Business
LOBO EV Further Expands Manufacturing Capacity to Meet Growing Demand
WUXI, China, Aug. 05, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative e-bicycle, e-moped,
About this update from Lobo Technologies Ltd.
[{"type":"text","content":"WUXI, China, Aug. 05, 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, expanded its manufacturing capacity with the addition of a new factory in the Wuqing Development Zone. The newly rented facility, the third manufacturing workshop for Tianjin LOBO Intelligent Robot Co., Ltd., a wholly owned subsidiary of LOBO, spans a total of 107,639 square feet and includes 78,748 square feet dedicated to manufacturing activities. The strategic expansion aims to address increasing order volumes by enhancing overall production capacity, efficiency, and quality. The new facility will primarily focus on the production of e-tricycles, alleviating capacity constraints on current facilities. Huajian Xu, CEO of LOBO, commented, “This expansion marks yet another important milestone in our growth strategy. By optimizing our production capabilities and improving our infrastructure, we are better positioned to respond to increasing market demand as we continue to deliver high-quality electric mobility solutions to our customers globally.” Figure 1 - LOBO’s new Wuqing e-tricycle manufacturing facility The Company anticipates that this new facility will not only enhance current production capabilities but also support future growth initiatives. LOBO’s ongoing investments in manufacturing infrastructure underscore its commitment to maintaining its competitive edge and meeting evolving market demands. 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 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 int...