Summary by Moomoo AI
Mullen Automotive has entered into a $210 million purchase agreement with UAE-based Volt Mobility for 3,000 Class 1 and Class 3 electric commercial vehicles over a 16-month period. Volt will make an initial $3 million deposit within 60 days, with immediate commencement of vehicle shipments. The agreement designates Volt as Mullen's exclusive representative in the UAE region.The vehicles will be assembled at Mullen's Tunica, Mississippi facility, which has an annual production capacity of 20,000 Class 1 and 6,000 Class 3 vehicles across two shifts. Volt, established in 2020, plans to lease these vehicles to its corporate clients including UPS, DHL, and FedEx throughout the Gulf Cooperation Council region.The partnership aligns with UAE's Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050, which aim for 100% clean energy power generation. The agreement includes a 16-month term with automatic 12-month renewal and provisions for setting up a fully operational service center in the UAE.
