LOBO EV Receives Commitment for Support from Local Government
Xinwu District government pledges assistance with securing factory spaces, land resources, talent acquisition, and tax incentives
WUXI, China, April 08, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, today announced it received a pledge of support from the Xinwu District government in Jiangsu Province. This support, announced at a gala dinner celebrating LOBO's successful Nasdaq IPO, underscores the Company's role in spearheading the global electric mobility revolution from its base in Wuxi.
1 - LOBO EV celebrates Nasdaq listing at gala dinner sponsored by Xinwu District government officials.
During a celebratory dinner, Guodong Gu, the Vice Governor of Xinwu District, stated, “The listing on Nasdaq is a critical milestone for LOBO’s international business expansion. By becoming a publicly traded company in the US, LOBO sets a precedent for local SMEs to leverage global capital markets for growth and development.”
Mr. Gu further emphasized the alignment of LOBO’s strategic direction with the local government's vision of transforming Wuxi into a global industrial technology hub. In support of this vision, the local government has pledged to provide LOBO with comprehensive assistance including factory spaces, land resources, talent acquisition, and tax incentives to foster the Company’s growth. The assistance will be negotiated and determined on a case-by-case basis.
LOBO stands out for its distinctive product range and customized solutions tailored to meet the demands of diverse international customer bases, and its dedication to providing unique, high-quality e-bikes, e-trikes, and e-scooters, coupled with its strategic international expansion and strong local government backing, positions the Company for continued success on the global stage.
Huajian Xu, CEO of LOBO, stated, “Our successful IPO on the Nasdaq marks not just a milestone for LOBO but a testament to our commitment towards innovation and excellence in the electric vehicle industry. Our guiding principles—Multi-model offerings, Quick delivery, Outstanding design and quality, coupled with cost Savings (MQOS)—are more than just a business strategy; they are a reflection of our dedication to meeting the evolving needs of our global customers while maintaining high standards of efficiency and affordability. This pledge of support from the Xinwu District government is a crucial step in our journey, empowering us to further innovate, expand, and lead the way in sustainable transportation solutions worldwide.”
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: 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
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
A photo accompanying this announcement is available at
