Chinese electric scooter manufacturer Niu Technologies recorded a 9.4% growth in the first quarter as COVID restrictions in March offset gains in the first two months of the year, the firm said in a filing.
- Niu said total deliveries for the quarter grew to 163,659 in the first three months versus 149,649 in the comparable period of 2021. The majority or 148,987 came from the China market, and 14,672 from international markets.
- Niu said sales varied in the first three months of the year, with the combined sales in January and February up by 91.6% but down by 24.1% in March due to production disruptions caused by the COVID-19 outbreaks.
- The company stopped production activity in its manufacturing facilities in Changzhou for six days in the past month, with its manufacturing facilities operating below full capacity since.
- The 193.7% growth in international markets was attributed to strong demand for kick-scooters, with the cumulative sales volume of kick-scooters at 9,833 and e-motorcycles/e-mopeds at 4,839. NIU is up 9.65%.