WUXI, China, Dec. 03, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative e-bicycle, e-moped, e-tricycle, and electric off-highway four-wheeled shuttle designer, developer, manufacturer and seller, is pleased to announce the formation of its U.S. subsidiary, LOBOAI INC (“LOBOAI”). This strategic move aims to enhance the Company's presence in the United States by focusing on the importation, manufacturing, assembling and wholesale distribution of its cutting-edge robotic lawnmowers, electric golf carts, and AI-assisted mobility scooters for the elderly.
The establishment of LOBOAI underscores LOBO’s commitment to delivering innovative and sustainable transportation and automation solutions to the U.S. market. The new subsidiary will serve as a central hub for operations, facilitating efficient distribution channels and providing dedicated support to U.S. customers and partners.
“We are excited to expand our footprint in the U.S. with the launch of LOBOAI,” said Huajian Xu, CEO of LOBO EV Technologies Ltd. “This initiative aligns with our strategic vision to bring our products and robotic technologies to a broader audience, promoting eco-friendly and efficient solutions across various sectors.”
LOBO EV's product lineup includes:
- Robotic Lawnmowers: Engineered for precision and efficiency, these autonomous mowers utilize advanced navigation systems to deliver immaculate lawn maintenance with minimal human intervention.
- Electric Golf Carts: Designed for performance and sustainability, LOBO's golf carts offer a quiet, emission-free alternative for golf courses and recreational facilities.
- AI-assisted mobility scooter for the elderly: Provides convenient assistance for those with limited mobility within communities. Compared to current models, the new vehicles offer enhanced monitoring features and a more convenient driving experience.
The U.S. subsidiary will also focus on building strong relationships with local distributors and dealers, ensuring that customers receive exceptional service and support. The Company has decided to temporarily halt its projects in Suriname to focus its efforts and resources on improving its business in the U.S. By establishing a direct presence in the U.S., LOBO aims to better understand and meet the unique needs of the American market, fostering innovation and customer satisfaction.
Preliminary forecasts indicate that this venture is expected to contribute more than $5 million to the Company's sales in 2025, reflecting the anticipated demand for LOBO's innovative products in the U.S. market.
About LOBO EV Technologies Ltd.
LOBO is an innovative designer, developer, manufacturer and seller of 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: https://www.loboebike.com and https://loboev.io/. Any information displayed 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 (the “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,” “Operating and Financial Review and Prospects,” “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 20-F filed with the SEC (File No. 333-270499) on April 30, 2024. 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
