NIU Electric's 2024 Q1 Report Revenue Growth and Future Outlook

TapTechNews May 20th news, NIU Electric released its financial report for the first quarter of 2024 as of March 31st today:

Revenue was $78.5 million (5.047 billion yuan), an increase of 21% year-on-year;

Gross margin was 18.9%, while the gross margin in the first quarter of 2023 was 21.7%;

Net loss was $8.5 million (5480 million yuan), while the net loss in the same period of 2023 was $9.3 million (6030 million yuan);

Excluding US GAAP, the adjusted net loss was $7.5 million (4850 million yuan), while the net loss in the same period of 2023 was $7.1 million (4610 million yuan).

TapTechNews attached the operating data of NIU Electric in the first quarter of 2024:

The sales volume of electric vehicles was 129,139 units, an increase of 36.8% year-on-year;

The sales volume of electric vehicles in the Chinese market was 110,115 units, an increase of 35.1% year-on-year;

The sales volume of electric vehicles in the international market was 19,024 units, an increase of 47.6% year-on-year;

As of March 31, 2024, the number of franchise stores in China was 2,878;

As of March 31, 2024, the international sales network expanded to 58 distributors covering 54 countries.

NIU Electric CEO Li Yan said: Since the new product was launched at the end of February, it has received very positive feedback in the domestic market. In addition, we are actively expanding the retail business to enhance our strength. Therefore, we expect that in the upcoming sales season, the sales in China will continue to grow.

Li Yan also disclosed: Global expansion is still our top priority. Our retail channels in the US and Europe have significantly increased sales. In order to consolidate the international influence, we are increasing investment to establish a strong sales network. We will also take measures to improve brand awareness by launching new models, and are confident to achieve strong sales growth in 2024.