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LOBO EV Technologies Ltd. Form 6-K: Strategic Divestitures & Future Focus

$LOBO
Form 6-K
Filed on: 2024-12-30
Source
LOBO EV Technologies Ltd. Form 6-K: Strategic Divestitures & Future Focus

Key Information Extracted from the Financial Report (Form 6-K) of LOBO EV Technologies Ltd.:

  1. Filing Details:
  • Type: Form 6-K
  • Commission File Number: 001-41981
  • Reporting Period: For the month of December 2024
  1. Company Information:
  • Registrant Name: LOBO EV Technologies Ltd.
  • Principal Executive Offices Address:
    • Gemini Mansion B 901, i Park, No. 18-17 Zhenze Rd
    • Xinwu District, Wuxi, Jiangsu
    • People’s Republic of China, 214111
  1. Recent Disposals:
  • Beijing LOBO Intelligent Machine Co., Ltd.:
    • Disposal completed on December 30, 2024.
    • Sold Wuxi Jinbang Electric Vehicle Manufacture Co., Ltd. (85%-owned subsidiary).
    • Proceeds from the sale: RMB 9,180,000.
  • Jiangsu LOBO Electric Vehicle Co. Ltd.:
    • Disposal completed on December 10, 2024.
    • Sold Guangzhou LOBO Intelligent Technologies Co. Ltd. (wholly-owned subsidiary).
    • Proceeds from the sale: RMB 18,000.
  1. Approval and Valuation:
  • Both disposals were approved by the board of directors.
  • The company received valuation reports from a third-party valuation advisor for both subsidiaries.
  1. Business Focus:
  • The main business activities of LOBO EV Technologies Ltd. continue to focus on:
    • Design and manufacture of two-wheeled electric vehicles.
    • Design and manufacture of three-wheeled electric vehicles.
    • Production of off-highway four-wheeled electric shuttles.
  1. Financial Reporting:
  • The financial statements for the year ended December 31, 2023, and the six months ended June 30, 2024, are incorporated by reference.
  • Exhibit 99.1: Contains Unaudited Pro Forma Condensed Combined Financial Statements.
  1. Signatures:
  • Date: December 30, 2024
  • Authorized Signatory: Huajian Xu, Chief Executive Officer

Insights:

  • The company is actively restructuring its portfolio by divesting subsidiaries, which may indicate a strategic shift or focus on core competencies in electric vehicle manufacturing.
  • The substantial proceeds from the disposal of Wuxi Jinbang Electric Vehicle Manufacture Co., Ltd. (RMB 9.18 million) compared to the minimal proceeds from Guangzhou LOBO Intelligent Technologies Co., Ltd. (RMB 18,000) suggests a prioritization of more valuable or strategically aligned assets.
  • The ongoing focus on electric vehicles aligns with global trends toward sustainable transportation solutions, which may position LOBO EV Technologies well in the evolving market landscape.