Mullen Automotive Completes Initial Shipment to Volt Mobility in $210 Million Deal

Mullen Automotive (NASDAQ: MULN), an electric vehicle (EV) manufacturer, has announced the completion of its initial shipment of vehicles to Volt Mobility. This shipment is part of a substantial $210 million purchase contract with the United Arab Emirates-based company. Volt Mobility has committed to acquiring 3,000 Mullen Class 1 and Class 3 EV cargo vans and trucks over a 16-month period, with the initial shipment marking the first phase of this extensive agreement.

The vehicles delivered under this contract will be leased to Volt's corporate customers, including major logistics companies such as UPS, DHL, and FedEx. This development signals a significant milestone for Mullen Automotive as it continues to expand its commercial EV business globally, providing sustainable transportation solutions to a broader range of clients.

David Michery, CEO and chair of Mullen Automotive, expressed enthusiasm about the partnership, stating, “We’re happy to announce we have shipped the first vehicles under our contract with Volt. 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.”

This announcement comes on the heels of several significant achievements for Mullen Automotive. The company began commercial vehicle production at its Tunica, Mississippi plant in August 2023 and received IRS approval for federal EV tax credits in September 2023. Additionally, Mullen's vehicles, including the Mullen One Class 1 EV cargo van and Mullen Three Class 3 EV cab chassis truck, are now California Air Resource Board (CARB) and EPA certified and available for sale in the United States.

Moreover, Mullen has also expanded its commercial dealer network, adding partners such as Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, and Eco Auto. These partnerships provide sales and service coverage across key regions including the Midwest, West Coast, Pacific Northwest, and New England markets. The company’s commercial vehicle manufacturing center in Tunica, Mississippi, recently received Foreign Trade Zone (FTZ) status approval, offering benefits such as deferment of duties owed and elimination of duties on exported vehicles.

The implications of this development are far-reaching. For the EV industry, the successful execution of this substantial contract underscores the growing demand for electric commercial vehicles and the viability of EV manufacturers in fulfilling large-scale orders. For Mullen Automotive, it represents a significant step in its strategy to establish a global presence and aligns with its mission to provide sustainable transportation solutions. For Volt Mobility and its corporate clients, it offers an opportunity to integrate more environmentally friendly vehicles into their operations, potentially reducing their carbon footprint and operational costs.