LOBO EV Received Strong Interest in its Solar-Powered EVs at 135th Canton Fair

WUXI, China, April 16, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, today announced it received strong interest from potential customers at the 135th China Import and Export Fair (“Canton Fair”), with more than 100 potential buyers visiting LOBO’s booth on the first day of the event. The Canton Fair is taking place on Pazhou Island, Guangzhou, China from April 15 to April 19, 2024.

The Company is in discussions to establish a strategic cooperation agreement with a Cambodian customer, which is expected to generate annual sales of more than 10,000 vehicles, subject to the terms and conditions of the final agreement.

“We are thrilled by the overwhelming response our innovative solar-powered EVs have received at the 135th Canton Fair. The praise from both new and existing clients has been incredibly affirming, reflecting our commitment to advancing electric mobility,” stated Huajian Xu, CEO of LOBO. “Remarkably, we have secured approximately $1.2 million in new orders as of today from distributors at the exhibition who will resell our e-bikes in Eastern Europe, Southeast Asia, North America, and Latin America. Historically, the Canton Fair has consistently led to fruitful results, and this year is once again proving to be a major success.”

LOBO is unveiling 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. Both solar-powered and electric-utility vehicles are garnering strong interest at this year’s exhibition.

 
^{Figure 1 - LOBO EV meets with potential e-bike buyers at the 135th Canton Fair on April 15, 2024}

The Canton Fair is celebrated as the largest and most influential trade exhibition in China. More than 60,000 overseas buyers from 205 countries and regions were in attendance on the first day of the exhibition, an increase of 18% over the prior year’s exhibition, according to comments made at a State Council Information Office press conference.

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.