LOBO EV Further Expands Manufacturing Capacity to Meet Growing Demand
WUXI, China, Aug. 05, 2024 (GLOBE NEWSWIRE) -- 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 Statements
This 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 Xu
IR Manager
[email protected]
Dave Gentry
RedChip Companies Inc.
1 (407) 644-4256
[email protected]
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ec5221d-affd-4372-9a4d-fef4b27b1067
