BUZZ-Lobo EV Tech rises after $6 million US deal

Reuters

05/16

** Shares of electric vehicle maker Lobo EV Tech LOBO.O rise 23.4% to $1.07

** LOBO says it has signed a $6 mln agreement to supply 5,000 electric vehicles to the U.S. market through a local distributor

** Co expects to generate revenue between $28 mln and $30 mln in 2025, with a projected net income of $3 mln

** LOBO says it plans to launch an electric and gasoline dual-power vehicle to meet U.S. market demands for long-range transportation

** Including session's move, stock down 40.4% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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