The company’s next big launch is RQi electric motorcycle, deliveries of which are slated to commence shortly in a few days
Chinese electric scooter manufacturer- NIU, has witnessed tremendous growth in the recently concluded second quarter of 2021. As per an official statement released by the company, NIU sold 252,998 units of electric scooters in the second quarter this year as compared to 160,138 sold during the period a year back.
This resulted in YoY growth of 58 percent. Out of 252,998 units retailed, 6,980 units were shipped to overseas markets representing a 34.8 percent YoY growth. Currently, the Beijing-based e-scooter manufacturer remains unchallenged as far as sales volume is concerned.
Growth in first half of 2021
The figures appear to be more staggering when merged with the sales volume of the first quarter. The company sold a total 402,647 units of electric two-wheelers in the first half of 2021 which is more than double what the company managed to sell during the same time last year. In the first half of 2020, NIU dispatched 200,298 units to dealerships across the country, translating to YoY growth of 101 percent.
The overwhelming growth recorded for the first half of 2021 is a result of a slowdown caused by the global Covid-19 pandemic and subsequent restrictions. To highlight its impressive performance, NIU has sold as many e-scooters as Tesla sells cars globally. The growth was also driven by launch of new products as well as expansion of its retail network across the country.
NIU product lineup
NIU has launched four new products- F0, F2, F4 and C0 models in April this year. Out of these four, the first two models have already been mass-produced and delivered in the second quarter of 2021. As many as 450 new retail centres were added across China in the second quarter this year. By the end of June 2021, NIU had 2,366 showrooms across the nation.
Growth in the international markets was primarily driven by recovery from COVID-19, especially in North American and European markets. However, deliveries of products still remain a challenge due to constraints in international shipping.
The company has a wide product portfolio that comprises eight series, four e-scooter series, two urban commuter electric motorcycles, a performance bicycle series and kick-scooter series. The range of electric scooters consists of NQi, MQi and UQi with smart functions and Gova. The motorcycle range comprises RQi and TQi models while NIU Aero is the brand’s sole performance electric bicycle.
Electric Scooter Sales In India
Compared to China, electric scooter sales are at a very nascent stage in India. In spite of India being one of the largest buyer of two wheelers in the world, sales of electric two wheelers constitute a minuscule percentage of total sales. But things are changing. More and more players are entering the EV field. India’s electric vehicle sales are expected to grow exponentially in the coming years as government norms and rising petrol prices push more and more buyers towards EV.
Source: Bike - rushlane.com
