(Yicai Global) Nov. 23 -- Niu Technologies has posted a 20.5 percent gain in net income in the third quarter from the same period last year, driven by a huge leap in demand post-Covid-19 for its two-wheeled electric vehicles in China despite disappointing overseas sales.

The Beijing-based firm raked in CNY80 million (USD12.2 million) in profit in the three months ended Sept. 30, according to its earnings report released today. Revenue was up 36.7 percent to CNY894.5 million (USD136 million).

Sales of its e-scooters in China shot up 70.2 percent in the third quarter from a year earlier to 245,293 units, while overseas sales grew just 6.3 percent to 5,596 bikes.

“Our international sales were affected by the rebound of Covid-19 and sales volume grew by 6 percent only,” said Chief Executive Officer Li Yan. “We are working closely with our international distributors to mitigate the impact in order to bring our sales back on a fast growth track,” he added.

The firm forecast more modest growth in revenue in the fourth quarter of between 5 percent and 15 percent year on year to between CNY565 million (USD86 million) and CNY615 million.

Niu is expected to launch its new Gova budget electric scooter line in Indonesia next month.

Niu’s shares [NASDAQ:NIU] closed down 0.45 percent at USD35.73 yesterday.

Editor: Kim Taylor