Reporter | Xu Shiqi
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On October 11, the two-wheeled electric vehicle brand Maverick Electric (NASDAQ: NIU) released its third-quarter sales data.
According to the announcement data, Maverick Electric sold a total of 397079 vehicles in the third quarter, an increase of 58.3% year-on-year. Among them, the sales of electric vehicles in the domestic market were 392112 units, an increase of 59.9% year-on-year; the sales volume in overseas markets was 4967 units, down 11.2% year-on-year. The company has sold a total of 799,700 electric vehicles in the third quarter since the beginning of the year.
At the press conference earlier this year, Li Yan, CEO of Xiaoniu Electric, said that the performance target for 2021 is 90-1.1 million units, and according to this momentum, the company may be able to impact million units of sales at the end of this year.
The growth of the domestic market is mainly driven by retail network expansion and marketing activities, the announcement said. In the third quarter of 2021, Xiaoniu Electric added 320 new stores in China, and as of the end of September, the number of stores in China reached 2686. In the third quarter, some models offered promotional discounts to attract new users and encourage the replacement of older and non-compliant electric vehicles.
Maverick Electric layout in Europe, the United States and Southeast Asia, South Asia and other markets, the announcement said that the third quarter of overseas market sales decreased due to: the outbreak of the epidemic in Europe again, superimposed on the impact of tight shipping capacity. The company also said that the company has received more than 15,000 orders for the new scooter KQi3 launched for overseas consumers in the third quarter and began deliveries in September, of which 497 units are included in Q3 overseas market sales, and the rest will be shipped one after another.
The announcement shows that in the total sales, G0, F0 and C0 models accounted for about 40.6% of sales in the third quarter. The G0, F0 and C0 models had lower selling prices and gross margins than other models, and the high sales share of these models had a negative impact on single-vehicle revenue and overall gross margin in the third quarter.
The two-wheeled electric vehicle market has ushered in a wave of car changes due to the implementation of the "new national standard", and As the earliest domestic implementation of lithium batteries and intelligent networked electric vehicles, Maverick Electric has benefited.
However, the company's stock price this year has not been good. After soaring to a maximum of $53.38 per share at the beginning of the year, its stock price fell to about $24 at present, and as of today, the company is quoted at $24.29 per share, down 1.74%, with a total market value of $1.886 billion.
On September 22, Maverick Electric also announced the resignation of former CFO Zhang Peng, and the company began to look for a new chief financial officer.