WUXI, China, June 17, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, further expanded its penetration of the Latin American market with a large order from Ecuadorian wholesalers. The new order, the largest single order for e-bikes the company has received in 2024, includes electric tricycles, electric bicycles, and the Company’s newly introduced solar-powered electric tricycles.
“This order, which includes our new ‘King of the Load’ e-trikes, underscores our commitment to innovation and our success in addressing the unique needs of diverse markets,” said Huajian Xu, CEO of LOBO. “Latin America is one of several global markets we’ve targeted for rapid expansion, and this latest order from Ecuador is a testament to our growing footprint and the strong demand for our products in this region.”
LOBO has been steadily gaining market share in Latin America over the past several years. The company's ongoing investment in research and development has been a key factor in producing innovations that resonate with customers in Latin America and beyond. Throughout 2024, LOBO has consistently received orders for e-bikes and e-trikes from Latin American dealers in Brazil, Chile, Suriname, and other countries, indicating robust demand across the region.
The Ecuadorian order showcases LOBO's "King of the Load" e-trike, a special-purpose vehicle designed for commuters and delivery services. These e-trikes are not just vehicles but also powerful tools that empower users by providing a means of livelihood, which is especially critical in developing countries for increasing income and improving quality of life.
Figure 1 - King of the Load E-Trike
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 electric vehicle manufacturer and seller. LOBO designs, develops, manufactures and sells 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: www.loboebike.com. Any information contained 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 (“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,” “Management's Discussion and Analysis of Financial Condition and Results of Operations,” “Disclosure Regarding Forward-Looking Statements” in the Registration Statement on Form F-1 filed with the SEC (Reg. No. 333-270499) and the final prospectus. 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/9c47f4ac-e5f4-49e8-994c-e8775d03b95d
