Mullen Automotive Starts Shipping EV Vans and Trucks to Volt Mobility in $210M Deal
BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: MULN), a leading electric vehicle (EV) manufacturer, has initiated the delivery of commercial EV cargo vans and trucks to Volt Mobility, a prominent leasing company based in the UAE. This marks the beginning of a 16-month delivery schedule for 3,000 Class 1 and Class 3 EVs under a $210 million contract.
The revenue recognition for Mullen will kick off in the first fiscal quarter starting October 1, 2024, following a $3 million deposit from Volt. The vehicles, including the Mullen ONE Class 1 EV van and the Mullen THREE Class 3 EV truck, are being assembled at Mullen's Mississippi facility, along with Bollinger B4 and B5 trucks from its subsidiary, Bollinger Motors.
David Michery, Mullen's CEO, expressed optimism about the company's global commercial EV expansion with this shipment. Volt Mobility, known for leasing vehicles to major delivery services like UPS, DHL, and FedEx, has quickly gained traction in the region with its range of electric vehicles.
From an investment perspective, Mullen's market capitalization stands at $33.55 million, reflecting its niche position in the EV industry. However, the company's revenue has declined by 49.17% in the last twelve months, highlighting the challenges it faces in scaling its operations. The recent underperformance of Mullen's stock may raise concerns for potential investors, with price total returns of -22.82%, -76.05%, and -96.93% over the last week, month, and six months, respectively.
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