Mullen Automotive, an electric vehicle (EV) manufacturer, shipped initial vehicles under a $210 million purchase contract with Volt Mobility, based in the United Arab Emirates (UAE). Mullen to recognize revenue under the agreement in fiscal Q1/24, 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 Sept. 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 $3 million initial deposit 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. Volt’s vehicle order is being assembled at Mullen’s Tunica, Mississippi-based Commercial Vehicle Facility.
“We’re happy to announce we have shipped the first vehicles under our contract with Volt. Our team from Mullen will meet the vehicles in Dubai to support the launch with Volt,” David Michery, CEO and chairman of Mullen Automotive, said. “Following our expansion in Europe, this partnership marks another major milestone as we continue to grow our commercial EV business globally and deliver sustainable transportation solutions to customers worldwide.”
Mullen’s commercial EV lineup includes the Mullen ONE Class 1 EV cargo van, the Mullen THREE Class 3 EV cab chassis truck and the Bollinger B4 Class 4 and Bollinger B5 Class 5 EV cab chassis trucks from its subsidiary, Bollinger Motors. The Bollinger B4 begins Start of Production on Sept. 16, 2024, with deliveries beginning in October 2024.
