Mullen Automotive (NASDAQ: MULN) has announced a pivotal $210 million agreement with Volt Mobility, a UAE-based commercial leasing company, for the delivery of 3,000 electric cargo vans and trucks over 16 months. This deal not only signifies a major revenue opportunity for Mullen but also positions the company as a key player in the Middle East's rapidly growing electric vehicle (EV) market.
The agreement includes an initial $3 million deposit, with the remainder paid upon vehicle deliveries, expected to generate approximately $210 million in revenue. Mullen's immediate commencement of shipments underscores the urgency and demand for electric commercial vehicles in the region. Volt Mobility's plan to lease these vehicles to corporate clients in the Middle East and Gulf Cooperation Council (GCC) countries reflects a broader shift towards sustainable transportation in these markets.
David Michery, CEO of Mullen Automotive, emphasized the strategic importance of this deal, noting its potential to introduce Mullen EVs to global transportation companies across the UAE and Middle East. This contract not only validates Mullen's technology and product appeal but also showcases the company's capability to secure and execute large-scale international agreements.
Beyond the immediate financial benefits, this agreement highlights Mullen's growing influence in the global EV industry. The company's recent milestones, including starting commercial vehicle production in Mississippi and receiving IRS approval for federal EV tax credits, have set the stage for this expansion. The deal with Volt Mobility could accelerate Mullen's growth and open doors to further opportunities in the GCC and beyond.
The global shift towards electrification is creating unprecedented opportunities for EV manufacturers. Mullen's partnership with Volt Mobility exemplifies the increasing international demand for electric commercial vehicles and the potential for American-made EVs to compete on a global scale. As Mullen fulfills this order, the industry will be watching closely, as the success of this venture could influence future deals and partnerships in emerging markets.
For more information on Mullen Automotive and its electric vehicles, visit https://www.mullenusa.com.
