Chinese mobility solutions manufacturer Niu Technologies recorded a 58% increase in its volume sales in the fourth quarter of 2021, mainly on its network expansion in the local market, the company announced in a filing.
- The company sold a total of 238,188 units in the last quarter of 2021, up by 58.3% from the same quarter last year. Units sold in China grew by 49.2% to 205,239, while units for international markets jumped 155.8% to 32,949.
- Year-to-date unit sales increased by 72.5% to 1.037 million units, including 988,023 sold in the Chinese market and another 49,891 units sold in the international market.
- Niu attributed the growth to its network expansion, as it added 422 new stores in the fourth quarter of the year, bringing its total stores to 3,108 at the end of the year.
The cheaper entry models accounted for 20.7% of the fourth-quarter sales. NIU is up 1.20% premarket.