Volt Mobility signs $210M contract with Mullen Automotive to purchase 3,000 Class 1 and Class 3 electric vans and trucks Page 1

Mullen Receives Initial $3 Million Deposit, Begins Shipping First Vehicles Immediately

Volt, a leading commercial leasing company based in the UAE with customers including UPS, DHL and FedEx, will purchase 3,000 electric vans and trucks over the next 16 months

BREA, Calif., Aug. 26, 2024 (GLOBE NEWSWIRE) — via IBN – Mullen Automotive, Inc. (NASDAQ: MULN number) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announced that Volt Mobility (“Volt”), based in the United Arab Emirates (“UAE”), has entered into a purchase agreement for approximately $210 million to acquire 3,000 Class 1 and Class 3 EV trucks and vans over a 16-month period. Mullen will receive an initial $3 million upfront payment within 60 days and additional payments as the vehicles are delivered. The Company will begin shipping the first vehicles immediately.