Niu Technologies [NASDAQ: NIU] has reported the e-scooter sales volume-outcome for the Q1 2021 and update on new products unveiling. The firm disclosed that the growth in China market was primarily by retail network growth and efficient branding and promotion events.
Sales of First Quarter of 2021
Niu Technologies reported that it has shipped 149,649 e-scooters in the Q1 of 2021. It signifies the growth of a 272.6% YOY. The firm has shipped more than 144,654, signifying a 321.5% year-over-year increase. The international market sale of the e-scooter was 4,995. It signifies the reduction of 14.5% YOY.
Furthermore, the development in China market was due to the retail network growth and actual branding and advertising happenings. The decrease in sales in the global market is because of the ongoing COVID-19 pandemic. The firm had buildup orders of 5,437 units as of March 31st, 2021, that were not satisfied within the first quarter of 2021.
New Product Launch
Additionally, the firm has rolled out 4 new products, F0, F2, F4, and C0 models, in the e-scooter category largely for China market and 1 new product in the kick-scooter category largely for global markets. Furthermore, the firm also disclosed advancements of various smart purposes and apparatuses on current MQi and UQi series products to provide a better riding experience.