Chinese smart electric scooter manufacturer Niu Technologies (NASDAQ: NIU) sold 12,879 units in the fourth quarter of 2020 internationally, almost tripling its volume from a year earlier, while the domestic market also recorded a 35% year-on-year increase, the company said in its earnings report on Monday.
Still, China represented 86.7% of Niu’s e-scooter sales revenues last year.
Last month, KrASIA reported that Changzhou-headquartered Niu has been in talks with Gojek to supply its mobility devices to the Southeast Asian ride-hailing giant.
Niu earned revenue of USD 104 million in the final three months of 2020, generating net income of USD 9 million. For the whole year last year, revenue was USD 370 million, an increase of 17.7%, while net income dropped 11% to USD 26.13 million.
Positioned as a premier choice among mobility brands, Niu is favored by youngsters in China’s top-tier cities. That strategy doesn’t play in its favor when compared to more cost-effective brands like Yadea and Aima. Data has shown that Niu’s market share in China is lower than 1%, according to local news media Sina.
In recent years, the company has launched various low-priced models to target the country’s numerous lower-tier cities, while aggressively expanding overseas. Its international sales network expanded to 36 distributors covering 46 countries, said the press release.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.