WUXI, China, May 13, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) ("LOBO" or the "Company"), an innovative electric vehicle manufacturer and seller, unveiled three new e-moped models at the prestigious Shanghai International Electric Vehicle and Parts Exhibition ("China Cycle"). Held at the Shanghai New International Expo Center from May 5 to 8, 2024, the exhibition drew participation from approximately 7,000 brands from around the world showcasing the latest in e-bike technology and innovation.
The newly launched e-mopeds feature a first-of-its-kind frame design independently developed by LOBO, offering enhanced structural stability and collision resistance. The innovative design garnered positive feedback from customers at the exhibition, setting the stage for accelerating sales growth in the rapidly growing e-moped segment.
"Our newly designed e-moped frame marks a significant milestone in LOBO's journey towards independent, state-of-the-art product development, reinforcing our position at the forefront of the e-mobility industry," said Huajian Xu, CEO of LOBO. "This launch not only reinforces our position at the forefront of the e-mobility industry but also exemplifies our dedication to pushing the boundaries of design and technology. As we continue to innovate, our focus remains on enhancing user experience and driving efficiency, which we believe will lead to substantial growth and expand our market share across the e-mobility landscape globally."
The China Cycle exhibition is renowned for its influence and size, being the largest electric bicycle exhibition globally after the Canton Fair, which provided LOBO an ideal platform to showcase its latest technologies to an international audience of potential buyers.
LOBO's new e-moped models were popular with both new and established customers at the exhibition, with many attendees visiting LOBO's booth to learn about the features and pricing of these innovative products. "We anticipate receiving new orders for these models from the many potential buyers we met with at China Cycle," added Xu.
Figure 1 - LOBO meets with potential e-moped buyers at China Cycle 2024
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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/940cbe06-6440-4120-b125-a5a818d412bc
