NIU technology, Chinese makers of the multi-line for electric scooters and soon coming motorcycle, has released their 2022 Q1 financial report. NIU Reports Q1 2022, as the company continues to grow in year-over-year numbers, despite headwinds from local lockdowns in China.
Numbers are presented on a year-over-year basis, to account for seasonality in sales. In the first quarter of 2022, NIU sold 163,659 units, including e-motorcycles, e-mopeds, e-bicycles and kick-scooters and e-bikes. Representing a 9.4% year-over-year growth.
Local sales in the Chinese market was 148,987, an increase of just 3.0% from the corresponding period in the previous year. The number of units sold in the international markets was 14,672, an increase of 193.7% year-over-year.
NIU has been strengthening its international presence across the US and Latin-America, Europe, Asia and of course locally in China. From flagship stores to local dealers, you can probably find a NIU store close by to your location.
NIU Reports Q1 2022, Top to bottom lines:
- Revenues were RMB 575.5 million, an increase of 5.1% year over year
- Gross margin was 19.1%, compared with 23.8% in the first quarter of last year
- Net loss was RMB 29.6 million, compared with net loss of RMB 5.4 million in the first quarter of last year
- Adjusted net loss (non-GAAP)1 was RMB 16.3 million, compared with adjusted net income of RMB 6.7 million in the first quarter of last year
- Basic and diluted net loss per ADS were both RMB 0.38 (US$ 0.06).
“Despite experiencing a challenging quarter with the supply chain shortage, logistic disruption, and volatile retail environment caused by the recent COVID outbreaks, we managed to achieve moderate growths of sales volume and revenues compared to the same period last year. While uncertainties in the China market continue in Q2 due to the COVID outbreaks, we are confident that our growth strategy to develop diversified product portfolio, including our new product offerings in micro-mobility segment, and our global market expansion plan, will help us weather through the temporary China market shortfalls, and well position the company to capture the post-pandemic rebounds in electric two-wheeler demand.”Dr. Yan Li, Chief Executive Officer of the Company
Despite their strong numbers, the company does view the current market conditions, including the on-going COVID resurgence in China, as a risk that could cause a possible revenue decrease (year-over-year) of 15%, in the range of RMB 803 million to a stagnate RMB 945 million, representing no year-over-year change.
Check out our reporting on NIU’s full line up, as presented in EICMA 2021 here.
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