Volt Mobility Enters into $210 Million Contract with Mullen Automotive to Purchase 3,000 Class 1 and Class 3 EV Cargo Vans and Trucks
Mullen Automotive (NASDAQ: MULN) has secured a significant $210 million contract with Volt Mobility, a UAE-based commercial leasing company. The agreement involves the purchase of 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 begin shipping vehicles immediately.
Volt Mobility, which serves major clients like UPS, DHL, and FedEx in the Gulf Cooperation Council region, plans to lease these vehicles to its corporate customers. The order will be assembled at Mullen's Tunica, Mississippi facility, capable of producing 20,000 Class 1 and 6,000 Class 3 vehicles annually with two production shifts.
This deal aligns with the UAE's ambitious plans to decarbonize its infrastructure and energy production, aiming for 100% clean energy by 2050. The agreement provides Mullen with exposure to leading global transportation companies and opportunities in the Middle East market.
Mullen Automotive (NASDAQ: MULN) ha assicurato un contratto significativo di 210 milioni di dollari con Volt Mobility, una società di leasing commerciale con sede negli Emirati Arabi Uniti. L'accordo prevede l'acquisto di 3.000 furgoni e camion elettrici di classe 1 e classe 3 in un periodo di 16 mesi. Mullen riceverà un deposito iniziale di 3 milioni di dollari entro 60 giorni e inizierà subito la spedizione dei veicoli.
Volt Mobility, che serve clienti importanti come UPS, DHL e FedEx nella regione del Consiglio di Cooperazione del Golfo, prevede di noleggiare questi veicoli ai propri clienti aziendali. L'ordine sarà assemblato presso lo stabilimento di Mullen a Tunica, Mississippi, in grado di produrre 20.000 veicoli di classe 1 e 6.000 veicoli di classe 3 all'anno con due turni di produzione.
Questo accordo si allinea con i piani ambiziosi degli Emirati Arabi Uniti di decarbonizzare la propria infrastruttura e produzione energetica, mirando a una riuscita al 100% di energia pulita entro il 2050. L'accordo offre a Mullen visibilità presso le principali aziende di trasporto globali e opportunità nel mercato del Medio Oriente.
Mullen Automotive (NASDAQ: MULN) ha asegurado un contrato significativo de 210 millones de dólares con Volt Mobility, una empresa de leasing comercial con sede en los Emiratos Árabes Unidos. El acuerdo incluye la compra de 3,000 furgones y camiones eléctricos de Clase 1 y Clase 3 en un período de 16 meses. Mullen recibirá un depósito inicial de 3 millones de dólares dentro de 60 días y comenzará a enviar los vehículos de inmediato.
Volt Mobility, que atiende a grandes clientes como UPS, DHL y FedEx en la región del Consejo de Cooperación del Golfo, planea arrendar estos vehículos a sus clientes corporativos. El pedido se ensamblará en la planta de Mullen en Tunica, Mississippi, que tiene la capacidad de producir 20,000 vehículos de Clase 1 y 6,000 vehículos de Clase 3 anualmente con dos turnos de producción.
Este acuerdo se alinea con los ambiciosos planes de los Emiratos Árabes Unidos para descarbonizar su infraestructura y producción de energía, con el objetivo de lograr un 100% de energía limpia para el 2050. El acuerdo brinda a Mullen exposición a las principales empresas de transporte global y oportunidades en el mercado del Medio Oriente.
멀렌 오토모티브 (NASDAQ: MULN)는 아랍에미리트에 본사를 둔 상업 리스 회사인 볼트 모빌리티와 2억 1천만 달러의 중요한 계약을 체결했습니다. 이 계약은 클래스 1 및 클래스 3 전기 화물 밴과 트럭 3,000대의 구매를 포함하며, 16개월 동안 진행됩니다. 멀렌은 60일 이내에 초기 300만 달러의 보증금을 받고 즉시 차량 발송을 시작할 것입니다.
UPS, DHL, FedEx와 같은 주요 고객을 보유한 볼트 모빌리티는 이 차량들을 기업 고객에게 임대할 계획입니다. 이 주문은 미시시피주 튜니카에 위치한 멀렌의 공장에서 조립되며, 연간 2만 대의 클래스 1 차량과 6천 대의 클래스 3 차량을 두 교대 작업으로 생산할 수 있습니다.
이번 계약은 UAE의 야심찬 인프라 및 에너지 생산 탈탄소화 계획과 일치하며, 2050년까지 100% 청정 에너지를 목표로 하고 있습니다. 이 계약은 멀렌에게 세계 최고의 운송 회사와 중동 시장에서의 기회를 노출시켜 줍니다.
Mullen Automotive (NASDAQ: MULN) a obtenu un contrat significatif de 210 millions de dollars avec Volt Mobility, une société de location commerciale basée aux Émirats arabes unis. L'accord concerne l'achat de 3 000 vans et camions électriques de classe 1 et de classe 3 sur une période de 16 mois. Mullen recevra un acompte initial de 3 millions de dollars dans les 60 jours et commencera à expédier les véhicules immédiatement.
Volt Mobility, qui sert des clients importants comme UPS, DHL et FedEx dans la région du Conseil de coopération du Golfe, prévoit de louer ces véhicules à ses clients d'entreprise. La commande sera assemblée dans l'usine de Mullen à Tunica, Mississippi, capable de produire 20 000 véhicules de classe 1 et 6 000 véhicules de classe 3 par an avec deux équipes de production.
Ce contrat s'inscrit dans les plans ambitieux des Émirats arabes unis visant à décarboniser leur infrastructure et leur production d'énergie, avec pour objectif d'atteindre 100 % d'énergie propre d'ici 2050. L'accord offre à Mullen une visibilité auprès des principales entreprises de transport mondiales et des opportunités sur le marché du Moyen-Orient.
Mullen Automotive (NASDAQ: MULN) hat einen bedeutenden Vertrag über 210 Millionen Dollar mit Volt Mobility, einem in den Vereinigten Arabischen Emiraten ansässigen Leasingunternehmen, gesichert. Die Vereinbarung umfasst den Kauf von 3.000 elektrischen Lieferwagen und Lastkraftwagen der Klasse 1 und 3 über einen Zeitraum von 16 Monaten. Mullen wird innerhalb von 60 Tagen eine erste Anzahlung von 3 Millionen Dollar erhalten und sofort mit dem Versand der Fahrzeuge beginnen.
Volt Mobility, das große Kunden wie UPS, DHL und FedEx in der Golfkooperationsrat-Region bedient, plant, diese Fahrzeuge an seine Geschäftskunden zu verleasen. Die Bestellung wird in der Anlage von Mullen in Tunica, Mississippi, montiert, die in der Lage ist, jährlich 20.000 Fahrzeuge der Klasse 1 und 6.000 Fahrzeuge der Klasse 3 in zwei Schichten zu produzieren.
Dieses Geschäft steht im Einklang mit den ehrgeizigen Plänen der VAE, ihre Infrastruktur und Energieproduktion zu dekarbonisieren, mit dem Ziel, bis 2050 100 % saubere Energie zu erreichen. Die Vereinbarung gibt Mullen Zugang zu führenden globalen Verkehrsunternehmen und Chancen auf dem Markt im Nahen Osten.
- Secured a $210 million contract for 3,000 EV cargo vans and trucks
- Immediate revenue recognition with $3 million initial deposit
- Exposure to major global transportation companies like UPS, DHL, and FedEx
- Entry into the growing Middle East EV market
- Alignment with UAE's clean energy initiatives
- Revenue spread over 16 months, potentially impacting short-term financial results
- Dependence on timely production and delivery to meet contract terms
Insights
This $210 million contract with Volt Mobility represents a significant win for Mullen Automotive, potentially transforming its financial outlook. The deal's structure, with an initial $3 million deposit and subsequent payments upon delivery, provides Mullen with immediate cash flow and a steady revenue stream over the next 16 months. This contract could substantially boost Mullen's market position in the competitive EV sector.
However, investors should note that Mullen's ability to fulfill this large order will be crucial. The company's Tunica facility's annual production capacity of 26,000 vehicles seems sufficient, but any production delays could impact revenue recognition. Additionally, while this deal provides valuable exposure to the Middle East market, it also introduces geopolitical risks that investors should consider.
Mullen's contract with Volt Mobility marks a significant milestone in the commercial EV space. The order for 3,000 Class 1 and Class 3 EV cargo vans and trucks demonstrates growing demand for electric commercial vehicles in the Middle East, a region traditionally associated with fossil fuels. This deal could position Mullen as a key player in the UAE's transition to sustainable transportation.
The partnership with Volt, which serves major logistics companies like UPS, DHL and FedEx, provides Mullen with indirect access to these global giants. If Mullen's vehicles perform well, it could lead to further opportunities in the lucrative last-mile delivery sector. However, Mullen will need to ensure its vehicles can withstand the harsh climate conditions of the Gulf region, which could be a significant test for their technology and durability.
This deal aligns perfectly with the UAE's ambitious clean energy goals, including the Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050. The UAE's commitment to generate
However, the success of this initiative depends on the UAE's ability to develop the necessary charging infrastructure and generate clean electricity to power these vehicles. Investors should monitor the progress of these supporting initiatives, as they will directly impact the long-term viability of large-scale EV adoption in the region. This deal could serve as a catalyst for accelerated EV infrastructure development in the Gulf States.
Mullen to receive initial
Volt, a leading UAE-based commercial leasing company with clients including UPS, DHL and FedEx, to purchase 3,000 EV cargo vans and trucks over the next 16 months
BREA, Calif., Aug. 26, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announced today that Volt Mobility (“Volt”), based in the United Arab Emirates (“UAE”), has entered into a purchase agreement for approximately
Mullen expects to recognize approximately
Volt’s vehicle order will be assembled at Mullen’s Tunica, Mississippi-based Commercial Vehicle Facility, which is capable of producing 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 the 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 ambitious plan to decarbonize its infrastructure and energy production. The Emirate’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to generate
“At Volt, we don’t just follow trends; we set them. Our mission is clear: lead the transformation to sustainable, efficient and cutting-edge transportation,” said Sophia Nau, managing director and CFO for Volt Mobility.
“Volt is reshaping the way people and businesses move across the UAE and GCC,” said David Michery, CEO and chairman of Mullen Automotive. “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.”
Additional details, including the related agreement, can be found in the Company’s Form 8-K to be filed with the SEC.
Mullen’s commercial EV lineup includes the Mullen ONE Class 1 EV cargo van, the Mullen THREE Class 3 EV cab chassis truck, and the Bollinger B4 Class 4 and Bollinger B5 Class 5 EV cab chassis trucks from its subsidiary, Bollinger Motors. Mullen’s full lineup of commercial EVs is purpose-built to meet the demands of urban last-mile delivery; available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, the Environmental Protection Agency and the California Air Resources Board (“CARB”) certifications, denoting strict adherence to clean air emissions standards. The Bollinger B4 begins Start of Production (“SOP”) on Sept. 16, 2024, with deliveries beginning in October 2024.
About Volt Mobility
We are unwavering in our commitment to sustainability, and we firmly believe in the potential of electric mobility to revolutionize industrial transportation. Our steadfast commitment aligns seamlessly with the transformative potential of electric mobility in the industrial sector. By leveraging the latest technologies, we strive to create a cleaner, more efficient and seamlessly connected transportation network tailored for industrial applications. Whether you operate in logistics, manufacturing or any industrial sector, Volt Industrial Mobility is your partner in driving positive change. Join us as we work towards a future where industrial electric vehicles play a pivotal role in creating environmentally conscious, high-performance and cost-effective transportation solutions.
To learn more about Volt, visit www.VoltMobility.group.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements about our plans, expectations and objectives with respect to the purchase agreement with Volt, the anticipated purchase and delivery of vehicles and expected revenue. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. These forward-looking statements are subject to a number of risks and uncertainties, including but are not limited to, uncertainty that Volt will abide by its contractual obligations, including payment of the deposit and order of vehicles as expected, the timing and dates for receipt of payments pursuant to the agreement, successful certification of the vehicles in the GCC region, delays in production and delivery of vehicles, unanticipated returns of vehicles, delayed commercial product launches and the achievement of operational milestones, and changes in domestic and foreign business, market, financial, political and legal conditions that may affect incentives and the general market for EVs.. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
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Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
Attachments
- Volt Mobility is Based in The United Arab Emirates
- Volt Order Includes 3,000 Mullen ONE’s and THREE’s Over a 16-Month Period
FAQ
What is the value of the contract between Mullen Automotive and Volt Mobility for MULN stock?
How many electric vehicles will Mullen Automotive (MULN) deliver to Volt Mobility?
When will Mullen Automotive (MULN) begin shipping vehicles to Volt Mobility?
What is the initial deposit amount Mullen Automotive (MULN) will receive from Volt Mobility?
