Business
LOBO EV Expands Latin American Market Penetration with Wholesale Purchase Order for Nine Containers of E-Bikes and E-Trikes
Order from Ecuadorian wholesalers includes new solar-powered e-trikes WUXI, China, June 17, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO)
About this update from Lobo Technologies Ltd.
[{"type":"text","content":"Order from Ecuadorian wholesalers includes new solar-powered e-trikes\nWUXI, China, June 17, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, further expanded its penetration of the Latin American market with a large order from Ecuadorian wholesalers. The new order, the largest single order for e-bikes the company has received in 2024, includes electric tricycles, electric bicycles, and the Company’s newly introduced solar-powered electric tricycles. “This order, which includes our new ‘King of the Load’ e-trikes, underscores our commitment to innovation and our success in addressing the unique needs of diverse markets,” said Huajian Xu, CEO of LOBO. “Latin America is one of several global markets we’ve targeted for rapid expansion, and this latest order from Ecuador is a testament to our growing footprint and the strong demand for our products in this region.” LOBO has been steadily gaining market share in Latin America over the past several years. The company's ongoing investment in research and development has been a key factor in producing innovations that resonate with customers in Latin America and beyond. Throughout 2024, LOBO has consistently received orders for e-bikes and e-trikes from Latin American dealers in Brazil, Chile, Suriname, and other countries, indicating robust demand across the region. The Ecuadorian order showcases LOBO's \"King of the Load\" e-trike, a special-purpose vehicle designed for commuters and delivery services. These e-trikes are not just vehicles but also powerful tools that empower users by providing a means of livelihood, which is especially critical in developing countries for increasing income and improving quality of life. Figure 1 - King of the Load E-Trike According to data from the Business Research Company, the global market for e-bikes, e-trikes, and e-scooters was valued at $28 billion in 2023 and is projected to surpass $39 billion by 2028, growing at a compound annual growth rate of 6.6%, reflecting the increasing global shift towards sustainable and efficient modes of transportation. 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-highw...