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LOBO EV Establishes Office in Suriname to Boost Latin American Presence
Strategic move to support rapidly growing demand for electric mobility solutions in Latin America WUXI, China, July 16, 2024 (GLOBE NEWSWIRE) -- LOBO EV
About this update from Lobo Technologies Ltd.
[{"type":"text","content":"Strategic move to support rapidly growing demand for electric mobility solutions in Latin America\nWUXI, China, July 16, 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, announced that it will open a new office in Suriname to better serve the rapidly growing Latin American market. This strategic expansion is in response to increasing demand for sustainable electric mobility solutions in the region. The new office to be established through a Memorandum of Understanding (MOU) with Zhongda International Engineering Company (Suriname) N.V. (“Zhongda”), a Suriname company, encompasses approximately 2,152 square feet of office space and includes a 5,381 square feet warehouse. This space will support LOBO's operations and serve as a temporary product transfer and distribution center. The office is located in Wanica, Suriname, on a site that provides ample space for future development and potential assembly plant operations. LOBO's collaboration with Zhongda will facilitate access to Zhongda's extensive social resources and distribution sites across Suriname and other Latin American countries. The MOU also outlines plans for Zhongda to provide LOBO with more than 107,639 square feet of land for the potential development of an assembly plant, pending successful due diligence, local government approvals, and board resolutions. Figure 1 – New LOBO office in Wanica, Suriname “We are very excited to cooperate with Zhongda to establish an office in Suriname. This marks an important milestone for LOBO in the Latin American market. We will continue to invest in this rapidly growing market and are committed to providing customers with the highest quality products and services,” said Huajian Xu, CEO of LOBO. Tony Tao, representing Zhongda, added, “Latin America has great market potential, and Suriname has a superior geographical location with convenient transportation to all countries in South America. LOBO is a good company, and we will support LOBO’s business in Latin America.” With the establishment of the new office, LOBO EV will focus on increasing the popularity of electric bicycles and other electric mobility solutions in Suriname and neighboring countries. Thi...