Chinese electric scooter manufacturer NIU Technologies (NASDAQ: NIU) is experiencing a remarkable surge in 2025, with its stock price nearly doubling year-to-date. This impressive performance is fueled by a significant increase in electric moped sales, particularly within its domestic market, despite facing challenges such as international tariffs and rising freight costs.
Domestic market is driving growth
In the first quarter of 2025, NIU reported a 57.4% year-over-year increase in e-scooter sales, totaling 203,313 units. Notably, 183,065 of these units were sold in China, marking a 66.2% increase compared to the same period last year.
This domestic growth was boosted by China’s consumer trade-in program, which incentivizes the replacement of older scooters with newer, more efficient models.
The company’s revenue for Q1 2025 reached RMB 682.0 million (approximately US $94 million), a 35.1% increase from the previous year. However, the average revenue per e-scooter decreased by 14.2% to RMB 3,354, indicating a shift towards more affordable models.
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NIU CEO Yan Li explained: “In China, we are advancing our intelligent product development strategy by integrating automotive-grade technologies such as millimeter-wave radar, dual-channel ABS, and AI Smart Ecosystem to enhance the user experience. Our retail network has continued to expand in-line with our expectations, with new stores opening during the quarter. This synergistic combination of product innovation and omni-channel growth is driving measurable increases in domestic sales and market penetration.”
International challenges remain
While domestic sales certainly provided strong tailwinds for NIU, international markets still present challenges for the company. Sales outside China grew by a modest 6.4%, totaling 20,248 units. Factors such as US tariffs and increased freight costs were noted in NIU’s Q1 2025 earnings report as impacting international margins. Despite these hurdles, international sales contributed RMB 60 million (approximately US $8 million) to the quarterly revenue, a 22.4% increase year-over-year.
NIU’s gross margin declined to 17.3% from 18.9% in the same quarter last year, reflecting the pressure from international trade policies and logistics costs. Nevertheless, the company’s net loss narrowed to RMB 38.8 million, down from RMB 54.8 million in Q1 2024, indicating improved operational efficiency. While still operating at a net loss of around US 5.4 million, these numbers indicate a strong turnaround for the company – reflected by the nearly doubling of NIU’s stock price so far in 2025.
Looking ahead, NIU is anticipating continued growth and projecting Q2 2025 revenue to increase by 40% to 50% year-over-year. The company says it is also exploring strategies to mitigate international challenges, such as diversifying its production and focusing on markets less affected by tariffs.
As Li continued, “Globally, the market is undergoing structural shifts, with US trade policies experiencing increased volatility. However, we are leveraging innovation and agile infrastructure to mitigate geopolitical challenges, enabling sustainable global growth through proactive production adjustments.”
NIU’s XQi3 electric dirt bike (street legal in Europe) is one of its most ambitious international projects yet
Electrek’s Take
If you’re a NIU fan like I am, this is great news that helps claw back some of the losses seen in the last couple of years. The entire micromobility sector has navigated choppy waters after the pandemic bubble burst, and NIU was certainly not immune to the drop in sales. But these numbers paint a promising return that industry analysts and scooter riders who depend on the company alike have been hoping for.
I visited NIU’s factory a few months ago and saw firsthand how much care and precision goes into building its millions of electric two-wheelers. That kind of in-depth look is rare in this industry, and it gave me keen insight into what separates NIU’s high-tech and high-design models from much of the industry.
Now it seems that sales are starting to catch back up to where such innovative pieces of tech deserve to be. Here’s to hoping for another good quarter to follow.
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Latin America’s electric mobility transition is kicking into high gear, and Brazil-based Vammo is emerging as its battery-swapping champion. The São Paulo startup just closed a $45 million Series B funding round led by Ecosystem Integrity Fund, with backing from Qualcomm Ventures, 2150, Construct Capital, and others – positioning the company to expand across the region’s megacities and build what it calls the backbone of Latin America’s clean transport network.
Founded in 2022, Vammo has rapidly become the region’s leading battery-swapping platform, offering riders an all-in-one ecosystem that bundles electric motorcycles, financing, maintenance, and a growing network of 150 swap stations. Its fleet of 5,000 electric motorcycles already serves riders working for major delivery platforms like Uber, 99, Rappi, and iFood – with a waiting list still forming.
The company says its subscription model lets users access a vehicle and unlimited swapping at 30% lower cost than gasoline alternatives.
It’s a story we’re seeing playing out around the world, with similar cost-savings for battery-swapping electric motorcycles being reported in Asia, Europe, and Africa. Now Vammo is leading that charge in Latin America, and is set to significantly expand operations on the back of its latest funding round.
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Earlier this year, Vammo surpassed its one millionth battery swap milestone.
Unlike many competitors that depend on off-the-shelf components, Vammo builds everything in-house – from battery packs and charging hardware to its own IoT-enabled software platform. That proprietary technology, designed specifically for Latin American conditions, gives Vammo a major head start in the region’s still-nascent battery-swapping race.
With this new funding, the company plans to expand manufacturing and R&D in Brazil, investing more than R$500 million to ramp up production in Manaus and develop new hybrid ethanol-electric motorcycles that combine two of Brazil’s cleanest energy sources.
For riders, the economics are compelling: energy costs per kilometer are about 80% lower than gasoline, and maintenance savings reach 50%. Add Brazil’s 90% renewable electricity grid – the cleanest among G20 countries – and each swapped battery delivers a climate dividend few regions can match.
Electrek’s Take
Battery swapping makes perfect sense in cities where riders need constant uptime and limited space makes charging tricky. Vammo is proving the model can scale in Latin America – and not just in theory. Thousands of riders are already using it daily. As more countries follow Brazil’s example, expect battery swapping to become a cornerstone of clean urban mobility across the continent. São Paulo may soon do for battery-swap bikes what Taipei did for Gogoro – turn a smart idea into an unstoppable movement.
Now, if North America could just catch up with the more developed markets like South America, Africa, and Asia, that’d be really something.
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The moves come shortly after Trump declared that the “rare earth issue has been settled” following what he described as an “amazing meeting” with China’s Xi in South Korea.
As part of a broader agreement between the world’s two largest economies, which included Washington cutting fentanyl-linked tariffs, China said recently announced rare earth export controls would be delayed by one year.
Trump told reporters aboard Air Force One as he left South Korea that his administration expects China’s decision to delay these rare earth export restrictions to be “routinely extended.”
China’s previous rare earth restrictions, which were announced in early April, are set to remain in place, however.
Beijing on Oct. 9 had threatened to tighten export controls on rare earths and related technologies, seeking to prevent what it described as the “misuse” of rare earth minerals in the military and other sensitive sectors.
Rare earths refer to 17 elements on the periodic table whose atomic structure gives them special magnetic properties. These elements are widely used in the automotive, robotics and defense sectors.
China is the undisputed leader of the critical minerals supply chain, producing roughly 70% of the world’s supply of rare earths and processing almost 90%, which means it is importing these materials from other countries and processing them.
U.S. officials have previously warned that this dominance poses a strategic challenge amid the pivot to more sustainable energy sources.
Tesla is recalling 6,197 Cybertrucks with the “Off Road Lightbar” attachment, citing incorrect use of adhesives which could lead the accessory to fall off during vehicle operation.
It’s about 10% of the 63,619 Cybertrucks in existence, which we know about due to another recall from last week (though that one was fixed by a software update).
The Cybertruck has been marketed all along as an off-road capable vehicle, with dedicated off-roading modes and certain available accessories for those owners who want to get out and adventure.
A desirable off-road accessory available on many vehicles are large, overhead lights which offer better and wider visibility of the terrain ahead, getting around rocks or brush or other things that might cast shadows from lower static headlights.
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In the Cybertruck’s case, this takes the form of a wide light bar across the top of the truck’s windshield, right at the “point” in the roof.
It doesn’t come with every truck, and isn’t even available as an option. It’s also not even listed as an accessory on Tesla’s online shop. It’s only available as a retrofit through Tesla’s service network, for which you have to make a service request to get it installed.
Despite that, it looks like a whole lot of Cybertruck owners have gotten it installed. With the information in this new recall stating that potentially 6,197 vehicles are affected, it looks like nearly 10% of existing Cybertrucks have the light bar, which is quite a high take rate for a retrofit item like this.
We know this 10% number because of another recent recall, last week, which recalled every Cybertruck for having too-bright headlights. That one was fixed by a software update, but did tell us that a total of 63,619 Cybertrucks had been sold in total.
But the lightbar recall isn’t such an easy fix, as it’s an actual physical issue, rather than a software one.
It seems that the adhesives Tesla used may have been applied incorrectly by service personnel, leading to a substandard bond to the surface of the vehicle. Tesla updated its service instructions several times to try to fix the problem, but it seems that none of these updates were enough.
In total, Tesla says it found 619 warranty claims related to this issue, and had one field report of the glue not working correctly – though it is not aware of any collisions or injuries associated with the issue. But, conceivably, this could lead to a light bar falling off the vehicle and creating a road hazard for other drivers, so a recall is in order.
To fix the problem, Tesla will inspect any installed lightbars on Cybertrucks and if it finds any indication that the adhesive isn’t bonded fully, it will replace the lightbar with a new one adhered with tape and a “positive mechanical attachment” (that is, bolting it down).
While Cybertruck owners with the light bar installed should make a service appointment to get their light bar inspected, it’s possible to tell if yours suffers from this issue. Tesla says that light bars exhibiting this issue “may create a noise detectable from inside the cabin” or that the light bar may feel loose when touched or have a visible gap between it and the windshield. If your lightbar exhibits any of these issues, then you’ll probably want to make that service appointment sooner rather than later.
As for the headlight recall from last week, we didn’t report on it because, as is the case with many of Tesla’s “recalls,” it was relatively minor and was fixed by a software update. NHTSA really does need another word to distinguish real recalls from ones that are already fixed by an OTA update by the time the recall notice goes out.
But, this lightbar recall today is more serious and needs an actual physical fix, and thus is more deserving of being reported on.
However, last week’s headlight update did still have an interesting piece of information (which we probably should have reported, and so now are reporting here): the total number of vehicles out on the road. That recall covered 63,619 vehicles produced between November 13, 2023 and October 11, 2025. That’s nearly two years, and yet the truck which had been hailed as the harbinger of the future of the automotive industry has averaged just over 30k sales per year in that time period.
While the Cybertruck was the best-selling electric truck for a time after its introduction, it no longer has that title. And, in the last last quarter, the F-150 Lightning, Silverado EV, Sierra EV and R1T all saw rising sales. The Cybertruck, in contrast, is the only electric truck in America that saw lower sales last quarter than in the year prior, despite a big spike in EV sales due to the retirement of EV tax credits.
It’s part of a wider trend of EV sales increasing around the globe, but Tesla sales being left behind – and the reason is mostly due to Tesla CEO Elon Musk’s negative influence.
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