Niu Technologies Provides Updates on First Quarter 2021 E-scooter Sales Volume and New Products Launch

BEIJING, April 06, 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 first quarter 2021 and update on new products launch.

	Q1 2021		Q1 2020
China Market	144,654		34,316
International Markets	4,995		5,844
Total	149,649		40,160

In the first quarter of 2021, NIU sold 149,649 e-scooters, representing a 272.6% year-over-year growth. The number of e-scooters sold in China market reached 144,654, representing a 321.5% year-over-year growth. The number of e-scooter sold in the international markets reached 4,995, a decrease of 14.5% year-over-year.  The volume is compared on a year-over-year basis instead of on a quarter-over-quarter basis due to strong seasonality in e-scooter market.

The growth in China market was mainly driven by retail network expansion and effective branding and marketing activities. The Company launched the "Year of the Niu" branding campaign during the past Chinese New Year, as the year of 2021 happens to be the year of Ox, or the year of NIU in Chinese. The total units of G0 sold during the first quarter represented approximately 39.5% of total China market volume. Excluding G0, the number of e-scooters sold in China market reached 87,467, representing a 154.9% year-over-year growth. The G0 model has a lower sales price and gross margin compared with other 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 first quarter 2021.

The decrease in the international markets was mainly caused by COVID-19, especially the recent rebound and lockdowns in Europe, and by a more challenging environment for international shipping. As of March 31^st, 2021, the Company had backlog orders of 5,437 units which were not fulfilled within the first quarter 2021.

On April 6^th, 2021, the Company launched 4 new products, F0, F2, F4 and C0 models, in the e-scooter category mainly for China market and 1 new product in the kick-scooter category mainly for international markets. The Company also announced upgrades of various smart functions and components on existing MQi and UQi series products to offer better riding experience.