The electric vehicle (EV) market, from bikes to scooters, is experiencing rapid growth, driven by increased awareness of EV benefits, urban mobility demands, and supportive government policies. The global e-bike, e-trike, and e-scooter industry is projected to reach $77.6 billion by 2028, growing at a CAGR of 11.6%.
LOBO Technologies Ltd. (NASDAQ: LOBO), a Chinese EV manufacturer, is positioning itself for market dominance with a diversified range of electric mobility vehicles, including e-bicycles, e-mopeds, e-tricycles, and electric off-highway shuttles. The company also offers automobile information and entertainment software. LOBO aims to be a leader in the intelligent urban e-bike, e-trike, and off-highway four-wheeled EV market over the next decade, with tailored solutions for various demographics, including the elderly and disabled. By leveraging an asset-light business model and just-in-time production, LOBO aligns supply and demand trends while minimizing excess inventory and keeping margins high by outsourcing the production of costlier models.
LOBO is an innovator, utilizing advanced technologies in connectivity, multimedia, interactive systems, and artificial intelligence to enhance user experiences. Its recently launched solar-powered electric tricycle, for example, features high-quality solar panels that convert sunlight into continuous power for the motor, offering an environmentally friendly, cost-effective, and easy-to-maintain mobility solution.
The company’s “King of the Load” e-trike is designed for commuters and delivery services, providing a means of livelihood, especially critical in developing countries. This vehicle helps increase income and improve the quality of life for users.
LOBO is expanding its global footprint, targeting emerging markets with growing EV interest, such as ASEAN countries, Eastern Europe, and Latin America. Earlier this month, LOBO received its largest single order for e-bikes this year from Ecuadorian resellers, including electric tricycles, electric bicycles, and solar-powered electric tricycles. CEO Huajian Xu highlighted Latin America's significance in LOBO's rapid expansion, with consistent orders from Brazil, Chile, Suriname, and other countries.
This week, LOBO hosted one of Brazil’s top ten electric mobility dealers, which has been doing business with the company for about a year. Following a site inspection, the dealer, which generates over $8 million annually in short-distance electric vehicle sales, decided to consolidate its production and procurement with LOBO. The Brazilian team was particularly impressed with LOBO's new electric tricycles and small four-wheeled elderly mobility vehicle models, praising the company's R&D and manufacturing capabilities.
LOBO’s steady market share growth in Latin America and other regions is attributed to its ongoing investment in R&D, enabling it to develop products that resonate with the masses and provide greener alternatives. EVs are not only cheaper than gas-powered vehicles but also have a significant positive impact on reducing global warming by replacing cars for short trips.
Beyond expanding its footprint, LOBO is increasing its manufacturing capacity. Proceeds from its $5.5 million IPO in March were used to expand a new factory in Wuxi by 20%, equivalent to $27 million in product. Investors have taken notice of these positive developments, with LOBO's shares recently rising by 16.4% due to the Ecuador order and overall growth. Currently, LOBO has 150 distributors in China and 60 globally, with plans to expand into two to five more countries this year and form additional partnerships.
As LOBO continues its expansion and innovation efforts, its recent growth trajectory indicates promising potential for sustained success in the global electric mobility market.
