Mullen Provides Update on Volt Mobility $210 Million UAE Order

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.