Mullen Automotive announces the shipment of initial vehicles under a significant $210M purchase contract with Volt Mobility, based in the United Arab Emirates. Mullen to recognize revenue under the agreement in fiscal quarter 1, beginning on Oct. 1, 2024. The agreement is for Volt to purchase 3,000 Mullen Class 1 and Class 3 EV cargo vans and trucks over a 16-month period. Mullen shipped the initial commitment of commercial EV cargo vans and trucks on September 2, 2024. The initial shipment of vehicles represents the first phase of the multi-vehicle agreement between Mullen and Volt Mobility with the planned shipment of 300 vehicles in CY 2024. The contract includes a $3M initial deposit, as referenced in the Company announcement from Aug. 26, 2024, and as part of the program initiation with additional payments expected as the vehicles are shipped. Volt intends to lease these vehicles to its corporate customers based in the Middle East and Gulf States. Current Volt clients include UPS, DHL and FedEx throughout the Gulf Cooperation Council region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
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