Tag: NIU Technologies

Yinan Li, Ex-CTO of Baidu and Former Founder of NIU Technologies Started to Build Electric Vehicles, Brand Name Unveiled as NIUTRON

Yinan Li, the Ex-CTO of Baidu and Former Founder of NIU Technologies, enters into the electric automotive industry. As a technology industry heavyweight, Li’s NIUTRON is expected to be one of the most valuable electric automotive startups after NIO, Xpeng and Li Auto.

After a long influential career in high-tech industry and venture capital, Li founded NIU Technologies in 2014, created one of the most innovative and stylish electric two wheelers. NIU was later listed on Nasdaq in late 2018. After he departed from NIU technologies, Li started the automotive venture in 2018, namely NIUTRON. The Company has since grown to a team of 1,000 R&D personnel, and has received investments from world-leading investors such as IDG and COATUE, in its US$500 million series A fundraising.

NIUTRON has achieved several milestones since its founding, including its unique Gemini Platform and a strong product pipeline with many future models. NIUTRON NV, the Company’s first model, is a mid-large sized premium SUV, with “Urban Exploring” as its design concept, encompassing both BEV (Battery Electric Vehicle) and EREV (Extended-Range Electric Vehicle) options to meet the needs of different driving scenarios.

NIUTRON NV will be launched and open for pre-order in China in the first half of 2022, and the delivery will start in September of the same year.

NIUTRON has already been building a modern manufacturing base of 770,000 square meters, with an annual production capacity of 180,000 units. The manufacturing base will be ready for operation in March 2022.

NIU Technologies Reports Q4 and FY2019 Financial Results: Revenues Up 40.5%

NIU Technologies (“NIU”; NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, announced financial results for the fourth quarter and full year ended December 31st, 2019.

Revenues and Net Income Grow Four Consecutive Quarters

Driven by the increased sales volume up 13.5% and increased revenues per e-scooter up 10.5%, revenues for the fourth quarter of 2019 reached RMB 536.1 million, an increase of 25.4% YoY. The fourth quarter 2019 was profitable with net income of RMB 60.7 million, compared with a net loss of RMB 32 million in the fourth quarter 2018. The company has now been profitable for four consecutive quarters.

For the full 2019 financial year, NIU’s net revenues were RMB 2.0763 billion, an increase of 40.5%, which was mainly driven by increases in e-scooter sales volume of 24.1% and net revenues per e-scooter of 13.2%. China represented 85.1% of net revenues from e-scooter sales, and overseas markets represented 14.9%. The full year’s net income was RMB 190.1 million, which is an increase of RMB 539.1 million from a net loss of RMB 349 million in 2018.

Continued Growth Across Overseas Market

As a leading provider of smart urban mobility solutions, NIU has been improving its products and building further growth in overseas markets.

In December 2019, NIU’s new manufacturing facility in Changzhou commenced operation. The new facility covers about 75 acres and has a designed capacity of 700,000 units per annum. In the fourth quarter of 2019, NIU’s international sales network expanded to 29 distributors covering 38 countries.

In addition, in January 2020, NIU launched two new products, the RQi-GT and TQi-GT. The RQi-GT is NIU’s first urban performance electric motorcycle and the TQi-GT is NIU’s first electric three-wheeler vehicle.

So far, global users of NIU have exceeded 1 million with a cumulative rider distance of 4.5 billion kilometers. NIU has also contributed to cumulative carbon emission reductions of 1.14 million tons, which is the equivalent to planting 57 million Saxaul. It demonstrates NIU’s commitment to corporate social responsibility and “providing more convenient and environmentally friendly transformative urban travel transportation for global users”.

The company has been monitoring the Coronavirus pandemic very closely. Since the restart of operations, NIU has implemented safety measures such as daily disinfection of retail locations, factories and corporate offices to ensure the well-being of our customers and employees. The company is also aware of the potential economic damage towards the global economy and the confidence of consumers. NIU has implemented new campaigns to expand its online sales by working with online retail partners in both China and overseas market.

Dr. Yan Li, CEO of NIU said “we delivered solid revenue growth and improved gross margin. The Company continued to operate profitably. We are very excited about the growth perspective of our business and are committed to expanding our production capacity to meet the increasing demand. We look forward to sustaining the growth of our business.”