Shares of Niu Technologies (NASDAQ: NIU) plunged Monday after the Chinese electric scooter maker announced its third-quarter financial results. Niu is working to take advantage of the many large metro areas in China, as well as the attraction many citizens have to electric vehicles.

However, after its latest report, Niu shares fell nearly 18% Monday morning. As of 1:50 p.m. ET, the stock was still lower by 14%. 

While the company sold more than 320,000 e-scooters in the quarterly period, that was down more than 19% year over year. International sales rose significantly, but more than 80% of the company's units were sold in its home market. Those China sales decreased 33% compared to the prior-year period. It seems the COVID-19-related restrictions and lockdowns are affecting the company right now. 

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Source Fool.com