LOBO Projects 80% Year-Over-Year Revenue Growth for 2024, Expects Margin Improvement in Second Half
October 07 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, today announced revenue guidance for the full year of
2024, projecting an 80% increase compared to the previous year,
driven by recent capacity expansion, new product launches, and new
market entries.
“We are optimistic about our revenue prospects for 2024,” said
Huajian Xu, CEO of LOBO. “Our investments in expanding our
capabilities and our focus on innovation put us in a strong
position to meet evolving customer needs across the globe. We also
expect improving margins in the second half of the year as we gain
operational efficiencies from our expanded production capacity and
higher economies of scale.”
Key Drivers of Projected Growth:
- Capacity Expansion:
LOBO has scaled up its production facilities to accommodate
increasing demand.
- Product
Development: Introduction of new products expected to
contribute significantly to revenue growth.
- Market Expansion:
Entry into new markets, particularly in Eastern Europe and Latin
America, creating opportunities with top-tier customers.
LOBO remains committed to executing its strategic initiatives to
drive growth and enhance shareholder value. The company's focus on
innovation, operational efficiencies, and market expansion
underscores its dedication to meeting customer needs and staying
ahead in a competitive landscape.
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
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