Niu Technology Global Performance is disappointing. In the first 8 months 2024 sales at 467.000 (+11.1%) confirms our fear and the company is missing the announced target by a disappointing one-third.
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 temporary join the Top 10 manufacturers 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 had target a 1 million sales, we advised our readers to be very careful about, as the past was really disappointing and the management did not prove vision and ability to respect commitment. And indeed, first 8 months sales at 467.000 (+11.1%) confirms our fear and the company is missing the announced target by a disappointing one third, as the full year sales are projected around the 750.000.
In addition, rather than presenting new scooters or motorcycles, they keep showing new kick scooters, missing the core of the industry and losing the advantages gained in the first years of activity.
