WUXI, China, April 10, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (LOBO or the Company), an innovative electric vehicle manufacturer and seller, today announced its subsidiary, Tianjin Bibosch Intelligent Technology Co., Ltd., will participate in the 135th China Import and Export Fair (Canton Fair), slated to take place on Pazhou Island, Guangzhou, China, from April 15 to April 19, 2024.
LOBO will introduce its latest advancements in electric mobility at the Canton Fair, with a spotlight on its newly developed solar energy series. This includes a range of solar-powered e-trikes, golf carts, and ATV/UVT models, all designed to address the critical challenges of charging convenience and travel range.
The Canton Fair will also serve as the launch pad for LOBO's new delivery e-bike series, designed to address the burgeoning demand in the food and goods delivery sector which is being fueled by the growth of services from leading fast-food restaurants and major retailers. China's parcel delivery industry delivered a record 110.6 billion packages in 2022, according to data from Cushman & Wakefield (NYSE:CWK), a leading global services firm.
To maximize its impact at the Canton Fair, LOBO has extended invitations to distributors from over 30 countries, engaging more than sixty executives, sales managers, and representatives. The response has been positive, with confirmed intentions to visit from numerous countries including Ukraine, Serbia, Ecuador, Brazil, Chile, the Philippines, Indonesia, and South Korea, among others. This global interest underscores the Company's commitment to innovation and its pivotal role in shaping the future of electric mobility.
We are thrilled to showcase our newest solar-powered EVs at this year's Canton Fair. Historically, our participation in the Canton Fair has consistently led to fruitful results, and I am confident that this year will be no exception, stated Huajian Xu, CEO of LOBO. Our latest lineup, including solar-powered e-trikes, golf carts, and ATV/UVT models, alongside our groundbreaking delivery EV series, is designed to meet the evolving needs of the global market, especially in sectors with high demand for sustainable and reliable transportation solutions. These latest advancements reinforce our commitment to leading the electric mobility revolution, leveraging solar energy to address some of the most pressing challenges faced by the EV industry today. We're setting the stage for a future where electric mobility is accessible, efficient, and integral to daily life around the world.
The Canton Fair, celebrated as the largest and most influential trade exhibition in China, is expected to draw 700,000 overseas buyers from 229 countries and regions, according to estimates by the organizing committee, including an estimated 200,000 in-person attendees and over 500,000 online participants.
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.
LOBO will showcase its new range of electric mobility products at its booth: 16-2-I-03.
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: www.loboebike.com. 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
ir@loboai.com
Dave Gentry
RedChip Companies Inc.
1 (407) 644-4256
LOBO@redchip.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a3002d93-6493-433a-8805-85a8b2dacbca