NIU has just announced its electric scooter sales volume for Q1 of 2021.
The Beijing-based electric scooter company, which trades on the Nasdaq under the symbol NIU, is seen as a leader in the industry.
Figures released by the company today show that NIU sold a total of 149,649 electric scooters in the first quarter of 2021.
Last year the company sold just 40,160 electric scooters in the first quarter of 2020, representing a 272.6% year-over-year growth. The first quarter of 2020 saw unusually low sales for the company due to the majority of China being under lockdown caused by the COVID-19 pandemic.
While the company saw huge growth year-over-year, a breakdown shows that the growth was driven by domestic sales within China.
Sales within China were actually up 322% compared with Q1 of 2020, while international sales decreased from 5,844 units in Q1 2020 to 4,995 units in Q1 2021.
That 14.5% decrease in year-over-year international sales can be explained by much of Europe re-entering lockdowns as COVID-19 surged in the continent. Europe represents one of NIU’s largest markets outside of China. International shipping complications have also contributed to the decrease in sales compared to last year.
As the company explained further:
“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.”
The international outlook appears rosy though, especially with an increase in the B2C sales of NIU’s electric scooters in international markets.
In addition to Revel adopting NIU’s electric scooters for its moped-sharing fleet in the US, Lime has also signed on to offer NIU’s electric scooters in the US and Europe.
Lime rolled out its first NIU vehicles last week in Washington DC, and the company’s Paris rollout is expected to begin later this month.
The company also recently launched a new high-speed electric scooter, the NIU MQi GT.
Designed for international markets, the NIU MQi GT offers speeds of up to 70 km/h (45 mph).
NIU is expected to unveil a new product for international markets tomorrow, which could also help boost international sales.
Check it out in our review video below.
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