Niu Technologies Provides Fourth Quarter 2020 E-scooter Sales Volume Update
BEIJING, Jan. 07, 2021 (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 fourth quarter 2020.
|Q4 2020||Q4 2019||Year 2020||Year 2019|
In the fourth quarter of 2020, NIU sold 149,705 e-scooters, representing a 40.9% year-over-year growth. The number of e-scooters sold in China market reached 137,586, representing a 35.0% year-over-year growth. The number of e-scooter sold in the international markets reached 12,1191, an increase of 179.6% compared with the fourth quarter last year.
The growth in China market was mainly driven by retail network expansion and new products such as G0, MQi2 and MQiS, launched earlier this year. The total units of G0 sold during the fourth quarter represents approximately 21.5% of total China market volume. The total units of MQi2 and MQiS sold during the fourth quarter represents approximately 21.2% 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 fourth quarter.
The growth in the international markets was mainly driven by the demand recovery.
In full year 2020, NIU sold approximately 600,892 e-scooters, representing a 42.6% year-over-year growth. The number of e-scooters sold in China market and international markets reached 572,154 and 28,738, respectively.
Our sales volume count disclosed above is based on the delivery from our manufacturing facility, which may vary slightly from the sales volume measured from financial accounting and reporting point of view. NIU’s sales volume represents only one measure of the company’s financial performance and should not be relied upon as an indicator of quarterly financial results, which depend on a variety of factors, including revenues from accessories, spare parts and services, cost of sales, operating expenses, etc.