WUXI, China, Aug. 19, 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, launched its new solar-powered golf cart, with the initial production run of 33 units already sold to U.S. customers. This marks the third successful export of LOBO's golf carts to the U.S., reinforcing the Company's growing market presence and its commitment to providing high-quality, eco-friendly products.

"This launch underscores our dedication to innovation and our strategic focus on the burgeoning U.S. market, where demand for sustainable transportation solutions continues to grow," said Huajian Xu, CEO of LOBO EV Technologies Ltd. "Our new solar-powered mini golf cart not only aligns with LOBO's green travel philosophy but also meets the evolving needs of our environmentally conscious customers."

The new golf cart integrates cutting-edge solar technology, featuring high-efficiency solar panels with a 40V output and a power rating of 270W. These panels achieve a remarkable conversion efficiency of up to 22% and are designed with a 60-degree bending capability, ensuring durability and adaptability. The solar system enables up to 80% battery charge through sunlight alone, enhancing energy efficiency and promoting true green travel.

LOBO EV Technologies Ltd.

LOBO EV Solar-Powered Golf Cart

The cart is equipped with a powerful 1500W electric motor, available in 60V and 72V variants, and features a robust dual-row 18-tube controller for reliable performance. Its advanced design includes an all-aluminum chassis, independent suspension for all four wheels, and 350-10 vacuum tires, providing a smooth and comfortable driving experience. Safety is prioritized with rear disc brakes and a dual-circuit hydraulic braking system, while additional features such as LED headlights, turn signals, and a large LCD display with Bluetooth and USB connectivity deliver modern convenience and user-friendly operation.

The golf cart market is estimated at $2.14 billion in 2024 and forecasted to grow to $2.84 billion by 2029, according to data from Mordor Intelligence.

Moving forward, LOBO will continue to invest in product innovation and research and development to offer more sustainable travel solutions worldwide.

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

ir@loboai.com

Dave Gentry

RedChip Companies Inc.

1 (407) 644-4256

LOBO@redchip.com

A photo accompanying this announcement is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d10af617-5182-4333-900b-08d8a79c85a3

LOBO EV Launches Innovative Solar-Powered Golf Cart to Address Increasing Market Demand for Sustainable Transportation Solutions