Boosted on international sales and new market penetration, NIU Q1 2022 Sales numbers are looking solid.
NIU technology, Chinese manufacturer of the multi-line of electric scooters and soon coming motorcycle, post their 2022 Q1 sales report. The company continues to show strength in sales numbers, despite headwinds from the recent lockdowns in China.
The numbers are compared on a year-over-year basis, to consider 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.
Units sold in Chinese market was 148,987, an increase of just 3.0% from the corresponding period in 2021. The number of units sold in the international markets was 14,672, an increase of 193.7% year-over-year.
The company’s local sales varied month to month in the first quarter, mainly due to recent COVID outbreak from mid-February. Combined sales volume in January and February recorded a 91.6% year-over-year increase. However, with supply chain shortage and logistic disruption caused by the recent COVID outbreak, impacted NIU’s sales volume in March 2022, which decreased by 24.1% year-over-year.
The company was compelled to temporarily suspended production in the manufacturing facilities in Changzhou for six days in March, as part of the COVID control measures, and have since been operating their facilities below full capacity. Despite the impact of COVID outbreaks, NIU are having a positive year-over-year growth of units sold in China market in the first quarter.
Most of the increase in international sales was driven by strong demand for kick-scooters, since their launch in EICMA during the second half of 2021. As of March 31, 2022, the total sales volume of kick-scooters and e-motorcycles/e-mopeds stood at 9,833 units and 4,839 units, respectively.
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