LOBO EV Expands E-Bike Production Capacity with New Facility in Wuxi, China
WUXI, China, April 30, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, today announced the opening of its new 135,754-square-foot manufacturing facility in Wuxi, China. Strategically located in Dachen Industry Park, the center of the Wuxi e-bike industry, this new facility more than doubles the Company's production capacity in the region. Operations at the new facility will begin on May 8, 2024.
Figure 1 - New LOBO manufacturing facility at Dachen Industry Park in Wuxi, China
The assembly lines at the new facility are projected to support an annual production exceeding $27 million in value, significantly boosting LOBO’s manufacturing output for two-wheeled electric vehicles, including e-bikes, electric mobility scooters, and high-speed electric motorcycles.
“Our new manufacturing facility in Wuxi is an important step forward in our expansion strategy,” stated Huajian Xu, CEO of LOBO. “In addition to expanding our production capacity, this new plant also enhances our ability to innovate and efficiently meet the increasing demand for high-quality two-wheeled electric vehicles. This investment, fueled by our recent successful IPO, is more than an investment in LOBO’s future, it’s also a testament to our confidence in the growing global market for our products.”
The facility’s prime location offers substantial logistical advantages for container shipping, enhancing the Company’s ability to service customers globally.
The new Wuxi plant, which is one of three manufacturing facilities operated by LOBO, with others located in Tianjin, is poised to play a crucial role in the Company's growth strategy. The new facility will be registered for a world manufacturer identifier (WMI) and adhere to Level 1 Motorcycle Qualification Standards as stipulated by the Ministry of Industry and Information Technology of China, enabling the launch of new product lines including high-speed electric motorcycles and license-plated electric vehicles.
The expansion follows LOBO's notable presence at the Canton Fair in April 2024, which resulted in nearly $1 million in customer deposits from an estimated $5 million in new potential orders. Additionally, the company has hosted nearly 10 clients for on-site visits as part of their due diligence processes, setting the stage for establishing long-term sales partnerships that will further accelerate the Company’s growth.
The global e-bike, e-trike, and e-scooter market was estimated at a combined $28 billion in 2023 and is expected to surpass $39 billion by 2028, growing at a compound annual growth rate of 6.6%, according to data from the Business Research Company.
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
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