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Volt Mobility, a leading UAE-based commercial leasing company, has signed a $210 million purchase agreement with Mullen Automotive to acquire 3,000 electric vehicles (EVs) over 16 months. Mullen, an American EV manufacturer, will begin shipping the Class 1 and Class 3 cargo vans and trucks immediately, with an initial $3 million deposit expected within 60 days. This deal is expected to generate significant revenue for Mullen and expand its presence in the Middle Eastern market.
Key Highlights:
- Volt Mobility will purchase 3,000 EV cargo vans and trucks from Mullen Automotive over the next 16 months.
- Mullen to receive an initial $3 million deposit within 60 days and will start delivering vehicles immediately.
- The vehicles will be assembled at Mullen’s facility in Tunica, Mississippi, which can produce 20,000 Class 1 and 6,000 Class 3 vehicles annually.
- Volt Mobility serves major clients, including UPS, DHL, and FedEx, in the Gulf Cooperation Council (GCC) region.
- The UAE is pushing forward with its Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050, aligning with Volt’s focus on e-mobility.
Deal Impact: Mullen Automotive is set to recognize approximately $210 million in revenue through this agreement, solidifying its role as a key player in the global EV market. The vehicles ordered by Volt will be used across the UAE and other Gulf States, leased to prominent clients for first-to-last-mile delivery and other heavy-duty transport services.
Volt Mobility’s Vision: Sophia Nau, Managing Director and CFO of Volt Mobility, emphasized their commitment to leading the transformation to sustainable and efficient transportation, stating, “At Volt, we don’t just follow trends; we set them.”
David Michery, CEO and Chairman of Mullen Automotive, highlighted the significance of this partnership, noting that it offers Mullen exposure to global transportation giants and opportunities across the Middle East.
This agreement further strengthens Mullen’s commercial EV lineup, which includes the Mullen ONE Class 1 EV cargo van, the Mullen THREE Class 3 EV cab chassis truck, and vehicles from its subsidiary, Bollinger Motors.
For more information on Volt Mobility and Mullen Automotive, please visit their respective websites.
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