LOBO EV sees 108% delivery surge in September

WUXI, China - LOBO EV Technologies Ltd. (NASDAQ:LOBO), a leader in electric mobility solutions, reported a significant increase in product shipments for September 2024. The company, known for its range of electric bicycles, mopeds, tricycles, and off-highway four-wheeled vehicles, announced a 108% surge in deliveries compared to the same month last year.

This growth was attributed to the successful launch of new products and an expanding international customer base. The company detailed that approximately 2,800 e-bikes and 700 tricycles were sold in September, which marked a substantial increase in their overseas sales. Revenue from these international customers alone jumped by 254% to around $0.8 million, compared to the previous year.

LOBO's CEO, Huajian Xu, expressed confidence in the continuation of this upward trend, attributing the success to the company's innovative product line and the team's dedication. The strategic enhancement of LOBO's supply chain has been key to meeting the demands of its growing global market presence effectively.

The company's portfolio not only includes a variety of electric vehicles but also extends to automobile information and entertainment software development, leveraging technologies in connectivity and artificial intelligence to redefine user experiences.

Despite the optimistic outlook, LOBO's press release also contained forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from expectations. These statements were made in accordance with legal provisions that offer a safe harbor for such future-oriented declarations.

Investors and interested parties are reminded that the information shared in this article is based on the press release statement from LOBO EV Technologies Ltd. and should be read with the understanding that future results may vary significantly. The company has stated it will not update or revise these forward-looking statements unless required by law.

In other recent news, LOBO EV Technologies Ltd. has made notable advancements in the electric vehicle sector. The company recently launched a new solar-powered golf cart in the United States, marking its third successful export of golf carts to the U.S. market. The golf cart, equipped with high-efficiency solar panels and a 1500W electric motor, underscores LOBO's commitment to eco-friendly transportation.

LOBO's recent activities also include centralizing its manufacturing operations with a Brazilian distributor, a strategic move aimed at enhancing quality and reducing costs. This decision complements LOBO's growing market share in Latin America, as evidenced by consistent orders throughout recent times.

The company has also made significant strides in the Latin American market, securing its largest order of the year from Ecuadorian wholesalers. The order included a diverse mix of electric bicycles, tricycles, and solar-powered electric tricycles. In addition to these developments, LOBO unveiled three new e-moped models at the Shanghai International Electric Vehicle and Parts Exhibition and inaugurated a new production facility in Wuxi, China, expected to more than double their manufacturing capabilities.

Finally, LOBO has entered into a strategic collaboration with Serbian distributor CSM2017 Doo to penetrate Eastern Europe’s electric vehicle market, with revenue generation expected to commence in Q2 2024. These are some of the recent developments from LOBO EV Technologies Ltd.

InvestingPro Insights

LOBO EV Technologies Ltd.'s recent surge in product shipments aligns with some interesting financial metrics and analyst insights. According to InvestingPro data, the company's revenue growth for the most recent quarter stood at an impressive 49.09%, which supports the reported 108% increase in deliveries for September 2024.

An InvestingPro Tip indicates that analysts anticipate sales growth in the current year, which corroborates the company's optimistic outlook on continuing its upward trend. This expectation is particularly noteworthy given the recent quarterly performance and the expanding international customer base mentioned in the article.

However, it's important to note that LOBO's gross profit margin for the last twelve months as of Q2 2024 was 12.27%, which InvestingPro identifies as a weak point. This suggests that while the company is experiencing significant growth in sales and deliveries, it may face challenges in maintaining profitability as it scales.

The company's market capitalization stands at $20.42 million, reflecting its current position in the electric mobility solutions market. Investors should be aware that LOBO is trading at a high P/E ratio of 1484.72, indicating that the stock may be priced at a premium relative to its earnings.

For those interested in a more comprehensive analysis, InvestingPro offers 13 additional tips for LOBO, providing a deeper understanding of the company's financial health and market position.

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