Giant Europe Reports Over 40 Percent E-Bike Sales Growth
TAICHUNG, Taiwan – For the first half of 2019 Taiwan’s leading bicycle manufacturer Giant Mfg. Co, Ltd (also known as the Giant Group) reports a 5.3 percent sales increase to a total of TWD 30.71 billion (877.4 million euro). What in particular contributed to this result is the outstanding e-bike sales of Giant Europe, next to favourable exchange rates.
Giant Group’s e-bike production stood at 290,000 units in the first six months of 2019. In particular Giant Europe, based in Lelystad, the Netherlands, saw its e-bike sales grow with big numbers as money-wise it accounted for an over 40 percent growth.
Growth in all key markets
According to Giant’s HQ in Taichung, Taiwan, the globally operating company recorded healthy growth in all key markets “With Europe taking the lead with a double-digit growth in revenue which mainly was spurred by e-bike sales seeing an over 40 percent sales growth.”
Good news also came from the stagnating US market, where Giant recorded healthy growth in both traditional bicycle and e-bike sales in the first half of 2019. The only downer was that sales of children’s and juvenile bicycles showed only small growth. On China the Giant HQ reports that the company had some ‘tailwind’ as sales increased single-digit wise.
Average e-bike price
The 290,000 produced e-bikes in the first half of this year contributed 28 percent to Giant Group’s total revenue. It accounted for a turnover of TWD 8.6 billion (245.7 million euro). This results in the fact that Giant is selling its e-bikes on average for 847 euro per unit. The company’s e-bike sales boosted its after-tax income which increased 60.1 percent to TWD 1.72 billion (49.2 million euro). EBIT increased by 33.6 percent to TWD 2.44 billion (69.7 million euro).
Outlook for 2ndhalf of 2019
For the whole of 2019 Giant Group expects that “The e-bike will continue its current momentum. The recent launch of the new model year 2020 products has been well received by both Giant’s retail partners and end users.” As a result, the Taiwanese are expecting continued sales growth for the second half of the year.