Niu Technologies Provides Fourth Quarter and Full Year 2023 Sales Volume Update

BEIJING, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today provides its sales volume results for the fourth quarter and full year 2023.

	4Q 2023		4Q 2022		FY2023		FY2022
China Market	110,454		118,065		600,994		710,540
International Markets	27,022		20,214		108,808		121,053
Total	137,476		138,279		709,802		831,593

In the fourth quarter of 2023, NIU sold 137,476 units, including e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes. The number of units sold in China market and international markets were 110,454 and 27,022, respectively.

The macro environment in China, which has been recovering at a relatively slow pace, along with the usual cyclical fourth-quarter weakness, acted as a drag on NIU’s domestic sales volume. Despite these challenges, our new products continued to perform well, with our mass-premium products accounting for 75% of the total domestic sales volume, a significant increase from 39% during the same period last year. Looking ahead to 2024, we are confident that our diverse product portfolio has been strategically aligned with the expected consumption trends and demand, which positions us well to capitalize on the continued recovery of the economy.

In international markets, we achieved a total sales volume of 27,022 units. Our offline retail sales exceeded 80% of the total micro-mobility sales volume, marking a significant increase from the 46% a year ago. This remarkable growth can be attributed to our strategic efforts in previous quarters to expand our retail partnerships, including notable additions such as BestBuy in the US and MediaMarkt in Europe. Additionally, our kick-scooter segment is consistently achieving steady growth.