Mullen Automotive Delivers First EV Shipment to Volt Mobility Under $210 Million Contract

Mullen Automotive (NASDAQ: MULN), an electric vehicle (EV) manufacturer, has completed its initial shipment of vehicles to Volt Mobility as part of a $210 million purchase contract. Volt Mobility, based in the United Arab Emirates (UAE), has ordered 3,000 Mullen Class 1 and Class 3 EV cargo vans and trucks, which are set to be delivered over a 16-month period. These vehicles will be leased to corporate customers such as UPS, DHL, and FedEx.

"We’re happy to announce we have shipped the first vehicles under our contract with Volt," said Mullen Automotive CEO and chair David Michery. "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."

The delivery represents the first phase of a multi-vehicle agreement aimed at providing sustainable transportation solutions. This step signifies Mullen's expanding footprint in the global commercial EV market, following its recent growth in Europe. The company has also received significant certifications and approvals, enhancing its market position. In August 2023, Mullen began commercial vehicle production in Tunica, Mississippi, and received IRS approval for federal EV tax credits in September 2023. Additionally, the Mullen One and Mullen Three are both California Air Resource Board (CARB) and EPA certified and available for sale in the United States.

Furthermore, the CARB has issued Hybrid and Zero-Emissions Truck and Bus Voucher Incentive Project (HVIP) approval for the Mullen Three, providing up to a $45,000 cash voucher at the time of vehicle purchase. These advancements, combined with the recent expansion of its commercial dealer network, position Mullen as a significant player in the EV market.

The implications of this development are substantial, both for Mullen Automotive and the broader EV industry. By securing a major contract with Volt Mobility and expanding its reach in the UAE, Mullen is poised to enhance its global market share. For corporate customers like UPS, DHL, and FedEx, the availability of Mullen's EVs offers a sustainable alternative to traditional combustion-engine vehicles, aligning with global trends towards greener logistics solutions.