Ann: Market Update, page-31

Had a Quick look at NIU Technologies [Nasdaq]. They describe themselves as ' the worlds leading supplier of smart urban mobility solutions', and also manufacture in China. Q1 worldwide sales of 40,160 units of which 34,316 were in China and 5844 for the rest of the world, which was a decrease of 34.4% Y on Y. Their Q2 forecast was quite upbeat.
In comparison Vmoto's sales for the same period increased 8% to 4121 of which 3741 were outside of China.

If NUI are travelling the same path as we were previously, and selling cheaply to the Chinese market [and the numbers suggest they are doing this] they may make a minimal profit there. NUI has a market cap of A$1b and we are selling 10% of units, possibly 70% of high margin units, and we have a cap of A$55m...unbelievable.

Here's something else from their report I hadn't considered beforehand ; revenue per e-scooter increased by 8.2%. These revenues are attributed to increased accessories, spare parts and services per scooter. [gross margin 23%]