Mullen Automotive's $210M EV Deal with Volt Mobility in Dubai

Author: Owen Jenkins Updated: 09-20-2024 12:13 PM

Mullen Automotive's Strategic EV Deal with Volt Mobility

Mullen Automotive, Inc. is making significant strides in the electric vehicle market with a recent announcement regarding a substantial $210 million order placed by Volt Mobility. This exciting partnership is centered around Class 1 and Class 3 electric vehicles aimed at revolutionizing transportation in dynamic markets.

Collaboration in Dubai: An Important Step

This week, Mullen’s technical and sales teams have been deployed to Dubai. The teams are working closely with Volt Mobility’s leadership to facilitate a successful launch of the vehicles in this lucrative market. CEO David Michery emphasized the UAE's importance, stating the commitment to ensure a smooth entry into this region.

Initial Deliveries and Future Plans

The first delivery of the Mullen ONE electric cargo vans and Mullen THREE cab chassis trucks is on the horizon, with initial units set to arrive shortly. The planned delivery date highlights Mullen's ambition to fit seamlessly into the commercial vehicle landscape with innovative electric solutions.

Volume Expansion and Service Networks

Mullen has revealed that this deal includes an initial order of 300 all-electric commercial vehicles planned for delivery in 2024. They are also strategizing for an additional order of 3,000 vehicles in 2025, showcasing their commitment to meeting increasing demand. To support this growing fleet, Mullen aims to establish a comprehensive service and parts network that ensures long-term client satisfaction.

Recent Corporate Developments

In addition to this major deal, Mullen recently executed a 1-for-100 reverse stock split. This measure aims to regain compliance with Nasdaq’s listing requirements, demonstrating the company's proactive approach in managing its stock performance while laying the groundwork for upcoming ventures.

Bollinger Motors: A New Chapter in Electric Trucking

Mullen’s ambitions extend beyond the deal with Volt Mobility. Their subsidiary, Bollinger Motors, has recently announced that the 2025 Bollinger B4 Chassis Cab electric truck will carry a manufacturer’s suggested retail price (MSRP) of $158,758. Furthermore, the company is slated to begin deliveries in October 2024, with customers eager to embrace this new electric truck. Notably, the B4 model may qualify for substantial federal and state incentives, promising financial benefits for consumers.

Market Response: Positive Signals for MULN

Following these announcements, MULN shares saw an increase, trading higher by 2.08% at approximately $7.85, reflecting investor confidence in the company’s strategic direction and growth potential in the electric vehicle sector.

Frequently Asked Questions

What is the value of Mullen Automotive's deal with Volt Mobility?

The deal is valued at $210 million, focused on providing electric vehicles for commercial use.

When are the first vehicles scheduled for delivery?

The initial deliveries of Mullen ONE electric cargo vans and Mullen THREE trucks are planned for September 18, 2024.

What future plans does Mullen have for vehicle orders?

Mullen plans to deliver an additional 3,000 vehicles in 2025 as part of their expansion strategy with Volt Mobility.

How is Mullen supporting its growing fleet?

The company will establish a dedicated parts and service network to support Volt Mobility’s fleet operations.

What recent changes has Mullen Automotive made regarding its stock?

Mullen executed a 1-for-100 reverse stock split to regain compliance with Nasdaq’s minimum bid requirements.

About The Author

Hi there I'm 38-year-old author and financial consultant Owen Jenkins. Having worked in the financial sector for more than ten years, I am well-versed in the subtleties and complexity that mold our financial environment. Following a degree in finance, I worked in a number of financial institutions honing my abilities in market analysis, financial planning, and investment strategies.

My love is teaching others about investing and personal finance. My goal in writing many books and articles has been to demystify financial ideas and give readers the information they need to make wise financial decisions. I write with a direct, useful style that emphasizes doable suggestions for daily living.

Along with writing, I lead webinars and seminars where I impart knowledge on how to successfully negotiate the financial world. I also write for financial journals and show up as a guest expert on financial news programs a lot. Whether they are new to investing or want to improve their approach, my mission is to enable people to take charge of their financial futures.

Beyond work, I like to hike, play the guitar, and spend time with my family. I think that balance is crucial and want to encourage people to strike a balance between their financial aspirations and their hobbies. I want to help people succeed and achieve financial security through my work, so having a good influence.

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