Mavericks Electric released its financial report for the third quarter of 2022 as of September 30 today.

Financial report shows,Niu Electric’s revenue in the third quarter was 1.1532 billion yuan, down 6.0% from the same period last year. Net profit was 2.9 million yuan, compared with 91.7 million yuan in the same period last year. Non-GAAP adjusted net income was 20.2 million yuan, compared with 102.2 million yuan in the same period last year. Net margin was 1.7%, compared with 8.3% in the same period last year.

Sales of electric vehicles in the third quarter were 320,800 units, a year-on-year decrease of 19.2%;The sales volume of electric vehicles in China was 263,200, a year-on-year decrease of 32.9%; The sales volume in the international market was 57,600 units, a year-on-year increase of 1059.8%.

As of September 30, 2022,Niu Electric has 3,303 franchised stores in China; As of September 30, 2022, the international sales network consists of 53 distributors covering 52 countries/regions.

Xiaoniu Electric said that the sales revenue of electric vehicles from the Chinese market was 859.2 million yuan, a decrease of 20.2%, accounting for 81.5% of the total revenue of electric vehicles. The decline was mainly due to a 32.9% drop in sales in China.

The sales revenue of electric vehicles from the international market was RMB 195.1 million, an increase of 351.8%, accounting for 18.5% of the total revenue of electric scooters. The increase was mainly due to the increase in sales of electric vehicles and the increase in the unit price of electric motorcycles.

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Sales of accessories, spare parts, and services were RMB 98.9 million, down 6.6% year-on-year, accounting for 8.6% of total revenue. The decrease was primarily due to lower sales of battery packs.

The increase in revenue per EV was mainly due to higher unit prices of EVs and a better product mix in the China market.

Niu Electric expects revenue in the fourth quarter of 2022 to be approximately 789 million yuan (down 20% year-on-year) to 986 million yuan (flat year-on-year)

From IT Home