Beijing-based electric scooter manufacturer NIU, traded on the NASDAQ as $NIU, has seen its stock price climb sharply today on its latest positive sales figure report.
The company released its Q4 2020 financial report today, which demonstrated growth across the board.
NIU sold 149,705 electric scooters in Q4 of 2020, an increase of 40.9% compared to Q4 2019. Over 90% of those scooters were sold in China, which has always been NIU’s largest market.
While NIU’s domestic sales in China increased by 35% year over year, the company’s international sales grew by a whopping 179%.
In addition to the year over year gains seen for Q4 2020, NIU also demonstrated impressive growth for the entirety of 2020. And I don’t think anyone needs a reminder of the global pandemic that ravaged many industries while wreaking havoc on the balance sheets of countless companies.
For 2020 as a whole, NIU sold 600,892 electric scooters, up from 421,326 in 2019. That 42.6% growth was boosted largely by the introduction of the new G0 line of smaller scooters in China as well the MQi2 and MQiS mid-sized electric scooters launched earlier this year.
2020 was also the year that NIU expanded sales in the United States, a new market that the company hopes to grow considerably in the future.
NIU’s electric scooters have already been adopted by the US-based electric scooter sharing company Revel, which operates thousands of the vehicles in several large cities.
While NIU’s electric scooters currently reach a maximum speed of around 70-80 km/h (45-50 mph) depending on the market, NIU also has higher-speed models in the works.
Last year the company unveiled a 160 km/h (100 mph) electric motorcycle and an 80 km/h (50 mph) three-wheeled covered electric scooter.
Both were destined for the US market, but their timelines were derailed by the COVID-19 pandemic.
If NIU can bring those two vehicles to market in 2021, it could further buoy the company’s already rising stock price.
As of publishing, NIU’s stock is up around 13% today. That adds to the company’s already massive growth, with the stock up around 283% compared to this time last year.
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