullen Automotive announced that Volt Mobility has entered into a purchase agreement for approximately $210M to acquire 3,000 Class 1 and Class 3 EV cargo vans and trucks over a 16-month period. Mullen will receive an initial $3M deposit within 60 days and additional payments as the vehicles are delivered. The Company will begin shipping the first vehicles immediately. Mullen expects to recognize approximately $210M in revenue over the next 16 months of the agreement. Volt intends to lease these vehicles to its corporate customers based in the Middle East and Gulf States. Volt’s vehicle order will be assembled at Mullen’s Tunica, Mississippi-based Commercial Vehicle Facility, which is capable of producing 20,000 Class 1 and 6,000 Class 3 vehicles annually with two production shifts.
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