The stock in Niu Technologies leaped to a new all-time high of $26.42 per American depositary share after announcing surging e-scooter sales for the third quarter.
The Beijing-based smart urban mobility solutions provider said in a statement today that e-scooter sales in the quarter rose 68% year-over-year to 250,889.
The strong growth was achieved on strong demand in its native market. With new products including G0, MQi2, and MQiS launching earlier this year, Niu’s e-scooter sales in the Chinese market hit 245,293 in the quarter, up 70% from the same period of the preceding year.
There was also some recovery in overseas markets, as e-scooter sales in the third quarter hit 5,596, up 6% year-over-year.
“The growth in the international markets was mainly driven by the demand recovery in July and August after the severe impact from COVID-19 in the second quarter,” Niu said in a statement today, adding: “The growth was however negatively affected again by the rebound of COVID-19 since September.”
In total, Niu’s year-to-date sales have now topped 451,187, as compared to 315,073 figure in the same period in 2019.
The news comes after Niu reported mixed second-quarter financials in August. Revenue in the three months ending June hit $91.29 million, up 22% year-over-year on earnings of 10 cents per share. While it beat earnings estimates of 9 cents per share, it missed revenue expectations of $96.78 million, according to Benzinga.
Meanwhile, Niu’s stock has performed relatively well this year after fears of the pandemic sent its shares into free fall in March. Shares of Niu have nearly tripled YTD.
The electric vehicle space has been hot this year; just ask the Chinese electric carmakerand closely-named NIO (NYSE: NIO). Shares of Nio are up a whopping 426% YTD.
By midday, the stock in Niu was trading 10% higher from Thursday’s close at $25.44 per share.