- Niu Technologies reports a 40.9% annualised growth in fourth-quarter sales.
- The Chinese firm’s sales in the international markets jumped 179.6% in Q4.
- G0 sales accounted for 21.5% of China market volume in the fourth quarter.
Niu Technologies (NASDAQ: NIU) said on Friday that it sold a total of 149,705 e-scooters in the fiscal fourth quarter that represents a 40.9% growth on a year over year basis. As per the Nasdaq-listed company, it sold 137,586 e-scooters in China that made up 91% of its total quarterly sales. Niu’s China sales posted an annualised growth of 35% in Q4.
Niu shares, that you can learn to buy online here, listed on the Nasdaq Stock Exchange in 2018 at a per-share price of £6.38. At present, the stock is trading at £25.93 per share after recovering from a low of £4.55 per share in March 2020.
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Niu’s sales in the international markets jumped 179.6% in Q4
In international markets, the Changzhou-based company sold 12,119 e-scooters in the recent quarter that represents a 179.6% increase as compared to the same quarter last year. CEO Yan Li commented on the company’s Q4 sales on Friday and said:
“Seeing quite a bit of demand for our new products and that drives the continued growth in China. For the international market, we are actually seeing despite the COVID-19 situation, we are actually seeing a nice rebound as more and more people really geared for individual mobility solutions. We are seeing increasing orders from Europe.”
In separate news from the United States, Acuity Brands reported £583.59 million of revenue in the fiscal first quarter on Thursday.
In a bid to expand distribution and broaden its presence in Europe, Niu opened several new stores in the region last year. The electric scooter company also launched the G0 entry-level e-bike and MQi2 e-bicycle in China.
G0 sales accounted for 21.5% of China market volume in Q4
According to the Chinese firm, total sales of G0 in Q4 accounted for roughly 21.5% of China market volume, that could translate to a hit to its financial performance in the December quarter. Niu said on Friday:
“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.”
Niu Technologies performed largely upbeat in the stock market last year with an annual gain of a little under 250%. At the time of writing, it is valued at £1.93 billion and has a price to earnings ratio of 118.06.