Chinese e-scooter firm Niu Technologies jumps about 16% on sales bump

Yan Li, CEO of NIU Technologies speaks all the plot in which by plot of Day 2 of CNBC East Tech West at LN Backyard Hotel Nansha Guangzhou on November 18, 2020 in Nansha, Guangzhou, China.

Zhong Zhi | Getty Photos | CNBC World

GUANGZHOU, China — Shares of Chinese language electric scooter firm Niu Technologies surged virtually 16% on Thursday after the corporate reported a jump in sales of its products.

Within the fourth quarter of 2020, Niu sold 149,705 e-scooters, growing 40.9% year-on-year.

In China, Niu sold 137,586 e-scooters, accounting for 91% of total sales. China sales jumped 35% year-on-year.

Niu sold 12,119 e-scooters in worldwide markets within the fourth quarter, up 179.6% compared with the the same interval in 2019.

“Seeing a bunch of quiz for our unusual products and that drives the persisted thunder in China,” Yan Li, CEO of Niu Technologies, told CNBC by phone.

“For the worldwide market, we are in point of fact seeing despite the Covid-19 predicament, we are in point of fact seeing a nice rebound as more and more folks … in fact geared for … particular person mobility solutions. We’re seeing rising orders from Europe,” he said.

Closing year, Niu pushed aggressively to initiate unusual retail outlets in Europe to win larger distribution. In China, it launched a brand unusual e-bicycle called the MQi2 and an entry level e-bike called the G0.

Niu said the total objects of G0 sold all the plot in which by plot of the fourth quarter represents approximately 21.5% of total China market volume, which can hurt its financials for the December quarter.

“The G0 model has decrease sales impress and contaminated margin compared with the fresh objects, and high proportion of sales volume from this model has unfavorable impacts on the blended revenues per scooter and total contaminated margin for the fourth quarter,” Niu said in a observation.

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