11:15 AM EDT, 09/04/2024 (MT Newswires) -- Mullen Automotive ( MULN ) said Wednesday it has shipped the initial batch of electric vehicles under a $210 million purchase contract with United Arab Emirates-based Volt Mobility.

The company expects to book revenue from the deal in its fiscal Q1 that begins Oct. 1.

Volt has ordered 3,000 Mullen Class 1 and Class 3 EV cargo vans and trucks for delivery over a 16-month period under the contract, with 300 vehicles scheduled for shipment in 2024, Mullen said.

Shares of Mullen gained over 9% in recent trading activity.

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