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 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.
About NIU
As the world’s leading provider of smart urban mobility
solutions, NIU designs, manufactures and sells high-performance
electric bicycles, motorcycles and kick-scooters. NIU has a product
portfolio consisting of eight series, four e-scooter series,
including NQi, MQi and UQi with smart functions and Gova, two urban
commuter electric motorcycles series RQi and TQi, a performance
bicycle series, NIU Aero, and a kick-scooter series. Different
series of products address the needs of different segments of
modern urban residents and resolve the demands of different
scenarios of urban travel, while being united through a common
design language that emphasizes style, freedom and technology. NIU
has adopted an omnichannel retail model, integrating the offline
and online channels, to offer the products and services. For more
information, please visit www.niu.com.
Safe Harbor Statement
This press release contains statements that may constitute
forward-looking statements made under the “safe harbor” provisions
of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “likely to” and similar
statements. Among other things, the business outlook and quotations
from management in this announcement, as well as NIU’s strategic
and operational plans, contain forward-looking statements. NIU may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about NIU’s beliefs, plans
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: NIU’s strategies; NIU’s future business
development, financial condition and results of operations; NIU’s
ability to maintain and enhance its “NIU” brand; its ability to
innovate and successfully launch new products and services; its
ability to maintain and expand its offline distribution network;
its ability to satisfy the mandated safety standards relating to
e-scooters; its ability to secure supply of components and raw
materials used in e-scooters; its ability to manufacture, launch
and sell smart e-scooters meeting customer expectations; its
ability to grow collaboration with operation partners; its ability
to control costs associated with its operations; general economic
and business conditions in China and globally; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in NIU’s filings with
the Securities and Exchange Commission. All information provided in
this press release is as of the date of this press release, and NIU
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For investor and media inquiries, please
contact:
Niu TechnologiesJason YangInvestor Relations ManagerE-mail:
ir@niu.com
_______________1 The retail sales price includes the delivery
fee of RMB200.
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