Once relied on Lei Jun to become popular! Cross-border sales revenue in the first three quarters was nearly 11 billion

In the past, China was a "bicycle power"; now, China is not only a "two-wheeled electric vehicle power", but also the "largest manufacturer of two-wheeled electric vehicles".

This year, two-wheeled electric vehicles produced in China made their debut at the Paris Olympics, demonstrating the power of "Made in China" to the world.

Up 44.9%, sales in the first three quarters approached 11 billion

The manufacturer of these electric vehicles is Ninebot, a Chinese two-wheeled electric vehicle overseas brand.

Ninebot was originally a robot manufacturer, but later switched to self-balancing scooters for profitability . In 2014, after receiving $80 million in investment from Xiaomi, Shunwei, Sequoia and other companies, it successfully acquired Segway, the "first self-balancing scooter manufacturer . " Its self-balancing scooters became popular overnight under Lei Jun's support, with 100,000 units sold in two months .

It later joined the E-bike industry and began exporting to the United States in 2020; E-bike is also one of the company's fastest growing businesses this year.

According to the financial report released by the company, Ninebot's operating income in the third quarter of this year reached 4.239 billion yuan, an increase of 34.75% year-on-year; net profit reached 374 million yuan, an increase of 139.07% year-on-year.

In the first three quarters, the company's revenue this year has reached 10.905 billion, a year-on-year increase of 44.9%; the net profit has reached nearly 970 million, a year-on-year increase of 155.95%.

The financial report mentioned that the company's revenue growth was mainly due to the increase in sales scale and market share of electric two-wheeled vehicles, service robots and all-terrain vehicles .

Currently, Ninebot’s overseas markets are mainly in mainstream markets such as Europe, the United States, Australia, New Zealand, the Middle East and Türkiye.

In the European market, the company has entered major local KAs and e-commerce platforms, covering online and offline channels; in the Americas and Asia-Pacific markets, the company has entered large supermarket chains and outdoor sports chain stores such as Costco, Walmart, Target, and Best Buy, and online channels have entered e-commerce platforms such as Amazon, eBay, and Media Mart.

Segway, the company's main brand of electric balance bikes and electric scooters, has received more than 10,000 orders on Amazon in the past three months, and has received more than 10,000 positive reviews from consumers. It is also an officially certified Amazon store with a low return rate.

(Photo source: Segway Amazon store)

As of the first half of this year, Ninebot’s overseas revenue accounted for more than 42%, its products are distributed in more than 100 countries and regions around the world, and the cumulative number of global network users has exceeded 18 million.

In addition, Ninebot is not only selling electric vehicles, but also lawn mowing robots. It is reported that the company's lawn mowing robot performance also hit a new high this year.

In the first half of the year alone, Ninebot's sales revenue from lawn mowing robots reached 595 million, a surge of 379.28%; in the third quarter of this year, the revenue from lawn mowing robots increased by another 145 million. Since its launch in 2021, its lawn mowing robots have been successfully sold to more than 30 countries and regions around the world.

Although it had extensive ties with Xiaomi in the early stages, under the "tacit understanding" with Xiaomi, Ninebot had already begun to "de-Xiaomi" its development in the past few years.

In the first half of this year, the company's revenue from self-branded products reached 5.86 billion yuan, accounting for 87.91% of its revenue; the revenue share from Xiaomi Group fell from 32.29% in 2021 to 1.21%. At the same time, People Better, controlled by Xiaomi Group, also held a stake in Ninebot from 9.82% in 2020 to 6.03%.

Increased by 64.87%, another hot-selling product had revenue of more than 2.2 billion in the first three quarters

In addition to appearing at this year's Paris Olympics, China's two-wheeled electric vehicle brands have also long entered the daily lives of tens of millions of consumers overseas. Taotao Vehicle Industry, founded by the second-generation rich Cao Matao, is one of them .

The financial report shows that Taotao Automobile's revenue in the third quarter of this year was approximately 829 million yuan, a year-on-year increase of 47.61%; during the reporting period, the company's net profit reached 119 million yuan.

In the first three quarters of this year, the company's revenue has exceeded 2.22 billion, an increase of 64.87% year-on-year; net profit reached 301 million, an increase of 47.40% year-on-year.

It is reported that Taotao Vehicle Industry implements a dual-brand and multi-channel sales strategy, which includes two main brands, GOTRAX and DENAGO. The two brands also correspond to different segments respectively.

Among them, GOTRAX mainly sells balance bikes, electric scooters, children's scooters, E-bikes, etc., mainly targeting supermarkets and online channels. With "trendy, environmentally friendly, and vibrant" as its core, it has attracted more than one million electric vehicle enthusiasts around the world.

Data shows that GOTRAX's electric scooters rank in the top ten in sales on Amazon, have been selected as Amazon Best Seller and Amazon's Choice many times, and topped the Walmart's annual toy list.

On Amazon, the GOTRAX store has received more than 50,000 orders in the past three months and has received more than 10,000 positive reviews. Like Segway, GOTRAX is also a store with a low return rate.

Taking an E-bike in the store that sells for about $680 as an example, nearly 70% of consumers gave it a 5-star rating, saying that the product is not only cost-effective, but also easy to assemble and has a long battery life.

In addition, in the first half of this year, Taotao Motors also launched the brand HOVERFLY on the Amazon channel, forming a differentiated complement to the existing GOTRAX. HOVERFLY , with its more cost-effective advantage, helped Taotao Motors further increase its market share and successfully achieved sales of over 10,000 units.

It is worth mentioning that on Amazon, most of GOTRAX's products adopt the VC model, and many products have obtained the BestSeller label, ranking at the top of the sales rankings.

DENAGO is a high-end dealer brand, focusing on the product concept of "high-end, professional, and high-performance". Since its launch, DENAGO electric bicycles have been recommended by many authoritative media such as Bicycling and Electric Bike Report.

In terms of online channels, in addition to entering third-party e-commerce platforms such as Amazon, Walmart, and eBay, Taotao Bicycle Industry has also set up a number of its own sales websites with industry influence.

Some of the self-owned websites that sell high-end products have accumulated stable natural traffic through continuous optimization and operation over the years. While helping new products to achieve rapid sales, these websites have also become channels for direct communication between brands and consumers.

( Image source: GOTRAX official website )

In addition to deploying various channels, Taotao Automobile is also actively carrying out brand marketing activities, using well-known social media platforms such as Tik Tok, YouTube, Facebook, etc. combined with offline activities to expand brand influence.

On TikTok, GOTRAX's account already has 20,200 followers and 62,600 likes. The most-played video on the account has reached 1.8 million views.

At present, the two-wheel electric vehicle market has entered the era of globalization. Data shows that the global two-wheel electric vehicle market size will be close to 100 billion euros in 2023, and the compound annual growth rate is expected to exceed 30% in the next decade.

As the global electric two-wheeler market grows rapidly, Chinese companies such as Ninebot and Taotao Vehicle are at the forefront of the industry, leading the wave of technological innovation and market expansion.

The success of these companies not only reflects the transformation and upgrading of Chinese manufacturing, but also demonstrates the strong strength of Chinese brands in global competition. Looking ahead, with the continuous advancement of technology and the enhancement of environmental awareness, Chinese electric two-wheeled vehicle companies are expected to continue to expand their global market share, promote the popularization of green travel, and provide more efficient and environmentally friendly travel options for global users.

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