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Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher after the company secured a purchase agreement with UAE’s Volt Mobility for about $200 million.
As per the deal, Volt Mobility will acquire 3,000 Class 1 and Class 3 EV cargo vans and trucks over 16 months.
Volt plans to lease these vehicles to corporate customers across the Middle East and the Gulf States, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
Starting immediately, Mullen will receive an initial $3 million deposit within 60 days and further payments upon vehicle delivery.
Mullen anticipates recognizing about $210 million in revenue from the agreement over the next 16 months.
Volt’s vehicle order 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, operating with two production shifts.
Mullen’s commercial EV lineup includes the Mullen ONE Class 1 cargo van, Mullen THREE Class 3 truck, and Bollinger’s B4 and B5 Class 4 and 5 trucks. These vehicles are built for urban delivery and meet U.S. safety, EPA, and CARB standards.
David Michery, CEO and chairman of Mullen Automotive, said, “Volt is reshaping the way people and businesses move across the UAE and GCC.”
“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.”
Last week, Mullen Automotive stated that Bollinger Motors will start producing its B4 Chassis Cab EV on September 16, 2024, with deliveries in October.
Price Action: MULN shares are up 53% at $0.5133 at the last check Monday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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