Volt Mobility Secures $210M EV Fleet Deal with Mullen

Volt Mobility's Landmark Agreement with Mullen Automotive

Volt Mobility has made headlines by entering a significant purchase agreement with Mullen Automotive for approximately $210 million. This deal involves acquiring 3,000 Class 1 and Class 3 electric vehicle (EV) cargo vans and trucks over the next 16 months, aiming to revolutionize the logistics landscape in the Middle East. Mullen is set to receive an initial deposit of $3 million, and the first shipments of vehicles will commence immediately.

Details of the Contract

The contract will yield an expected revenue recognition of about $210 million for Mullen over the duration of the agreement. Volt Mobility, based in the UAE, plans to lease these vehicles to its diverse corporate clients, including notable names such as UPS, DHL, and FedEx. These deliveries will primarily serve the Gulf Cooperation Council (GCC) region, which encompasses several countries including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

Manufacturing and Production Capabilities

The EV cargo vans and trucks ordered by Volt will be assembled at Mullen's production facility located in Tunica, Mississippi. This facility is highly efficient, with the capability of producing up to 20,000 Class 1 and 6,000 Class 3 vehicles annually due to its dual production shifts.

Volt Mobility's Rapid Growth

Established in 2020, Volt Mobility has quickly positioned itself as a leading commercial EV leasing company in the region. Its extensive vehicle portfolio comprises 17 models, which cater to light, medium, and heavy-duty electric vehicles. Volt plays a pivotal role in facilitating first to last-mile delivery services for fast-moving goods while providing heavy-duty trucks used for intercity transport across various sectors.

The UAE's Commitment to E-Mobility

The United Arab Emirates has prioritized e-mobility as part of its broader environmental strategy. It is advancing a long-term plan to decarbonize its infrastructure and energy production. The Clean Energy Strategy 2050 and the Net Zero Carbon Emissions Strategy 2050 aim to transition to 100% power from clean energy sources by 2050. Additionally, Dubai's Roads and Transport Authority is implementing a strategy geared towards net-zero emissions for public transportation.

Statements from Company Leaders

Voyage Mobility's mission is to lead the transformation towards sustainable and efficient transportation, as reiterated by Sophia Nau, the managing director, and CFO. She emphasized, "At Volt, we don’t just follow trends; we set them," highlighting the company's innovative approach.

Mullen Automotive's CEO, David Michery, expressed enthusiasm for the collaboration, stating, "This landmark agreement provides Mullen with exposure to leading global transportation companies and the opportunity to utilize Mullen EVs across the UAE and other regions in the Middle East." The expected rapid growth of EV adoption in these markets aligns with Mullen's strategic objectives.

Mullen’s Diverse EV Lineup

Mullen's impressive lineup includes the Mullen ONE Class 1 EV cargo van and the Mullen THREE Class 3 EV cab chassis truck. The Bollinger B4 and B5 Class 4 and 5 EV cab chassis trucks, produced by its subsidiary, Bollinger Motors, further expand Mullen's offerings. All vehicles are built to meet strict environmental standards, ensuring compliance with U.S. Federal Motor Vehicle Safety Standards and the Environmental Protection Agency.

Future of Electric Vehicles

Mullen's innovative efforts extend to gaining IRS approval for substantial federal EV tax credits for its commercial vehicles, offering buyers up to $7,500 off per vehicle. Furthermore, recent developments have expanded the commercial dealer network, enhancing sales and service coverage in critical U.S. markets.

Volt Mobility's Vision

Volt Mobility is steadfast in its commitment to sustainability, believing in the transformative potential of electric vehicles for industrial transportation. By harnessing modern technologies, Volt aims to cultivate a cleaner and more connected transportation network tailored to various industrial applications.

Contact Information

For more details on Volt Mobility and its offerings, interested parties can visit their website. Meanwhile, Mullen Automotive continues to innovate in the EV market, enhancing its commitment to delivering efficient vehicles suited for urban last-mile delivery needs.

Frequently Asked Questions

What is the main focus of Volt Mobility's business?

Volt Mobility primarily focuses on leasing electric vehicles to corporate clients in the Middle East, including major logistics companies.

How many vehicles are included in the Mullen deal?

The agreement includes the purchase of 3,000 Class 1 and Class 3 electric cargo vans and trucks.

What are Volt Mobility's future aspirations?

Volt aims to lead the transformation towards sustainable transportation and expand its influence in the commercial EV market.

Where are Mullen's production facilities located?

Mullen has production facilities in Tunica, Mississippi, and Mishawaka, Indiana, dedicated to building commercial electric vehicles.

What incentives does Mullen offer for its commercial EVs?

Mullen provides significant federal EV tax credits for its vehicles, incentivizing companies to adopt electric transportation.

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