LOBO EV Expands E-Bike Production Capacity With New Facility In Wuxi, China; Assembly Lines At The New Facility Are Projected To Support An Annual Production Exceeding $27M In Value, Boosting LOBO's Manufacturing Output
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LOBO EV Technologies Ltd. (NASDAQ:LOBO) has opened a new manufacturing facility in Wuxi, China, doubling its production capacity in the region. The facility, spanning 135,754 square feet, is located in Dachen Industry Park, a strategic hub for the e-bike industry. This expansion is expected to support an annual production exceeding $27 million in value, significantly boosting LOBO's output for two-wheeled electric vehicles. The move is part of LOBO's growth strategy, fueled by a successful IPO, and aims to meet the increasing demand for high-quality electric vehicles. The new plant will also enable the launch of new product lines, including high-speed electric motorcycles and license-plated electric vehicles. Following LOBO's presence at the Canton Fair in April 2024, the company secured nearly $1 million in customer deposits from potential orders worth $5 million, indicating strong market demand.
April 30, 2024 | 12:25 pm
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LOBO EV Technologies Ltd. has significantly expanded its manufacturing capabilities with a new facility in Wuxi, China, aiming to double its production capacity and support annual production exceeding $27 million. This strategic expansion is expected to enhance LOBO's ability to meet the growing global demand for electric vehicles.
The opening of a new manufacturing facility in Wuxi, China, represents a significant expansion of LOBO EV Technologies Ltd.'s production capabilities. This move is likely to have a positive short-term impact on LOBO's stock price due to the potential for increased production capacity, enhanced innovation, and the ability to meet rising global demand for electric vehicles. The strategic location of the facility and the recent successful IPO that fueled this expansion further underscore the company's growth trajectory and market confidence.
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