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LOBO EV Technologies Ltd is a leading electric vehicle manufacturer headquartered in China. Specializing in the design, development, manufacturing, and sales of various electric vehicles, the company has carved a niche in the rapidly growing electric mobility market. LOBO's product lineup includes e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles such as golf carts and mobility scooters. These products cater to different customer needs, including the elderly and disabled persons, ensuring mobility solutions for a broad audience.
The company is divided into two core segments: electric vehicles and accessories sales, which form the bulk of its revenues, and software royalties and development and design services. LOBO is also known for its cutting-edge software solutions that enhance the automobile infotainment experience, further solidifying its position in the electric vehicle industry.
In a significant move towards global expansion, LOBO has recently collaborated with CSM2017 to target the European e-bicycle market, which is projected to exceed $8.1 billion by 2030. This partnership not only bolsters shareholder value but also strengthens LOBO's market position. The collaboration is already showing promising signs, with revenue generation expected to commence in Q2 2024.
One of LOBO's strategic milestones includes setting up an assembly line in Serbia, which will enable the 'Made in Serbia' labeling for its CSM-01 e-bicycle. Most parts will be manufactured in China and then exported to Serbia for final assembly. The Serbian facility will also offer ongoing maintenance services, emphasizing customer satisfaction and after-sales support.
LOBO's participation in major trade exhibitions like the Canton Fair has been a testament to its commitment to innovation. At the recent Canton Fair, the company showcased its latest advancements in solar-powered EVs, including e-trikes, golf carts, and ATVs. These solar-powered models address critical challenges like charging convenience and travel range, setting new benchmarks in the industry.
Furthermore, LOBO is engaged in discussions to establish a strategic cooperation agreement with a Cambodian customer, potentially generating annual sales of more than 10,000 vehicles. The company has also received substantial orders from distributors across Eastern Europe, Southeast Asia, North America, and Latin America.
Financially, LOBO reported revenues of $15.47 million for the fiscal year ended December 31, 2023. Despite a 15% year-over-year decline due to economic slowdowns in China and a high base effect from 2022, the company maintained a solid net profit margin of 6.4%. The successful IPO in March 2024 has fueled further expansions, including the addition of high-capacity assembly lines at its Wuxi facility.
LOBO's strategic focus on international markets, particularly in ASEAN countries, Eastern Europe, and Latin America, positions it well for sustained growth. The company is leveraging environmental awareness and supportive policies for electric vehicles to drive demand. As LOBO continues to innovate and expand, it remains committed to providing sustainable and efficient electric mobility solutions globally.
LOBO EV Technologies (Nasdaq: LOBO) has signed a strategic manufacturing and distribution agreement with Capital Fortress Assets for robotic lawn mowers in the U.S. and Australian markets. Under the agreement, Capital Fortress will handle distribution and assembly of LOBO's products supplied in Complete Knock Down (CKD) form.
Key terms include exclusive distribution rights (excluding e-commerce), minimum sales commitment of $1 million or 1,500 units in the first 12 months, and comprehensive after-sales service. The partnership aims to optimize supply chain efficiency through local component manufacturing and enhance market penetration in these regions.
LOBO EV Technologies (Nasdaq: LOBO) has established a U.S. subsidiary, LOBOAI, to enhance its presence in the United States market. The subsidiary will focus on importing, manufacturing, assembling, and distributing robotic lawnmowers, electric golf carts, and AI-assisted mobility scooters for the elderly. The company has halted its Suriname projects to concentrate on U.S. operations. LOBOAI is projected to contribute over $5 million to company sales in 2025. The expansion aims to strengthen distribution channels and provide dedicated support to U.S. customers and partners.
RedChip Companies announces the airing of interviews with LOBO EV Technologies (Nasdaq:LOBO) and Nexalin Technology on Bloomberg TV's RedChip Small Stocks, Big Money™ show on November 2, 2024, at 7 p.m. ET. Harry D. Schulman, Independent Director of LOBO EV, will discuss the company's growth and profitability plans for 2024. LOBO aims to become a leader in intelligent urban e-bikes, e-trikes, and off-highway four-wheeled electric vehicles market. The interviews will be broadcast to an estimated 73 million homes across the U.S. through Bloomberg TV.
LOBO EV Technologies (NASDAQ: LOBO) announces an upcoming investor webinar scheduled for October 28, 2024, at 4:15 p.m. ET. The event, hosted by RedChip Companies, will feature Independent Director Harry D. Schulman discussing the company's growth and profitability strategies for 2024 and beyond. LOBO, a manufacturer of e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles, aims to establish itself as a leading OEM and ODM in the intelligent urban electric vehicle market. The webinar will include a live Q&A session, and investors can pre-submit questions or ask them during the event.
LOBO EV Technologies (Nasdaq: LOBO) reported record shipments in September 2024, with overseas sales volume up 108% and revenue surging 254% year-over-year. The company delivered approximately 2,800 e-bikes and 700 tricycles, driven by successful new product introductions and an expanding overseas customer base. Revenue from overseas customers reached $0.8 million, highlighting LOBO's growing global reach.
CEO Huajian Xu expressed confidence in the continued positive trend, attributing the growth to the strength of their new product line and team dedication. LOBO's strategic focus on scaling supply chain capabilities has enabled more effective service to its growing international customer base.
LOBO EV Technologies (Nasdaq: LOBO), a designer and manufacturer of electric bicycles, mopeds, tricycles, and off-highway four-wheeled shuttles, has announced its revenue guidance for 2024. The company projects an 80% year-over-year revenue growth, driven by recent capacity expansion, new product launches, and entry into new markets.
CEO Huajian Xu expressed optimism about the company's revenue prospects, citing investments in expanded capabilities and a focus on innovation. LOBO expects improving margins in the second half of 2024 due to operational efficiencies from increased production capacity and higher economies of scale.
Key growth drivers include:
- Scaled-up production facilities to meet increasing demand
- Introduction of new products
- Expansion into new markets, particularly in Eastern Europe and Latin America
LOBO EV Technologies (NASDAQ: LOBO) reported strong financial results for H1 2024, with total revenue reaching $12.13 million, a 49% increase from H1 2023. The company sold 56,000 units, up 45% year-over-year, driven by high demand for its electric vehicles. Despite the revenue growth, LOBO reported a net loss of $(0.31) million, compared to a net income of $0.67 million in H1 2023, primarily due to increased operating expenses.
Key highlights include:
- Gross profit of $1.36 million with an 11.2% margin
- 61% growth in sales from electric vehicles and accessories
- Expansion into new international markets
- 86% increase in R&D spending
- 55% expansion in inventory to support growth
LOBO anticipates margin improvements in H2 2024 as it scales operations and optimizes its supply chain. The company remains optimistic about continued momentum, planning to launch new vehicle models and strengthen its international presence.
LOBO EV Technologies (Nasdaq: LOBO) has launched a new solar-powered golf cart, with the initial production run of 33 units already sold to U.S. customers. This marks the company's third successful export of golf carts to the U.S., reinforcing its growing market presence. The innovative cart features:
- High-efficiency solar panels with 40V output and 270W power rating
- Up to 22% conversion efficiency and 60-degree bending capability
- 80% battery charge through sunlight alone
- 1500W electric motor (60V and 72V variants)
- All-aluminum chassis and independent suspension
- Advanced safety features and modern conveniences
The golf cart market is estimated at $2.14 billion in 2024 and forecasted to grow to $2.84 billion by 2029. LOBO aims to continue investing in product innovation and R&D to offer more sustainable travel solutions worldwide.
LOBO EV Technologies (Nasdaq: LOBO) has expanded its manufacturing capacity with a new factory in the Wuqing Development Zone. This third manufacturing workshop for Tianjin LOBO Intelligent Robot Co., , a wholly owned subsidiary, covers 107,639 square feet, with 78,748 square feet dedicated to manufacturing activities. The facility will primarily produce e-tricycles, addressing increasing order volumes and enhancing overall production capacity, efficiency, and quality.
CEO Huajian Xu stated that this expansion is a significant milestone in LOBO's growth strategy, optimizing production capabilities to meet growing market demand. The global market for e-bikes, e-trikes, and e-scooters is projected to grow from $28 billion in 2023 to $39 billion by 2028, with a 6.6% CAGR, reflecting the shift towards sustainable transportation.
Nexalin Technology, Inc. (Nasdaq: NXL) and LOBO EV Technologies (Nasdaq: LOBO) will be featured on the RedChip Small Stocks, Big Money™ show on Bloomberg TV on July 27, 2024, at 7 p.m. ET. Nexalin CEO Mark White will provide a corporate update, highlighting the company's non-invasive neurostimulation technology for mental health treatment. Nexalin's Gen-3 HALO™ Clarity device offers an alternative to traditional pharmacological treatments for conditions like insomnia, PTSD, and traumatic brain injuries. The mental health treatment market is projected to reach $537 billion by 2030.
LOBO EV's independent director Harry Schulman will also provide a corporate update. LOBO EV manufactures and sells electric vehicles, including e-bicycles and e-mopeds, focusing on mobility solutions for the elderly and disabled. The Chinese e-bike market is expected to grow from $16 billion to $31.3 billion in the next five years, with a CAGR of 11.76%.
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