LOBO EV Received Strong Interest in its Solar-Powered EVs at 135th Canton Fair

Rhea-AI Summary

LOBO EV Technologies received strong interest in its solar-powered EVs at the 135th Canton Fair, securing $1.2 million in new orders and discussing a strategic cooperation agreement with a Cambodian customer for potential sales of over 10,000 vehicles annually.

WUXI, China, April 16, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, today announced it received strong interest from potential customers at the 135th China Import and Export Fair (“Canton Fair”), with more than 100 potential buyers visiting LOBO’s booth on the first day of the event. The Canton Fair is taking place on Pazhou Island, Guangzhou, China from April 15 to April 19, 2024.

The Company is in discussions to establish a strategic cooperation agreement with a Cambodian customer, which is expected to generate annual sales of more than 10,000 vehicles, subject to the terms and conditions of the final agreement.

“We are thrilled by the overwhelming response our innovative solar-powered EVs have received at the 135th Canton Fair. The praise from both new and existing clients has been incredibly affirming, reflecting our commitment to advancing electric mobility,” stated Huajian Xu, CEO of LOBO. “Remarkably, we have secured approximately $1.2 million in new orders as of today from distributors at the exhibition who will resell our e-bikes in Eastern Europe, Southeast Asia, North America, and Latin America. Historically, the Canton Fair has consistently led to fruitful results, and this year is once again proving to be a major success.”

LOBO is unveiling its latest advancements in electric mobility at the Canton Fair, with a spotlight on its newly developed solar energy series. This includes a range of solar-powered e-trikes, golf carts, and ATV/UVT models, all designed to address the critical challenges of charging convenience and travel range. Both solar-powered and electric-utility vehicles are garnering strong interest at this year’s exhibition.

 
^{Figure 1 - LOBO EV meets with potential e-bike buyers at the 135th Canton Fair on April 15, 2024}

The Canton Fair is celebrated as the largest and most influential trade exhibition in China. More than 60,000 overseas buyers from 205 countries and regions were in attendance on the first day of the exhibition, an increase of 18% over the prior year’s exhibition, according to comments made at a State Council Information Office press conference.

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.

LOBO is showcasing its new range of electric mobility products at its booth: 16-2-I-03.

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/09ace07f-1c4f-4869-9f27-f4b26740f704

FAQ

What was the response to LOBO's solar-powered EVs at the 135th Canton Fair?

LOBO EV received strong interest from potential customers, securing approximately $1.2 million in new orders and discussing a strategic cooperation agreement with a Cambodian customer for potential sales of over 10,000 vehicles annually.

What products did LOBO showcase at the Canton Fair?

LOBO showcased its newly developed solar energy series, including solar-powered e-trikes, golf carts, and ATV/UVT models, focusing on addressing charging convenience and travel range challenges.

What is the expected growth of the global e-bike, e-trike, and e-scooter market by 2028?

The global e-bike, e-trike, and e-scooter market is expected to surpass $39 billion by 2028, growing at a compound annual growth rate of 6.6%.