Niu Technologies Reports Q3 2023 Earnings with Revenue of CNY 927 Million

Technology Author: Mingmin Zhang Nov 21, 2023 04:02 PM (GMT+8)

On November 20, Niu Technologies (NASDAQ: NIU), a leading electric vehicle company, announced its financial results for the quarter ended September 30, 2023. According to the report, Niu Technologies achieved a third-quarter revenue of CNY 927 million in 2023, a 12% increase from the previous quarter's CNY 830 million. The company reported a net loss of CNY 79.4 million, compared to a net profit of CNY 2.9 million in the same period last year.

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Niu Technologies experienced a notable year-over-year decline in sales. The company sold 265,923 vehicles in the quarter, down 17.1% year-over-year. This included 230,455 vehicles sold in the Chinese market, a decrease of 12.4% year-over-year, and 35,468 vehicles sold in overseas markets, down 38.4% compared to last year.

The third quarter's performance was influenced by Niu Technologies' strategic transformation. CEO Yan Li stated, "The cautious consumer behavior in China impacted the market demand for our premium series products. However, we quickly repositioned our products to target two distinct segments - the premium and the mass premium markets. The new products launched in the mass premium market were well received during the third quarter. However, it will take time for this strategic shift to fully translate into sales growth."

Niu's newly launched Carbon Fiber Electric Scooter strengthens its KQi product line and is crucial to the company's international expansion. With the increasing popularity of micro-mobility products in overseas markets and a diverse product portfolio, Niu Technologies anticipates sustainable long-term growth. The company expects fourth-quarter 2023 revenues to be between CNY 490 million and CNY 612 million, corresponding to a decrease of 20% year-over-year or remaining flat.

As a global provider of smart urban mobility solutions, Niu Technologies' international sales network, as of September 30, 2023, includes 55 distributors across 53 countries.