Chinese electric scooter firm Niu Technologies shares rose almost 16% on Thursday after reporting a surge in sales, according to CNBC. Niu sold 149,705 e-scooters in the fourth quarter of 2020, up 40.9% year over year.
- Internationally, Niu sold 12,119 e-scooters in the fourth quarter, up 179.6% compared to the same period in 2019
- The company sold 137,586 e-scooters in China, accounting for 91% of total sales, up 35% year over year.
- Last year, Niu pushed aggressively to open new stores in Europe to expand distribution.
- The company launched a new e- bicycle called the MQi2 and an entry-level e-bike, the G0.
- Niu’s total units of G0 sold in the fourth quarter represents 21.5% of the total China market volume, which could hurt the company’s financials for the December quarter.
- The G0 model has a lower sales price and gross margin, and high sales volume proportion negatively impacts the blended revenues per scooter and overall gross margin- Niu
Niu stock is currently gaining. NIU: NASDAQ is up 0.75% on the premarket.
