LOBO EV reports FY23 revenue $15.74M vs $18.3M last year

“In 2023, we navigated through several external challenges, yet our strategic initiatives, which capitalized on growing demand in international markets, allowed us to maintain a solid footing in a competitive landscape,” stated Huajian Xu, CEO of LOBO. “Our year-over-year revenue decline primarily reflects the broader economic slowdown in China. Additionally, our revenue figures in 2022 were unusually high due to a strategic liquidation of excess inventory accumulated during the COVID-19 pandemic. This one-time boost in 2022, where we cleared our stocks at wholesale, significantly elevated our revenue base for that year, making the comparison seem more pronounced in 2023. These moves were essential to optimize our inventory and set the stage for sustainable growth going forward.”