Categories Industrials, Trending Stocks

Niu (NIU) delivers triple-digit growth in Q1 sales and rolls out four new products

Sales in the China market increased 321.5% to 144,654 e-scooters

Shares of Niu Technologies (NASDAQ: NIU) were up 2.8% in morning trade on Tuesday after the company released its e-scooter sales volume results for the first quarter of 2021 and provided an update on its new products.

Sales results

Niu sold 149,649 e-scooters in Q1 2021, reflecting a year-over-year growth of nearly 273%. Sales in the China market increased 321.5% to 144,654 e-scooters, helped by the expansion of the retail network as well as effective marketing.

The total units of the G0 model sold in Q1 made up nearly 40% of total China market volume. The sales price and gross margin of the G0 model are lower than other models and a high proportion of sales volume from this model impacts blended revenues per scooter and overall Q1 2021 gross margin negatively. Excluding the G0 model, sales in the China market rose nearly 155% to 87,467 e-scooters.

Sales in the international markets fell 14.5% YoY to 4,995 e-scooters, mainly due to challenges caused by the COVID-19 pandemic such as the lockdowns in Europe and difficulties in international shipping. At the end of March, the company had backlog orders of over 5,400 units that were not fulfilled within the first quarter.

New products

Niu unveiled four new products in the e-scooter category, primarily for the China market and one new product in the kick-scooter category for international markets. These are the F0, F2, F4 and C0 models which come under the company’s GOVA series. The F0, F2 and C0 models are classified as electric bicycle while the F4 model is classified as electric motorcycle.

The F0 model was launched on Tuesday while the other three will be made available in the coming months. Niu also introduced a new series for the kick-scooter category. The models in this series are expected to be produced and sold in international markets in the latter half of 2021. The company will also upgrade certain functions and components on its MQi and UQi series products.

Stock

The stock has climbed 34% since the beginning of this year and over 400% in the past 12 months.

Click here to read more on electric vehicle stocks

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

Most Popular

PEP Earnings: All you need to know about PepsiCo Q1 2021 earnings results

PepsiCo Inc. (NASDAQ: PEP) reported first-quarter 2021 earnings results today. Net revenues increased 6.8% year-over-year to $14.82 billion while organic revenue growth was 2.4%. Net income attributable to PepsiCo was $1.7 billion,

The worst seems to be over for Boston Scientific. Is the stock a buy?

The pandemic has had a mixed impact on the healthcare sector since its outbreak more than a year ago, putting the emergency care department into overdrive while slowing down the

Two areas that provide Pfizer (PFE) with ample opportunity for future growth

Shares of Pfizer Inc. (NYSE: PFE) have gained over 8% in the past one year. Pfizer is at the forefront of the COVID-19 vaccination drive and it has established a

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top