August 27, 2024 - $Mullen Automotive (MULN.US)$ shares decreased 8.80% to $0.331 in trading on Tuesday. Notably, it increased by over 13% during pre-market trading.
Mullen Automative reported Monday that it has secured a $210 million contract with Volt Mobility to supply 3,000 Class 1 and Class 3 EV cargo vans and trucks over a 16-month period. The company will receive an initial $3 million deposit within 60 days and additional payments as the vehicles are delivered. The company will begin shipping the first vehicles immediately.
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 (“GCC”) region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
Mullen also added that the ordered vehicles will be assembled at its facility in Tunica, Mississippi.