Niu Technology 2023. Global Sales Dropped 17% Missing All Targets

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Niu Technology Global Performance is disappointing. Following the previous year decline, in 2023 sales further dropped at 610.003 (-17.0%).

McD tracks new vehicles registrations across the World (over 85 countries), reporting data on calendar year. When you wish to compare data reported by us to those declared by the manufacturers, consider they usually report their “sales” (vehicles invoiced), which are usually different from “registrations”, accordingly with their fiscal year split. 

Following a rapid growth ended with the 2021 record sales above the 1 million milestone (+70.4%), which allowed to join the Top 10 manufacturing rank in the World, starting from the first quarter 2022 the Niu Technology performance progressively deteriorated and sales declined both in 2022 and 2023, missing all plans and milestones.

The 2022 performance was caused by the effects of Zero-covid strategy pursued by the Chinese Government until December, hitting all Chinese manufacturers, with the start ups (like Niu) suffering more than the consolidated brands.

Global NIU e-scooter sales (we do not count kick scooter and e-bicycles) in 2022 have been 736.957 (-27.3%) and in 2023 sales further declined at 610.003 (-17.0%).

It seems that the company shifted the focus from scooter to kick scooter, impacting the distribution network and the corporate profit, without been able to get additional sales. While for 2024 the company target a 1 million sales, we must be very careful on this, as the past was really disappointing and the management did not prove vision and ability to respect commitment.