The leading electric scooter company NIU has been on a tear lately, which has been reflected in its soaring stock price.
Today, the Beijing-based company released a positive Q3 sales numbers update.
The company’s stock, which is listed on the NASDAQ, jumped to an all-time high of $26.42, a daily increase of over 12%.
NIU announced that the company had sold 250,889 electric scooters in Q3 of 2020. That marks a year over year growth of 67.9%.
China is NIU’s largest market by far, with 245,293 of those electric scooters being sold domestically.
While NIU has been quickly expanding its international sales, many of its international markets, including the US market, are still reeling from the COVID-19 pandemic. China, on the other hand, is largely back to business as usual, with personal electric transportation options like electric scooters now seeing increased sales due to COVID-19.
Among NIU’s electric scooters, a large portion has consisted of the newly released G0 electric moped, part of the smaller and lighter GOVA line.
The new NIU MQi2 and MQiS have also led to increased sales in NIU’s domestic market.
Q3 of 2020 marked a huge return to form for NIU, which sold over half of all its electric scooters this year in Q3 alone.
Since dropping as low as $6.17 in March of this year early in the pandemic, NIU’s stock price has rebounded dramatically, rising over 320%.
Electrek’s Take
While I expected NIU to recover quickly and for the company’s stock price to follow suit, I must say I didn’t expect it to be this dramatic.
I think investors are finally waking up to the realization that A) NIU is a dominating force in the electric scooter market, and B) these types of vehicles are only becoming more important in the age of social distancing.
And let’s not forget that NIU has incredibly exciting projects in the works right now, including a full-size 100 mph (160 km/h) electric motorcycle.
Of course I’m a bit biased, seeing as how I love my NIU NGT Pro as my daily driver!
To the moon, $NIU!
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Author: Micah Toll
Source: Electrek
