Electric vehicle manufacturer Mullen Automotive Inc. has shipped the initial vehicles under a $210 million purchase contract with Volt Mobility, based in the United Arab Emirates (UAE). Mullen will recognize revenue under the agreement in its fiscal first quarter that begins Oct. 1.
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 this week. The initial shipment of vehicles represents the first phase of the multi-vehicle agreement between Mullen and Volt, with the planned shipment of 300 vehicles in calendar year 2024.
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 UAE.
The vehicle order is being assembled at Mullen’s Tunica, Miss.-based facility, which can produce 20,000 Class 1 and 6,000 Class 3 vehicles annually with two production shifts.
Founded in 2020, Volt’s vehicle portfolio includes 17 models with a focus on light-, medium- and heavy-duty electric vehicles. The firm leases vehicles to corporate customers providing first- to last-mile delivery for fast-moving goods and provides heavy-duty trucks for shuttling service across the region, serving clients including large transport businesses under a long-term secured leasing model.
“We’re happy to announce we have shipped the first vehicles under our contract with Volt,” says David Michery, CEO and chairman of Mullen. “Our team from Mullen will meet the vehicles in Dubai to support the launch with Volt. 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.”
