Niu Technologies, the Chinese electric scooter firm, closed out 2020 with a sales boost as its international business starts to recover from the pandemic.
The Nasdaq-listed company, which manufactures and sells e-scooters and e-bikes, reported that it sold 600,892 e-scooters in 2020, a rise of 42.6% compared to the previous year. In the fourth quarter of 2020, it sold over 149,000 of these vehicles.
It noted that it has seen a gradual increase in sales in the international market after a slump in the middle of last year.
The company has been expanding extensively in Europe by opening new stores around the continent, including new outlets in cities in Belgium, Italy and Portugal and most recently a flagship store in Edinburgh, Scotland.
China remains the key driver of sales for the company though. New products, such as the G0, MQi2 and MQiS models of e-scooters and e-bikes, were banner items for Niu in 2020.
“The total units of MQi2 and MQiS sold during the fourth quarter represents approximately 21.2% of total China market volume,” the company said in a statement.
“The G0 model has lower sales price and gross margin compared with the existing 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 fourth quarter.”
The company has not yet reported financial figures for the final quarter of 2020 but in the third quarter of the year, it reported overall revenues of 894.5 million renminbi (around $138 million) with net income of 80 million renminbi (around $12.3 million).
This week the company’s market cap on the Nasdaq hit $2.5 billion.
According to the company, it has weathered the storm of Covid-19 relatively well in China but experienced issues in the international market.
“Our international sales were affected by rebound of Covid-19 and sales volume grew by 6% only,” CEO Yan Li said last year, in relation to the third quarter earnings. “We are working closely with our international distributors to mitigate the impact in order to bring our sales back to fast growth track.”