Niu Tech (NIU) has released an update.
Niu Technologies, a leading smart urban mobility solutions provider, reported a significant downturn in its financial performance for the fourth quarter and full year of 2023. The company’s revenues dropped by 21.8% in the fourth quarter, contributing to a full-year decline of 16.3%, while net losses substantially increased from the previous year. Despite these challenges, Niu Technologies saw a 33.7% increase in international e-scooter sales and remains optimistic about the shift towards electric mobility.
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