Shares of Niu Technologies (NASDAQ: NIU) are experiencing a significant rise of approximately 9% in pre-market trading following a positive announcement from the Chinese smart urban mobility solutions provider. The company reported a substantial increase in its sales volume for both the fourth quarter and the entire fiscal year of 2024.
In the fourth quarter, sales volume surged by 64.85%, reaching 230,000 units compared to 140,000 units in the same period last year. This growth encompasses a diverse range of products, including e-motorcycles, e-mopeds, e-bicycles, kick-scooters, and e-bikes. A noteworthy contributor to this expansion was the impressive 65% increase in sales within the Chinese market.
Over the full fiscal year, Niu Technologies achieved a sales hike of 30.23%, selling 930,000 units, up from 710,000 units the previous year. The micro-mobility segment was a particularly strong performer, recording a 65% year-over-year growth in the fourth quarter and an overall increase of 57% for the year.
As a result of these promising figures, NIU's pre-market trading price has risen by 8.47%, reaching $1.92.
