LOBO EV Forges Strategic Collaboration with CSM2017 to Expand E-Bicycle Business in Serbia
WUXI, China, April 02, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, today announced its new strategic collaboration with Serbian distributor CSM2017 Doo (“CSM2017”), marking a milestone in its expansion into the burgeoning electric vehicle market in Eastern Europe. With a growing demand for sustainable transportation options, the region presents a ripe opportunity for LOBO EV’s innovative product lineup, starting with the CSM-01 e-bicycle.
“Our collaboration with CSM2017 marks a pivotal step in LOBO's journey towards global expansion and accelerating growth,” stated Huajian Xu, CEO of LOBO EV. “Working with CSM2017 both enhances shareholder value and strengthens our market position as a leader in electric mobility solutions. We look forward to collaborating with CSM2017 to develop and introduce an expanding line of products custom tailored to customer demands in the region.”
LOBO EV is currently finalizing the development of the CSM-01 model and preparing the assembly line for CSM2017, with revenue generation from the collaboration expected to begin in Q2 2024.
Figure 1 - CSM-01 E-Bicycle
The establishment of an assembly line in Serbia enables “Made in Serbia” labeling for the CSM-01 e-bicycle. LOBO EV will manufacture and assemble the majority of the parts in China, ensuring the quality and reliability of the e-bicycles before they are exported to Serbia for final assembly. Additionally, the Serbian facility will offer ongoing maintenance services to customers, further emphasizing the commitment of both companies to customer satisfaction and after-sales support.
The European e-bicycle market was valued at $4.2 billion in 2022 and is expected to surpass $8.1 billion by 2030, according to Data Bridge Market Research.
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.
1-800-RED-CHIP (733-2447)
or 407-491-4498
LOBO@redchip.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6bd25024-3a2f-47a8-800f-951bef6a904b
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