LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, today announced its new strategic collaboration with Serbian distributor CSM2017 Doo (“CSM2017”), marking a milestone in its expansion into the burgeoning electric vehicle market in Eastern Europe. With a growing demand for sustainable transportation options, the region presents a ripe opportunity for LOBO EV’s innovative product lineup, starting with the CSM-01 e-bicycle.
“Our collaboration with CSM2017 marks a pivotal step in LOBO's journey towards global expansion and accelerating growth,” stated Huajian Xu, CEO of LOBO EV. “Working with CSM2017 both enhances shareholder value and strengthens our market position as a leader in electric mobility solutions. We look forward to collaborating with CSM2017 to develop and introduce an expanding line of products custom tailored to customer demands in the region.”
LOBO EV is currently finalizing the development of the CSM-01 model and preparing the assembly line for CSM2017, with revenue generation from the collaboration expected to begin in Q2 2024.
The establishment of an assembly line in Serbia enables “Made in Serbia” labeling for the CSM-01 e-bicycle. LOBO EV will manufacture and assemble the majority of the parts in China, ensuring the quality and reliability of the e-bicycles before they are exported to Serbia for final assembly. Additionally, the Serbian facility will offer ongoing maintenance services to customers, further emphasizing the commitment of both companies to customer satisfaction and after-sales support.
The European e-bicycle market was valued at $4.2 billion in 2022 and is expected to surpass $8.1 billion by 2030, according to Data Bridge Market Research.