(Yicai Global) July 7 -- Shares of major Chinese electric bike manufacturers surged after their executives said in a media interview that their sales have increased significantly this year, and partly because of the Covid-19 pandemic.

Some of the rising stocks included Niu Technologies and Yadea Group Holdings, both gaining over 20 percent in a single day. Niu's stock price [NASDAQ: NIU] jumped to USD22.11 yesterday in New York. That of Yadea [HKG: 1585] edged up to HKD6.37 (US 82 cents) this afternoon in Hong Kong.

From January to May, Yadea's sales climbed by more than 50 percent from a year ago, CCTV News reported yesterday, citing Senior Vice President Wang Jiazhong. Electric bicycle sales grew by more than 60 percent in the first half, said Wang Haiju, general manager of Aima Technology Group.

China is the world's largest exporter of electric two-wheelers, making up more than 90 percent of the total. But the domestic market is also massive. As of June 2019, Chinese consumers had more than 250 million e-bikes.

Niu's sales jumped 61 percent in the second quarter from a year ago, founder Hu Yilin told the national broadcaster. Sales on the home turf rose by 81 percent while the company sold 62 percent less overseas as the previously strong European market is struggling with the pandemic.

The trend follows Chief Executive Li Yan's predictions, written in Beijing-based Niu's financial report earlier, as he suggested that the Chinese market will resume healthy growth in the second quarter, while the virus will continue to affect the firm's international business.

But policy support could accelerate recovery. Some European countries have introduced electric vehicle subsidies, which could further stimulate sales, said Niu's founder Hu Yilin. The subsidies go from more than 20 percent to as much as about 30 percent in the Netherlands, said Yadea's SVP Wang.

Mid to high-end electric bicycles and motorcycles are most popular in Europe and the US, according to Hu. Niu's products fit the bill as its export prices range between CNY10,000 and CNY30,000 (up to USD4,271).

Editor: Emmi Laine