Shares of Lobo EV Technologies Ltd. (NASDAQ: LOBO) have continued their upward trajectory on the US stock charts. Following a significant announcement, LOBO stock saw a 6.54% increase during the pre-market session, reaching $2.77. This followed a 14.54% increase in the previous session, closing at $2.60.

LOBO EV is set to host an investor webinar today at 4:15 p.m. ET, presented by RedChip Companies. Harry Schulman, a board member of LOBO, will speak at the event and share the company's plans for boosting growth and profitability through 2024 and beyond. There will be a live Q&A session with Schulman following the lecture.

Strategic Latin America Expansion

With the goal of better serving the quickly expanding Latin American market, LOBO has announced the launch of a new office in Suriname. This calculated action is a response to the region's growing need for environmentally friendly electric vehicle options.

The new office, which was made possible by an MOU with the Suriname-based Zhongda International Engineering Company, would include 5,381 square feet of warehouse space in addition to 2,152 square feet of office space.

Located in Wanica, Suriname, the facility will support LOBO's operations and serve as a temporary product transfer and distribution center. The site offers ample space for future development and potential assembly plant operations.

LOBO Partnered with Zhongda

LOBO's collaboration with Zhongda will grant access to Zhongda's extensive social resources and distribution networks across Suriname and other Latin American countries. The MOU also includes provisions for Zhongda to provide LOBO with over 107,639 square feet of land for potential development of an assembly plant, pending successful due diligence, local government approvals, and board resolutions.

By opening the new office, LOBO EV hopes to raise awareness of electric bicycles and other electric transportation options in Suriname and the surrounding nations. This initiative is designed to support green and sustainable transportation development by offering efficient, environmentally friendly, and cost-effective travel solutions.