Mullen Automotive’s stock price climbed significantly on Wednesday after the company announced the delivery of the first batch of vehicles under a major $210 million contract with UAE-based Volt Mobility. This deal marks a significant milestone for Mullen, with revenue recognition starting in the first fiscal quarter of 2024.
Results for: Volt Mobility
Mullen Automotive, Inc. (MULN) stock surged after the company secured a significant purchase agreement with UAE’s Volt Mobility. The deal involves the delivery of 3,000 Class 1 and Class 3 electric cargo vans and trucks over the next 16 months, generating an estimated $210 million in revenue for Mullen. Volt plans to lease these vehicles to businesses across the Middle East, signifying Mullen’s expansion into a new market.