A worthy contract. Let's go 🫕

Mullen Automotive Inc., an electric vehicle manufacturer listed on NASDAQ under the symbol MULN, has entered into a significant purchase agreement with Volt Mobility, a UAE-based commercial leasing company. The agreement, dated August 23, 2024, involves Mullen Automotive providing Volt Mobility with approximately $210 million worth of commercial electric vehicles (EVs) and chargers for the UAE region. Volt Mobility has committed to purchasing 3,000 Class 3 commercial EVs, with an initial deposit of $3 million for the first 300 units and the balance to be delivered in 2025. The vehicles will be assembled at Mullen's Mississippi facility, which has a production capacity for Class 1 and Class 3 vehicles. This deal is expected to generate around $210 million in revenue for Mullen over the next 16 months. The agreement also includes the establishment of a fully operational service center in the UAE. Mullen's commercial EV lineup includes various classes of cargo vans and trucks, all compliant with U.S. safety and emissions standards. The company has recently expanded its commercial dealer network and achieved Foreign Trade Zone status for its manufacturing center in Mississippi. The press release issued on August 26, 2024, also highlights Mullen's commitment to sustainability and the potential of electric mobility in transforming industrial transportation.