LOBO EV Receives Commitment for Support from Local Government

Xinwu District government pledges assistance with securing factory spaces, land resources, talent acquisition, and tax incentives

WUXI, China, April 08, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, today announced it received a pledge of support from the Xinwu District government in Jiangsu Province. This support, announced at a gala dinner celebrating LOBO's successful Nasdaq IPO, underscores the Company's role in spearheading the global electric mobility revolution from its base in Wuxi.

1 - LOBO EV celebrates Nasdaq listing at gala dinner sponsored by Xinwu District government officials.

During a celebratory dinner, Guodong Gu, the Vice Governor of Xinwu District, stated, “The listing on Nasdaq is a critical milestone for LOBO’s international business expansion. By becoming a publicly traded company in the US, LOBO sets a precedent for local SMEs to leverage global capital markets for growth and development.”

Mr. Gu further emphasized the alignment of LOBO’s strategic direction with the local government's vision of transforming Wuxi into a global industrial technology hub. In support of this vision, the local government has pledged to provide LOBO with comprehensive assistance including factory spaces, land resources, talent acquisition, and tax incentives to foster the Company’s growth. The assistance will be negotiated and determined on a case-by-case basis.

LOBO stands out for its distinctive product range and customized solutions tailored to meet the demands of diverse international customer bases, and its dedication to providing unique, high-quality e-bikes, e-trikes, and e-scooters, coupled with its strategic international expansion and strong local government backing, positions the Company for continued success on the global stage.

Huajian Xu, CEO of LOBO, stated, “Our successful IPO on the Nasdaq marks not just a milestone for LOBO but a testament to our commitment towards innovation and excellence in the electric vehicle industry. Our guiding principles—Multi-model offerings, Quick delivery, Outstanding design and quality, coupled with cost Savings (MQOS)—are more than just a business strategy; they are a reflection of our dedication to meeting the evolving needs of our global customers while maintaining high standards of efficiency and affordability. This pledge of support from the Xinwu District government is a crucial step in our journey, empowering us to further innovate, expand, and lead the way in sustainable transportation solutions worldwide.”