Mullen Provides Update on Volt Mobility $210 Million UAE Order

Rhea-AI Summary

Mullen Automotive provides an update on the $210 million UAE order from Volt Mobility. The company's technical and sales team are in Dubai this week to support the initial market launch, including the delivery of the first Mullen ONE EV cargo vans and Mullen THREE cab chassis trucks on Sept. 18, 2024. Mullen plans to supply 300 all-electric commercial vehicles in 2024 and an additional 3,000 vehicles in 2025. The company will also establish a parts and service network to support Volt Mobility's fleet operations.

Mullen is working with VoltiE Group, a Miami-based EV charging company, to provide EV vehicles and charging equipment to Volt Mobility, which operates in the Gulf Cooperation Council (GCC) region of the Middle East. This collaboration aims to expand Mullen's presence in the UAE market, which CEO David Michery describes as a very important opportunity for the company.

Positive

• Secured a $210 million order for commercial EVs in the UAE
• Delivered first Mullen ONE EV cargo vans and Mullen THREE cab chassis trucks
• Plans to supply 300 all-electric commercial vehicles in 2024
• Additional 3,000 vehicles scheduled for delivery in 2025
• Establishing parts and service network to support fleet operations
• Expanding presence in the important UAE and GCC markets

Negative

• None.

Insights

Financial Analyst

The $210 million order from Volt Mobility represents a significant milestone for Mullen Automotive. This deal, involving 300 vehicles in 2024 and 3,000 in 2025, could substantially boost Mullen's revenue and market presence. However, it's important to note that the actual impact on financials will depend on successful delivery and payment terms. The establishment of a parts and service network in the UAE suggests a long-term commitment, potentially leading to recurring revenue streams. Investors should monitor the execution of this order closely, as it could be a pivotal moment for Mullen's growth trajectory in the competitive EV market.

Market Research Analyst

Mullen's entry into the UAE market is strategically significant. The Gulf Cooperation Council (GCC) region, including six wealthy Middle Eastern countries, presents a lucrative opportunity for EV expansion. With governments in the region pushing for sustainability, there's potential for substantial market growth. However, competition from established automakers and local preferences could pose challenges. The partnership with VoltiE Group for charging infrastructure is a smart move, offering a more comprehensive solution. Investors should watch for Mullen's ability to scale operations and adapt to local market dynamics, as success in the UAE could open doors to the broader Middle East market.

Tech Expert

Mullen's delivery of both Class 1 (Mullen ONE EV cargo vans) and Class 3 (Mullen THREE cab chassis trucks) vehicles demonstrates versatility in their product line. This range allows them to cater to various commercial needs in the UAE market. The collaboration with VoltiE Group for charging solutions is crucial, as infrastructure is often a bottleneck for EV adoption. However, the technical challenges of operating EVs in the UAE's hot climate shouldn't be underestimated. Battery performance and cooling systems will be critical factors to monitor. Mullen's ability to adapt their technology to these conditions will be a key determinant of their long-term success in the region.

Mullen technical and sales team present in Dubai this week for delivery of first EV vehicles

Mullen Automotive, working in conjunction with independent company, VoltiE Group, a Miami, Florida-based EV charging company, are collectively providing EV vehicles and charging equipment to Volt Mobility, a GCC-based vehicle transport and leasing company that offers both commercial electric and gas vehicles and EV charging throughout the Middle East

BREA, Calif., Sept. 20, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today an update on Volt Mobility’s (“Volt”) United Arab Emirates (“UAE”) recently placed $210 million commercial Class 1 and Class 3 EV order. Mullen's technical and sales team members arrived on site in Dubai this week to meet with Volt’s leadership and to support initial market launch activities, including delivery of the first Mullen ONE EV cargo vans and Mullen THREE cab chassis trucks on Sept. 18, 2024.

Mullen recently announced the Volt order to supply 300 all-electric Mullen commercial vehicles in 2024. The Company plans an additional 3,000 vehicles scheduled for delivery in 2025. Additionally, Mullen will establish a parts and service network to support Volt Mobility’s fleet operations.

“UAE is a very important market and opportunity for us, and we made sure to have technical and sales team members in Dubai this week to meet Volt leadership to ensure and kick off a successful launch,” said David Michery, CEO and chairman of Mullen Automotive.

Volt Mobility, based in the UAE, operates in the Gulf Cooperation Council (“GCC”) region of the Middle East, offering vehicle transport and leasing services. The GCC region includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

Mullen Automotive, a global EV and technology company, working in conjunction with independent company, VoltiE Group, a U.S.-based EV charging infrastructure company with headquarters in Miami, Florida, are collectively providing EV vehicles and EV charging equipment to Volt Mobility. GCC-based Volt is a vehicle transport and leasing company that offers both commercial electric and gas vehicles and charging throughout the Middle East.

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 $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. The CARB-issued HVIP approval on the Mullen THREE, Class 3 EV truck, provides up to a $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, providing sales and service coverage in key Midwest, West Coast and Pacific Northwest and New England markets. The Company also recently announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.

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:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

Attachments

• Mullen’s commercial vehicles arrived in Dubai this week
• First initial shipment included Class 1 and Class 3 EV vans and trucks

FAQ

What is the value of Volt Mobility's order for Mullen Automotive's EVs in the UAE?

Volt Mobility placed a $210 million order for Mullen Automotive's commercial Class 1 and Class 3 EVs in the UAE.

How many electric vehicles will Mullen (MULN) deliver to Volt Mobility in 2024 and 2025?

Mullen plans to supply 300 all-electric commercial vehicles to Volt Mobility in 2024, with an additional 3,000 vehicles scheduled for delivery in 2025.

When did Mullen Automotive (MULN) deliver its first EVs to Volt Mobility in Dubai?

Mullen delivered its first Mullen ONE EV cargo vans and Mullen THREE cab chassis trucks to Volt Mobility in Dubai on September 18, 2024.

Which regions will Volt Mobility operate Mullen's (MULN) electric vehicles in?

Volt Mobility will operate Mullen's electric vehicles in the Gulf Cooperation Council (GCC) region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.