Niu Technologies Reports First Quarter results, with increase in year over year sales, revenue and unit sales.
Niu Technologies (NYSE: $NIU) reports an increase in unit sales, revenues and bottom line, the company update on strong sales number despite a decrease in global sales which still only represents a small percentage of their unit sales.
With a line-up of 3 different series of Electric scooters, Niu offer different sub-models for each of their NQi, MQi, and UQi -series of electric scooters.
Each series model offers both a “Sport model” and “GT”, varied in motor size. The motor sizes are 1.8kW or 3kW for a GT model, which reaches a top speed of 42mph (70km/h), backed by a battery pack of 60V 35Ah 2.1kWh (Optional dual battery) or a 21Ah 48V, 1kWh battery for the UQi model.
The estimated range for Niu scooters is anywhere from 45-65km for the Sport models, and about 70-80km Range, 100km @25km/h on the GT. Now, obviously going 25km/h is out of the question, but we can assume a 40-50 miles would be easily achievable.
Niu also plans to expend their offering into full scale motorcycles with the RQI-GT, a powerful 30kW mid-mounter motor drive, with a bigger battery size expected to be 7kWh. The RQi-GT is expected to drive further tail winds for Niu, as they process to expend their partnerships worldwide with more dealerships.
- Revenues were RMB 547.3 million, an increase of 135.0% year over year.
- Gross margin was 23.8%, compared with 23.6% in the first quarter of last year.
- Net loss was RMB 5.4 million, compared with net loss of RMB 26.4 million in the first quarter of last year.
- Adjusted net income (non-GAAP)1 was RMB 6.7 million, compared with adjusted net loss of RMB 18.6 million in the first quarter of last year
“Our sales volume increased by 272.6% in the first quarter driven by retail network expansion and effective branding and marketing activities in China. The international sales volume however decreased mainly due to COVID-19, especially the recent lockdowns in Europe, and a more challenging environment for international shipping. Since April, the international markets began to recover gradually, and we delivered approximately 3,800 units in April”.Dr. Yan Li, CEO, NIU.
First Quarter 2021 Operating HighlightsThe number of e-scooters sold reached 149,649, up 272.6% year over year.
The number of e-scooters sold in China reached 144,654, up 321.5% year over year.
The number of e-scooters sold in the international markets reached 4,995, down 14.5% year over year.
The number of franchised stores in China was 1,916, an increase of 300 since December 31, 2020.
International sales network expanded to 39 distributors covering 48 countries
RQi-GT: coming soon. Full spec
NQi series: Full spec and price
MQi series: Full spec and price
UQi GT: Full spec and price
“on April 6th, we launched 4 new products, F0, F2, F4 and C0 models, in the e-scooter category mainly for the China market, and one new product series, the KQi, entering the kick-scooter category mainly for international markets.
We began the pre-sale for the F0 model from April 6th and received more than 41,000 orders throughout April. Considering the recent raw materials cost increase, on May 6th, we increased retail sales price by RMB 100 to 300, or 1.5% to 7.5% for selected models in China market and we may do so for additional models with performance upgrades in the coming months.
We are very excited about the growth prospective of our business and look forward to the continued growth.”Dr. Yan Li, CEO, NIU.
Niu continues to expect rapid growth, as do we expect to see in the rapidly growing space of electric 2-wheelers. With increasing demand, and high rate of expending, Niu can definitely capitalize on a hungry market. The offering for Niu is diverse, and brings extremely attractive pricing and affordable rides.
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