LOBO Reports Record Shipments in September, with Overseas Sales Volume Up 108% and Revenue Surging 254% Year-Over-Year

Rhea-AI Summary

LOBO EV Technologies (Nasdaq: LOBO) reported record shipments in September 2024, with overseas sales volume up 108% and revenue surging 254% year-over-year. The company delivered approximately 2,800 e-bikes and 700 tricycles, driven by successful new product introductions and an expanding overseas customer base. Revenue from overseas customers reached $0.8 million, highlighting LOBO's growing global reach.

CEO Huajian Xu expressed confidence in the continued positive trend, attributing the growth to the strength of their new product line and team dedication. LOBO's strategic focus on scaling supply chain capabilities has enabled more effective service to its growing international customer base.

Positive

• Record shipments in September 2024 with 108% increase in overseas sales volume
• 254% year-over-year surge in revenue from overseas customers, reaching $0.8 million
• Successful introduction of new products contributing to increased demand
• Expanding overseas customer base
• Improved supply chain capabilities to serve growing international markets

Negative

• None.

WUXI, China, Oct. 15, 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, today announced that the company completed a record number of shipments in September 2024, driven by the successful introduction of new products and an expanding overseas customer base.

The volume of deliveries in September 2024 increased approximately 108% compared to September 2023, with about 2,800 units of e-bikes and 700 units of tricycles sold. The strong demand for LOBO's latest products, combined with expanding overseas customer base, has contributed to this achievement.

Revenue generated from overseas customers surged 254% in September 2024 to approximately $0.8 million. The significant revenue growth of this segment compared to September 2023 highlights the Company's expanding global reach and successful efforts to meet international demand. LOBO's strategic focus on scaling its supply chain capabilities has enabled the company to serve its growing customer base more effectively across key international markets.

"We are thrilled with the record-breaking order shipments and the substantial increase in revenues generated from overseas during September," said Huajian Xu, CEO of LOBO. "This growth is a testament to the strength of our new product line and the dedication of our team. We remain confident that this positive trend will continue throughout the remainder of the year as we continue to meet our customers’ needs around the world."

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 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: https://www.loboebike.com and https://loboev.io/. Any information displayed 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 (the “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,” “Operating and Financial Review and Prospects,” “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 20-F filed with the SEC (File No. 333-270499) on April 30, 2024. 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

FAQ

What was LOBO's overseas sales volume increase in September 2024?

LOBO reported a 108% increase in overseas sales volume in September 2024 compared to September 2023.

How much did LOBO's overseas revenue grow in September 2024?

LOBO's revenue from overseas customers surged 254% in September 2024, reaching approximately $0.8 million.

How many e-bikes and tricycles did LOBO deliver in September 2024?

LOBO delivered approximately 2,800 e-bikes and 700 tricycles in September 2024.

What factors contributed to LOBO's record shipments in September 2024?

LOBO's record shipments were driven by successful introduction of new products, an expanding overseas customer base, and improved supply chain capabilities.