Volt Mobility, based in the United Arab Emirates (UAE), has entered into a purchase agreement with Mullen Automotive Inc. for approximately $210 million to acquire 3,000 Class 1 and Class 3 EV cargo vans and trucks over a 16-month period. Mullen will receive an initial $3 million deposit within 60 days and additional payments as the vehicles are delivered. The manufacturer will begin shipping the first vehicles immediately.
Mullen expects to recognize about $210 million in revenue over the next 16 months of the agreement. 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.
Volt’s vehicle order will be assembled at Mullen’s Tunica, Mississippi-based Commercial Vehicle Facility, which can produce 20,000 Class 1 and 6,000 Class 3 vehicles annually with two production shifts.
Founded in 2020, Volt quickly established itself as one of the largest and most influential commercial EV leasing companies in its region. Volt’s vehicle portfolio includes 17 models with focus on light-, medium- and heavy-duty electric vehicles. Volt 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.
The UAE has identified e-mobility as a priority policy area and is now seven years into an plan to decarbonize its infrastructure and energy production. The UAE’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to generate 100% power from clean energy sources by 2050. Furthermore, Dubai’s Roads and Transport Authority (RTA) has rolled out a long-term strategy to migrate toward net zero-emission public transport by 2050.
“At Volt, we don’t just follow trends; we set them,” says Sophia Nau, managing director and chief financial officer for Volt Mobility. “Our mission is clear: Lead the transformation to sustainable, efficient and cutting-edge transportation.”
“Volt is reshaping the way people and businesses move across the UAE and GCC,” adds David Michery, CEO and chairman of Mullen. “This landmark agreement provides Mullen with exposure to leading global transportation companies and the opportunity for utilizing Mullen EVs across the UAE and other areas of the Middle East.”