Lobo EV listed on Nasdaq, marking Jiangsu's first overseas listing in 2024

Lobo EV celebrates its listing on Nasdaq. [Photo/Wuxi Daily]

Jiangsu Lobo EV Technologies, headquartered in Wuxi National Hi-Tech District, celebrated its listing on the National Association of Securities Dealers Automated Quotations (Nasdaq) on March 31. It is the first overseas-listed company in Jiangsu province this year.

"Overseas listing is a significant milestone in corporate globalization," stated Xu Huajian, head of the company. Xu explained that going public on Nasdaq was aimed at enhancing the company's brand influence in overseas capital markets as well as expanding international business operations.

Lobo specializes in manufacturing low-speed electric vehicles. [Photo/Wuxi Daily]

Lobo is a manufacturer of low-speed electric vehicles such as electric bicycles, electric tricycles, and electric golf carts. The revenue and net profit of the company have shown a clear growth trend in recent years. In the first half of 2023, the company achieved revenue of $8.14 million, representing a year-on-year growth of 48 percent. Its net profit reached $670,000, a year-on-year increase of about 393 percent.

Several foreigners try products of Lobo. [Photo/Wuxi Daily]

Xu believes that the Chinese low-speed electric vehicle market has reached saturation. However, in many countries, electric vehicles still have vast potential for development. For this reason, instead of engaging in domestic market competition, Lobo focuses on overseas markets. Currently, Lobo's products are exported to nearly 50 countries and regions in Europe, North America, South America, Africa, and Asia.