Electric two-wheeler maker Niu Technologies (NIU.US) said on Friday its vehicle sales rose 24% to 434,687 units in the second quarter from 350,090 units a year earlier, as its sales rose both in China and overseas.
The company said it sold 402,202 units in China during the three-month period, up 26% year-on-year, driven by demand for its core models and recent new product launches. Niu’s overseas sales rose by a slower 3.6% to 32,485 units year-on-year, as the company continued to focus on improving its operational efficiency and prioritizing key markets.
Niu sells a range of two-wheeler electric vehicles, including e-motorcycles, e-bicycles and kick-scooters. The company’s revenue rose 33.4% year-on-year to 909.5 million yuan ($134 million) in the first quarter, while its net loss widened to 93.9 million yuan from 38.8 million yuan a year earlier.
Niu’s shares rose 3% on Monday to close at $2.09. The stock is down about 35% so far this year.
By Doug Young
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