Niu Technologies Provides Third Quarter 2020 E-scooter Sales Volume Update

BEIJING, Oct. 09, 2020 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today provides its e-scooter sales volume results for the third quarter 2020.

	Q3 2020		Q3 2019		YTD 2020		YTD 2019
China Market	245,293		144,158		434,568		290,541
International Markets	5,596		5,266		16,619		24,532
Total	250,889		149,424		451,187		315,073

In the third quarter of 2020, NIU sold 250,889 e-scooters, representing a 67.9% year-over-year growth.   The number of e-scooters sold in China market reached 245,293, representing an 70.2% year-over-year growth. The number of e-scooter sold in the international markets reached 5,596, an increase of 6.3% compared with the third quarter last year.

The growth in China market was mainly driven by new products such as G0, MQi2 and MQiS, launched earlier this year.   The total units of G0 sold during the third quarter represents approximately 27.6% of total China market volume.   The total units of MQi2 and MQiS sold during the third quarter represents approximately 18.6% of total China market volume. The G0 model has lower sales price and gross margin compared with the existing models, and high proportion of sales volume from this model has negative impacts on the blended revenues per scooter and overall gross margin for the third quarter.

The growth in the international markets was mainly driven by the demand recovery in July and August after the severe impact from COVID-19 in the second quarter. The growth was however negatively affected again by the rebound of COVID-19 since September.

In the first three quarters of 2020, NIU sold approximately 451,187 e-scooters, representing a 43.2% year-over-year growth. The number of e-scooters sold in China market and international markets reached 434,568 and 16,619, respectively.