Written by Cláudio Afonso | LinkedIn | X
Shares of the electric vehicle startup Mullen Automotive are surging over 55% on Monday to 51 cents per share following the announcement of a $210 million deal with the UAE-based company Volt. The deliveries will start “immediately,” Mullen stated.
The company from the Middle East region agreed to buy 3,000 Class 1 and Class 3 EV cargo vans and trucks over 16 months with Mullen securing an initial $3 million deposit within 60 days and additional payments as the vehicles are delivered.
The deal will bring the California-based startup “approximately $210 million in revenue” over the next 16 months — until December next year.
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Volt said it will lease the commercial vehicles to its “corporate customers based in the Middle East and Gulf States” which includes UPS, DHL and FedEx throughout the Gulf Cooperation Council.
Countries from the GCC region include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
Mullen’s assembly plant is located in Tunica, Mississippi-based and has the capacity to produce 20,000 Class 1 and 6,000 Class 3 vehicles annually with two production shifts as detailed by the company in a statement.
Earlier this year, the company has recently announced Gama as its first new European distributor, to commercialise its models in Bosnia, Serbia, Montenegro, Croatia, Slovenia, Macedonia, Albania, Greece and Bulgaria.
Written by Cláudio Afonso | LinkedIn | X
