Niu Technologies (NIU) Provides Updates on First Quarter 2021 E-scooter Sales Volume and New Products Launch
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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|
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 31st, 2021, the Company had backlog orders of 5,437 units which were not fulfilled within the first quarter 2021.
On April 6th, 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.
The F0, F2, F4 and C0 models are under our GOVA series. The design languages of the four models are differentiated from our existing product lines and such models are designed to serve different customer groups in China. The F0, F2 and C0 models are classified as electric bicycle and the F4 model is classified as electric motorcycle, according to the relevant standards in China. The F0 model was launched through JD.com on April 6th at a retail sales price of RMB2,6991. The F2, F4 and C0 models are expected to be available for sale in retail stores in the coming months.
The Company also launched a new series for kick-scooter category. The product carries the same NIU design language and is a new category that the Company expanded to enrich our offerings for micro-mobility. The models under this series are expected to be mass produced and sold to international markets in the 2nd half 2021.
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.
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