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LOBO EV Technologies (Nasdaq: LOBO) is hosting an exclusive webinar on May 8, 2024, to discuss growth and profitability plans. Board Member Harry Schulman will provide insights, followed by a live Q&A session. Investors can register for free online.
LOBO EV Technologies (Nasdaq: LOBO) reported an increase in net profit margin to 6.4% in 2023 from 6.1% in 2022. The company generated $15.5 million in revenue, down from $18.3 million in 2022, with operating expenses decreasing to $1.4 million. LOBO's international expansion and innovative product launches set the stage for growth in 2024, fueled by the success of its IPO. The company's focus on operational efficiency, inventory management, and production improvements led to improved profitability metrics. LOBO is strategically expanding in ASEAN countries, Eastern Europe, and Latin America to capitalize on increasing demand for electric mobility, unveiling new solar energy e-trikes, golf carts, and ATV/UVT models. The company also introduced a new delivery e-bike series tailored for the food and goods delivery sector. By leveraging its flexible production capacity and forging strategic partnerships, LOBO is well-positioned for long-term success in the growing electric mobility market.
LOBO EV Technologies announced the opening of a new manufacturing facility in Wuxi, China, doubling its production capacity in the region. The facility aims to support an annual production value exceeding $27 million, focusing on two-wheeled electric vehicles. The expansion, funded by a recent successful IPO, signifies LOBO's commitment to meeting the increasing global demand for electric vehicles.