| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
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.
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.
Posted In: LOBO
