Niu Technologies ("NIU", or "the Company") (NASDAQ:NIU), the world's leading provider of smart urban mobility solutions, today provides its sales volume results for the third quarter of 2024.
| 3Q 2024 | 3Q 2023 | YTD 2024 | YTD 2023 | |
| China Market | 259,094 | 230,445 | 576,761 | 490,540 |
| International Markets | 53,311 | 35,468 | 120,945 | 81,786 |
| Total | 312,405 | 265,923 | 697,706 | 572,326 |
In the third quarter of 2024, NIU sold 312,405 units, including e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes. The number of units sold in China and in international markets was 259,094 and 53,311, respectively.
In China, the NT model has rapidly become a standout, capturing nearly 20% of total sales this quarter. This model strikes the perfect balance between aesthetic appeal and practicality, featuring advanced motorcycle-grade handling and smart innovations such as keyless ignition and TCS traction control, reinforcing NIU's commitment to user-friendly, safety-focused design. Notably, this year's new models have collectively contributed to over 60% of total sales this quarter. Moreover, we are broadening our user base by appealing to various demographics through diverse strategies. Targeting Gen Z, we collaborated with JDG to launch the FX model in September, integrating it with the popular game "Game for Peace" to enhance brand interaction. Additionally, we are leveraging KOL content marketing and influencer events on platforms like Xiaohongshu to connect with female users. These initiatives aim to expand the company's brand appeal and solidify our presence in consumers' minds.
Internationally, the micro-mobility sector continues to exhibit robust growth. Notably, our new models, the K100 and K300, which feature upgraded smart functions and enhanced safety features, have gained significant traction. These models accounted for over 50% of total sales during the quarter, achieving popularity across the EU, North America, and Asia Pacific. In light of these positive trends, we firmly believe that the micro-mobility sector will play a pivotal role in driving our future growth.
Our sales volume count disclosed above is based on the delivery from our manufacturing facility, which may vary slightly from the sales volume measured from a financial accounting and reporting point of view. NIU's sales volume represents only one measure of the company's financial performance and should not be relied upon as an indicator of quarterly financial results, which depend on a variety of factors, including revenues from accessories, spare parts and services, cost of sales, operating expenses, etc.
