Niu Technologies Provides First Quarter 2024 Sales Volume Update

BEIJING, China, April 04, 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 first quarter of 2024.

	1Q 2024		1Q 2023		YoY%
China Market	110,115		81,518		35%
International Markets	19,024		12,889		48%
Total	129,139		94,407		37%

In the first quarter of 2024, NIU sold 129,139 units, with 110,115 units sold in China market and 19,024 units sold in international markets.

In the domestic market, our new products have captured significant mindshare since their launch, collectively accounting for over 50% of the total sales volume in the first quarter. Notably, our premium flagship model NXT contributed 26% to the total domestic sales. This model builds upon and seamlessly integrates the legendary design of our N1 model with modern upgrades and cutting-edge technology. Within just two weeks of its launch, we secured over 10,000 pre-orders, a testament to its robust market reception.

In the international markets, our comprehensive product lineup and significant progress in retail channel expansion have driven our sales volume to 19,024 units. Our products are prominently displayed in key markets such as the US, Germany, France, Spain, and other EU countries, underscoring our expanding global footprint in the electric two-wheeler market.

We expect to regain growth momentum in 2024, propelled by new models and expanding sales channels. Our unwavering confidence in reclaiming growth underscores our commitment to industry leadership.

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 a 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.