World
Giant Profits Halved But Mid-Term Optimism Remains
Taipei, Taiwan Giant Group’s nett profits have halved in the first quarter of 2023, compared to the same period in 2022, the Taiwan-based company revealed in a financial report released last week. Its consolidated financial report for the 2023 first quarter shows the group’s nett profit after tax was NT$836 million (A$40.49 million), a decline…
£19 Million Injection for Supercharged Brompton Growth
London, UK Folding bike specialist Brompton’s desires to grow even faster than its 20% organic expansion in recent years has sparked a £19 million (A$25.51 million) capital injection for the UK company. Growth capital investor BGF recently took a minority stake in the English manufacturer, securing £19 million in equity capital to further accelerate growth.…
Hargroves Rebrand Completes 99 Bikes Purchase
Southhampton, UK Pedal Group has begun a rebrand of the UK retail chain, Hargroves Cycles, it purchased recently. The Queensland-based company last week began converting the four Hargroves outlets into 99 Bikes stores, consistent with its retail operations in Australia. Hargroves founder Peter Hargroves said on social media site LinkedIn the rebranding was an end…
Taipei Cycle Award Refocuses Attention on Sodium-Ion Batteries
Taipei, Taiwan Chinese manufacturer Phylion has triumphed at Taipei Cycle’s 2023 Development & Innovation Awards with its first-generation sodium-ion battery cells, as the technology firms as an alternative to lithium-ion batteries for e-bikes. Phylion used Taiwan’s global bike trade show to highlight its self-developed sodium-ion battery cell models, the Golden Brick Version 30110 and 19118…
Giant Foreshadows Delayed Economic Recovery
Taichung City, Taiwan Inventory issues and the “headwind of economic outlook” will continue to affect short-term revenue and earning performance in the global bicycle industry, Giant Group declared in its 2022 financial year report released this month. The Taiwanese company says the bike market’s balance of the supply and demand is yet to normalise, although…
Production Breakthrough for Chainless Drive System
Munich, Germany The horizons for future e-bike designs opened considerably last month, when Munich-based e-cargo bike company Mocci became the first brand to go into production using a chainless drive system developed by fellow German company Schaeffler. The Free Drive system, unveiled back in August 2021 and now incorporated into Mocci’s Smart Pedal Vehicles, opens…
SRAM’s $490 Million Commitment to Taiwan
Taichung, Taiwan SRAM Group is investing A$490 million (10 billion New Taiwan dollars) in a new Taiwan plant, the US company announced last month. The new plant, in Taichung’s Tanzi District, will consolidate all of the company’s existing production facilities in the east-Asian country, developed during the company’s three decades in Taiwan. SRAM’s vice president…
$18 Million Injection as Arcimoto Resumes Production
Oregon, US A US company at the forefront of light electric vehicle production, Arcimoto, has accrued a total of US$18 million (A$26.71 million) in funding during the past two months, and late last month resumed production for 2023. Arcimoto recorded a nett loss of approximately US$17 million (A$25.28 million) in the third quarter of 2022,…
Podbike Starts Deliveries to Customers
Stavanger, Norway Norway’s Podbike has finally started delivering its Frikar light electric vehicle to customers, eight years after cofounder Per Hassel Sørensen embarked on a journey to build a better bike. “After all the stops and starts, engineering challenges, a global pandemic, a shortage of computer chips, and a painful trimming of staff last year…
Giant Jumps into Indoor Market with Stages Purchase
Portland, Oregon Giant Group has escalated its presence in the indoor cycling market by investing heavily in one of the leaders in the sector in North America, Stages Cycling Inc. Taiwan-based Giant announced a US$20 million (A$29 million) investment in Stages, including buying 32.5% of the company’s ordinary shares. A statement from Giant says the…