NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 08/26/2024 4:47:53 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces ‘Landmark Agreement’ Providing Exposure to the UAE, Middle East
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced a contract worth approximately $210 million. According to the announcement, Volt Mobility, a leading United Arab Emirates (“UAE”)-based commercial leasing company, has entered into a purchase agreement to acquire 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 additional payments as the EVs are delivered. The company will begin shipping the first vehicles immediately. Mullen expects to recognize approximately $210 million in revenue over the next 16 months of the agreement. Volt plans to lease these vehicles to its corporate clients based in the Middle East and the Gulf Cooperation Council (“GCC”) region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
“Volt is reshaping the way people and businesses move across the UAE and GCC,” commented David Michery, CEO and chairman of Mullen Automotive. “This landmark agreement provides Mullen with exposure to local global transportation companies and the opportunity for utilizing Mullen EVs across the UAE and other areas of the Middle East.”
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced a contract worth approximately $210 million. According to the announcement, Volt Mobility, a leading United Arab Emirates (“UAE”)-based commercial leasing company, has entered into a purchase agreement to acquire 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 additional payments as the EVs are delivered. The company will begin shipping the first vehicles immediately. Mullen expects to recognize approximately $210 million in revenue over the next 16 months of the agreement. Volt plans to lease these vehicles to its corporate clients based in the Middle East and the Gulf Cooperation Council (“GCC”) region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
“Volt is reshaping the way people and businesses move across the UAE and GCC,” commented David Michery, CEO and chairman of Mullen Automotive. “This landmark agreement provides Mullen with exposure to local global transportation companies and the opportunity for utilizing Mullen EVs across the UAE and other areas of the Middle East.”
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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