LOBO EV Further Expands Manufacturing Capacity to Meet Growing Demand
August 05 2024 - 8:30AM
LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”),
an innovative e-bicycle, e-moped, e-tricycle, and electric
off-highway four-wheeled shuttle designer, developer, manufacturer
and seller, expanded its manufacturing capacity with the addition
of a new factory in the Wuqing Development Zone. The newly rented
facility, the third manufacturing workshop for Tianjin LOBO
Intelligent Robot Co., Ltd., a wholly owned subsidiary of LOBO,
spans a total of 107,639 square feet and includes 78,748 square
feet dedicated to manufacturing activities.
The strategic expansion aims to address
increasing order volumes by enhancing overall production capacity,
efficiency, and quality. The new facility will primarily focus on
the production of e-tricycles, alleviating capacity constraints on
current facilities.
Huajian Xu, CEO of LOBO, commented, “This
expansion marks yet another important milestone in our growth
strategy. By optimizing our production capabilities and improving
our infrastructure, we are better positioned to respond to
increasing market demand as we continue to deliver high-quality
electric mobility solutions to our customers globally.”
Figure 1 - LOBO’s new Wuqing e-tricycle
manufacturing facility
The Company anticipates that this new facility
will not only enhance current production capabilities but also
support future growth initiatives. LOBO’s ongoing investments in
manufacturing infrastructure underscore its commitment to
maintaining its competitive edge and meeting evolving market
demands.
According to data from the Business Research
Company, the global market for e-bikes, e-trikes, and e-scooters
was valued at $28 billion in 2023 and is projected to surpass $39
billion by 2028, growing at a compound annual growth rate of 6.6%,
reflecting the increasing global shift towards sustainable and
efficient modes of transportation.
About LOBO EV Technologies
Ltd.LOBO is an innovative designer, developer,
manufacturer and seller of e-bicycles, e-mopeds, e-tricycles, and
electric off-highway four-wheeled shuttles such as golf carts and
mobility scooters for the elderly and disabled persons. LOBO also
provides automobile information and entertainment software
development and design services to customers. Leveraging its
cutting-edge technologies in connectivity, multimedia interactive
systems and artificial intelligence, LOBO re-defines and develops
its products in order to provide users with convenient, affordable
and pleasant driving experiences. For more information, visit:
https://loboev.io/. Any information displayed on, or that can be
accessed through, our website or any other website or any social
media is not a part of this press release.
Forward Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”) as well as Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, as amended, that are intended to be
covered by the safe harbor created by those sections.
Forward-looking statements, which are based on certain assumptions
and describe the Company’s future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as “believe,” “expect,” “may,” “will,”
“should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,”
“project,” “estimate,” “anticipate,” “strategy,” “future,” “likely”
or other comparable terms, although not all forward-looking
statements contain these identifying words. All statements other
than statements of historical facts included in this press release
regarding the expected closing date of the public offering and the
Company’s strategies, prospects, financial condition, operations,
costs, plans and objectives are forward-looking statements.
Important factors that could cause the Company’s actual results and
financial condition to differ materially from those indicated in
the forward-looking statements. Such forward-looking statements are
subject to risk and uncertainties, including, but not limited to,
those described in “Risk Factors,” “Operating and Financial Review
and Prospects,” “Cautionary Note Regarding Forward-Looking
Statements” in the Annual Report on Form 20-F filed with the SEC
(File No. 333-270499) on April 30, 2024. LOBO undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statements are made or to reflect the
occurrence of unanticipated events except as required by law. You
should read this press release with the understanding that our
actual future results may be materially different from what we
expect.
Contact:For more information,
contact:Zane XuIR Managerir@loboai.com
Dave GentryRedChip Companies Inc. 1 (407)
644-4256LOBO@redchip.com
A photo accompanying this announcement is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/8ec5221d-affd-4372-9a4d-fef4b27b1067
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