Bike Europe, 2023, edition 1

E-bikes back in Las Vegas

Market prepares for a challenging 2023

ZEIST, the Netherlands – It was a much-heard outlook for 2023 at last year’s Eurobike, and it is proving right: “2023 will be difficult compared with 2022, despite all the supply chain challenges the industr y faced last year.”

The year hadn’t finished yet and the first signs of these difficulties appeared. The Giant Group had to ask its suppliers for a postponement of payments for the first time in the company’s histor y. It soon turned

Meet Bike Europe at Taipei Cycle 2023

The international bicycle industr y is preparing for the next Taipei Cycle Show, scheduled from 22-25 March. As always, Bike Europe and the bike dealer magazine for the Netherlands and Belgium, Tweewieler (both trade journals published by VMN Media), will be on hand again with our own booth. International visitors are welcome to pick up their complimentar y copy of Bike Europe’s 1/2023 edition at booth number P0007 at TaiNEX 1. The editorial team is looking forward to meeting you and talking about the latest trends in the e-bike and cycling business.

out that the two other main bicycle manufacturers in Taiwan, Merida and Ideal were not facing the same problem. In December, one of G ermany’s traditional bic ycle manufacturers and long-time supplier of the Aldi supermarkets, Prophete, and its mother company Cycle Union had to file for insolvenc y. The challenges for Prophete/Cycle Union were so big that they could not rely on their suppliers and business partners anymore. But there were more signs on the horizon that the booming market the industr y experienced during the pandemic can no longer be taken for granted. The large revenues often generated at huge costs during the pandemic did not generate enough profit

to cover costs during less favourable market circumstances. In France, one of the leading sports retail chains, Go Sport, went bankrupt in Januar y. The financial position of the company had not been ver y strong in the past years, and Go Sport lost the competition against other leading players in the French market, including D ecat hl on an d Inters p ort 2000. Sti ll , it is remarkable that insolvency comes now.

Headwind after strong sales

The same goes for the Dutch e-bike and electric s cooter leasin g compan y and Go Sharin g subsidiar y GreenMo which can count many deliver y services as its customers. Supported

SRAM commits to new Taiwan facility

TAICHUNG, Taiwan - SRAM has been a committed manufacturer in Taiwan for over three decades, dedicated to producing bicycle components for the high-end cycling market. With an investment in a new factory, SRAM is expanding its capabilities in Taichung.

SRAM’s founder and board chairman Stan Day: “I am very pleased we are making t his investment. The people here are extraordinary, and they represent such an integral part of the cycling industry’s supply chain. We are excited to expand our capabilities

in Taiwan as it’s a ver y productive and qualitydriven location to manufacture our product lines.” In a company statement, SRAM writes t hat “the production facilit y in Taichung is designed to be the ideal workspace for team m embers while optimising productivity, maximising efficiency, ensuring quality, and enhancing the competitiveness that characterises SRAM. SRAM also remains committed to strengthening its connection with the Taichung community and will continue efforts toward economic growth in the region.”

The relocation will be complete in 2024 when all relevant operations will resume at the new facility. SRAM will continue communicating the latest information and provide additional details about the new facility.

by multi-million private equity, GreenMo had ver y big ambitions. According to the insolvency a d ministrator, GreenMo misju d ge d t h e growth of the e-mobility market. “The skies were the limit,” forecasted the specialists in this field of business. But with the slightest headwind, the market seems to be less resilient. The market is clearly facing headwinds after 2.5 years of strong sales. For the short term, the big challenges clearly lie in handling the high inventory levels without taking the easy route of discount sales before the regular sales season has even started. For the mid-term, it is necessar y to prepare for future markets, as the McKinsey study on page 16 outlines.

TimyoCEO,SteveZhu

“We are not just a simple assembler”

The next global automotive player partners with the bicycle industry to enter the cargobike market. The Toyota network in France will soon start to sell the French-made Douze cargobike. Initially, it is a local project only, but Toyota France will certainly have the approval of HQ in Japan. With this decision, Toyota took the next step in the electrification of engines to achieve zero emissions, but also through the development of micro-mobilities. Douze is located near Dijon, France, and the cargobike frame is exclusively made in France. The bike will be available as of September.

‘Europe needs stronger bicycle industry’

BRUSSELS, Belgium – The Transport and Tourism (TRAN) Committee of the European Parliament is pushing the European Commission and member states to support the production of ‘Made in Europe’ bicycles and components.

At the end of January, the TRAN Committee approved a resolution which calls for an EU Cycling Strategy. The strategy should regard all aspects, from safer infrastructure for cyclists to a stronger and more competitive bike industry. The resolution was approved with 38 votes in favour and one against by the Swedish ECR MEP Peter Lundgren. It must now be voted on in a plenary session, probably in February.

The text was promoted by the French Green MEP Karima Delli. The same MEP already pre-

sented a question to the Commission in June, asking for an EU cycling strategy. In her reply in July, Commissioner for Energy, Kadri Simson, refused to engage in new commitments. For this reason, the resolution approved in January pushes again on the matter, trying to engage Brussels in a real ‘Made in Europe’ for bicycles. The plan would stimulate “the competitiveness of the EU industry by bridging the investment gap, maintaining a global level playing field, stimulating supply chain reshoring and security, and by encouraging high-quality jobs, the creation of cycling clusters and enhancing industryrelated vocational training,” according to the resolution. Furthermore, MEPs call on the Commission “to recognise the cycling industry, including battery manufacturing for e-bikes and the circular economy, in particular SMEs, as legitimate partners in the mobility ecosystem of the EU industrial strategy, and in industrial infrastructure programmes and funding schemes.”

The Transport and Tourism Committee under-

lines that the EU cycling ecosystem already represents over 1,000 small and medium-sized enterprises (SMEs) and a million jobs, with the possibility to double the number of workers by 2030. In fact, MEPs believe that the e-bike industry can contribute to creating green jobs and absorbing reskilled workers from other sectors. The text recognises the potential of e-bikes in increasing the number of cyclists and underlines the need to give proper legal classification to e-bikes up to 25km/h in both EU and national legislation.

“With this vote, the European Parliament is one step away from adopting its very first position on cycling and finally asserting that cycling is a transport mode that should be put on equal footing with other modes of transport. Calling for a dedicated European strategy and for the cycling industry to be recognised as a key partner are important steps toward this change of mindset that will have tremendous impacts on the ground,” said the rapporteur in a statement.

Jan-Willem van Schaik EditorinChief

Taipei Cycle 2023

The timing of the Taipei Cycle show could not have been better this year. From 22-25 March, the international e-bike and bicycle industry will gather again in Asia for the first time since 2019. There is much to discuss as the market situation has changed drastically since the hype during the pandemic. At Eurobike last June, it was already obvious how much faceto-face contact was appreciated and we are going to see the same at Taipei Cycle. At Eurobike the first signs of a slowdown in sales appeared, and today, seven months later, the industry is facing the full impact of that trend. High inventories on all levels in the supply chain, in combination with rising inflation in the EU zone, raise concerns over the financial position of many companies. Low interest rates made it relatively easy to solve financial issues over the past decade, but those days are over now that interest rates saw a steep increase in 2022. The Prophete/Cycle Union bankruptcy last December is seen as the start of a new round of consolidations. Takeover candidates including private equity, are knocking on the factory gates, eager to invest. Such opportunities and threats will be much discussed on the show floor at the Taipei Nangang halls this year. 2023 will be decisive in showing who really managed the supply chain constraints properly during the pandemic to be resilient during the first sales dip. See you all in Taipei!

janwillemvanschaik@vmnmedia.nl

Photo:Douze

Despite various economic impulses, family-run consortium declared insolvent in December

Prophete and Cycle Union up for sale

BIELEFELD, Germany – The end has come for the bicycle production and trade consortium owned by the Prophete and Lönne families. The involvement of the Prophete family goes back to 1908 when the company was founded, while the Lönne family entered in 1970 to build a cycling business that is active worldwide.

Shortly before Christmas 2022, both Cycle Union and Prophete filed for ‘insolvency in self-administration’ . Now the appointed preliminary insolvency administrator, Manuel Sack of the law firm Brinkmann & Partner (B&P), has initiated a “structured international investor process with the consent of the preliminary creditors’ committee” Up for sale are the operational business activities of the insolvent operating companies, including Prophete GmbH & Co. KG in Rheda-Wiedenbrück and Cycle Union GmbH in Oldenburg, both in Germany. While Prophete is known as a leading supplier for the mass market, Cycle Union serves the IBD market with its brands E-Bike Manufaktur, VSF Fahrradmanufaktur, and Kreidler.

The announced insolvency immediately raised questions about the impact on the Eurosport DHS SA operations. Cycle Union also holds a 47.5% stake in the Romanian bicycle factory. Any fears have been quashed by CEO Tianqi Yang. “Even though Prophete Gmbh has been our main business partner since 2006, its bankruptcy doesn’t automatically lead to our insolvency thanks to our diverse customer portfolio,” he confirmed in January.

Not the first time

Prophete ran into difficult waters already in mid-2019. After some loss-making years, Cycle Union faced several challenges. On the one hand, there was volatile premium e-bike growth, but on the other hand, supply problems were triggered by the withdrawal of e-bike drivetrain supplier, Continental, on which Cycle Union fully relied. “These circumstances affected the company at a time when the management functions in purchasing, production and logistics were not or insufficiently staffed,” was noted at that time in the company statement.

The owner families Lönne and Prophete brought turnaround consultancy Struktur Management Partner GmbH on board. As part of the reorganisation, CFO Michael Dorin was taken on board at Prophete and Cycle Union. Two years later, in 2021, he took over as CEO. According to reports in the German media, the

high inventories, in combination with insufficient assets, are the main reasons for the current insolvency of the group. Looking at the recent reorganisation in combination with the fact that the owner families have put their long-time business up for sale, it seems like Prophete and Cycle Union were not that financially strong. The European bicycle market faced a strong headwind in the second half of 2022 while stocks are

Amprio confirms take-over by SRAM

SCHWEINFURT, Germany – SRAM’s activities in the e-bike category have entered a new stage now that the German e-bike drive systems supplier, Amprio, is connected to the American bicycle component manufacturer.

Amprio has confirmed the take-over of the e-bike components business of Rheinmetall by SRAM, but SRAM is still yet to officially confirm the new situation.

Bike Europe learned from industry insiders that SRAM is now taking serious action to join the e-bike boom. The Amprio head office in Neuss, Germany, is already closed, and an out-of-office reply Bike Europe received stated, ‘due to an operations transfer, you will reach me from now on under: ……..@sram.com’

It is not the first time that it has been hinted that SRAM has initiated an entrance into the e-bike drive system market. The Americans have a sort of love-hate relationship with electric drive systems. After each attempt to enter the market, they returned to their roots. Each time, rumours about the in-house development of e-bike drive systems came forward. A formal take-over,

as now seems to be the case, has never been mentioned.

Even last October we learned that two OEMs would spec the SRAM e-bike drive as of 2023, but SRAM’s director of business development for e-MTB and e-mobility, Marcus Schneider, withheld from any comment at that time.

RMAG Motor

A major structural adjustment in the beginning of 2020, meant that Amprio, as a spin-off of Rheinmetall Group, was included in Rheinmetall Automotive’s Aftermarket Division, which operates on the global aftermarkets. Last July, Amprio launched its latest drive system, the

rapidly piling up in warehouses. That shouldn’t be a problem for companies in a market that had just experienced their best years ever. For Prophete and Cycle Union, it was.

The sale process is also being supported by distressed M&A experts from the international auditing firm PricewaterhouseCoopers GmbH (PwC). The sales process is expected to be completed by the end of February 2023. (JB)

ALL FRAME CATEGORIES

The insolvency includes both Prophete GmbH & Co. KG in Rheda-Wiedenbrück and Cycle Union GmbH (see aerial photo) in Oldenburg, both in Germany.

Photo:CycleUnion

Unofficial reports say that SRAM has taken over the Amprio e-bike components business. Photo:Amprio

RMAG, including the motor, various batteries and displays. The Amprio motors are produced in Germany.

VanMoof asks investors for additional funding to continue operations Giant Group takes minority stake in Stages Cycling

AMSTERDAM, the Netherlands –

The trendy Amsterdam-based brand VanMoof has seen its turnover hike since 2017. Strong global branding made it an attractive investment for private equity. But VanMoof has also experienced the back side of current supply chain problems, just like many others in the industry.

VanMoof ended up in January asking its suppliers for payment postponement, just like Giant Group did in December when it was already clear that the Taiwanese company was not the only one asking for suspension of payment at its suppliers. However, for VanMoof, the situation seems much more pressing than at Giant.

Future in danger for VanMoof

“Without a capital injection, the company warned its future was in danger within two months,” reported the Dutch financial newspaper, Het Financieele Dagblad. The preliminary annual report for 2021, filed just after the turn of the year, stated that the e-bike manufacturer was discussing with investors and suppliers to pay between €10 and €40 million. It now appears that only existing investors participated in the latest capital injection. These include

London-based investment firms Balderton and China’s Hillhouse.

Warranty and repair

Since the company’s start in 2008, VanMoof has targeted a young and trendy audience. A disruptive strategy was developed to enter the traditional market. While sales increased year by year, the costs rose even faster. According to the 2021 financial report, VanMoof had to put €8 million aside just for warranties and repairs. The Het Financieele Dagblad reports that VanMoof generated a turnover of €83 million that year and a loss of €78 million.

The company has continued to invest in innovation. In 2022, the company focused on launching its new ‘hyperbike’ , the VanMoof V. According to CEO Taco Carlier, this ‘hyperbike’ with a flexible speed limit would contribute to a bicycle revolution that ensures that all unnecessary car journeys are made by bicycle.

TAIPEI, Taiwan – Two filings from bicycle producer, Giant Manufacturing Company Ltd., ran over the ticker of the Taiwan Stock Exchange (TWSE) on 20 January. Both filings are related to an investment in the US indoor cycling specialist Stages Cycling LLC.

The first filing at the TWSE informed about Giant’s takeover of a minority stake in US Smart Bike, Powermeter and cycle computer expert Stages Cycling. The second filing, which followed just a minute later, informed that Giant Group had given the US offshoot of its wholly-owned subsidiary Gaiwin BV – the Gaiwin US I Investment Inc. –a cash injection of US$20 million (€18.4 m).

A broader bike portfolio for Giant Following approval at a tentatively convened board meeting, Giant Group, through its subsidiary Gaiwin BV and its Gaiwin US I Investment, acquired a minority 32.5% common stock interest in Stages Cycling for US$6.5 million (€5.98 m). Added to this are convertible corporate bonds for US$13.5 million (€12.42 m). This brings the total amount to US$20 million, which the Taiwanese have given to the US company Gaiwin US I Investment Inc. for the acquisition

of the above-mentioned Stages minority share. With the acquisition of a minority stake in Stages Cycling, Giant Group’s board is said to be convinced that the move will expand the group’s presence in the indoor cycling market and build a broader bike ecosystem. As a result, Taiwan’s number one bicycle producer is now able to offer consumers a comprehensive portfolio of indoor and outdoor cycling products.

US player with European presence Stages Cycling, based in Portland, Oregon, has become a leading provider of indoor cycling and professional cycling training products. Since 2013, the supplier has also been present in the European market with Stages Cycling Europe (aka Shore Sportsworks GmbH) based in Kirchzarten, Germany. Some of the US supplier’s indoor bikes have already been produced by Giant for several years. In addition, Giant Group also sells some Stages GPS computers worldwide under its own brand name. (JB)

Provider of urban logistics e-cargobike solution aims to build more vehicles and scale up operations

Onomotion raises millions for expansion

BERLIN, Germany – Urban logistics e-cargobike manufacturer, Onomotion, has closed its Series A with €6 million in equity and €15 million in debt. “We will use the debt to build more vehicles and scale our operations,” said co-founder and CEO, Beres Seelbach.

In October 2022, e-cargobike maker

Onomotion moved into its new headquarters in Berlin, Germany. The company’s production facilities are also housed here. Onomotion developed a pedal-assisted transporter (PAT) with a fully modular platform. It offers various interchangeable module units. Today, Onomotion has a couple of hundred

vehicles on the road in Germany with logistics partners like UPS, DPD and Hermes. Over the next few years, the company wants to expand to several thousand vehicles across Europe and North America.

“We want to go to international markets in Europe like Paris or Brussels and then to North America, United States and Canada,” said

Seelbach. Onomotion’s vehicle-as-a-service business model involves customers paying a monthly fee for vehicles, containers, chargers, maintenance, and servicing. The startup also offers a fleet management programme and provides over-the-air software updates. The latest funding comes as more cities and logistics companies move toward finding both more sustainable and efficient solutions for delivering packages in dense urban centres. The equity comes from Proeza Ventures, zu na mi GmbH, the European Innovation Council and existing investors, and the debt, in the form of a bond, is operated by GLS Bank.

Without a capital injection, VanMoof warned its future was in danger within two months.

Photo:VanMoof

Giant’s investments in the US indoor cycling specialist became known through filings on the TWSE.

Photo:JoBeckendorff

Onomotion has a few hundred vehicles on the road in Germany with logistics partners like UPS, DPD and Hermes.

Photo:Onomotion

Halfords Q3 results show a trend reversal in UK bike sales

REDDITCH, UK – In its latest financial statement, UK bicycle retailer, Halfords, reports that cycling sales have dropped to pre-Covid-19 levels. Despite stating that “overall revenues are outperforming the market”, the cycling division is down 20% year-on-year to date.

In 2021, the company reported double annual cycling sales and the increased demand lead to stocks drying up. However, in the middle of 2022, the tide started to turn and warning signs appeared as inflation and supply chain constraints put pressure on sales of the UK’s largest bicycle retailer.

‘Softer than expected’ cycling results

In Q3 of FY2023 (which runs for the 13 weeks before 30 December), the Group’s revenue grew by 38.3% and 12.6% LFL vs FY2020 due to strong sales in the motoring category. Sales in cycling were reported as “softer than expected” . The Halfords Group now bases its results against FY2020 to get a better understanding of performance. “The disruption from Covid-19 to both FY2021 and FY2022 means that comparators against these years are more difficult to interpret,” the company stated.

A category that did report a good performance in Q3 however, was Kids bikes. Due to the stronger year-on-year availability and the Christmas period increasing the demand, revenues rose 4.6% vs FY2022. Adult bikes, on the other hand, performed weaker than expected, down 12% vs FY2022. The company attributes this to the impact of the weaker consumer backdrop relative to H1 and the more discretionary, higher ticket nature of the category. The Cycle2Work scheme, which is a government initiative to encourage cycling, saw sales grow 20.1% vs FY2022.

Longer-term outlook

“We have seen strong revenue growth in exceptionally challenging circumstances, and we have continued to grow our market share whilst tightly managing our costs, inventories and cashflows,” commented CEO, Graham Stapleton. “Consumer demand for our services and needs-based categories, which now account for most of our revenue, continues to grow.”

The company acknowledges that consumers continue to face inflation and a series of unknowns in the economy, and therefore it does not expect a significant short-term recovery in high-ticket, discretionary spending.

In light of this, the company has revised its underlying profit guidance from £60 million to £50 million for FY2023.

UK sales down, but cycling is on the rise

Although these latest financial results suggest a downturn in bicycle sales in the UK, the use of bicycles and e-bikes are on the rise, according to a report by Transport for London. According to the ‘London-only based report’ , cycling increased by 40% since the start of the pandemic, including a near doubling of journeys by bike on weekends. Across the capital, weekday bike trips are up 20-25% when March 2020 is

compared with October 2022. On the weekends, the increase in bike trips is 90%.

In what could be considered a threat to traditional bike retailers like Halfords, the capital’s bike-sharing scheme run by Santander also reported record usage: over 10.9 million hires in 2022. Transport for London has stated a target of having a third of Londoners living within 400 metres of a high-quality cycle route by 2025.

Shared e-cargobike platform aims to expand its fleet of over 700 distinctive yellow e-cargo bikes

Cargoroo raises €10 million to grow in Europe

AMSTERDAM, the Netherlands – Cargoroo has raised €10 million from investors to support the growth of its shared e-cargobike concept. Having established a presence in multiple Dutch cities and two cities in Belgium and Berlin, the new investment will be used to support launches in more European cities.

Cargoroo launched in 2018 in the Netherlands. The shared e-cargobike platform currently owns a fleet of over 700 e-cargo bikes, all with a distinctive yellow colour. The Cargoroo fleet is entirely made up of Urban Arrow cargo bikes which have been specially adapted to the needs of shared usage. The company’s user base, which has grown threefold over the past year,

now includes tens of thousands of customers. Two new investors, The Sharing Group and Participatiefonds Duurzame Economie NoordHolland (PDENH), have joined the existing investor, Fairtree Elevant Ventures. Together with lease companies, they are investing €10 million.

Expansion across Europe

The money will be used to speed up the expan-

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sion of the company’s bike-sharing concept across Europe. In Q3 of 2023, Cargoroo aims to introduce its concept in more cities across Germany. Also, the company will enter the French market in Q2 in Lyon.

In the European cities where the bike-sharing concept is already a well-known sight – such as Antwerp and Berlin – Cargoroo will further expand its presence. Here they will significantly increase the number of available cargobikes.

“Besides capital, the investors bring extensive experience and knowledge of the sharing economy, the public sector and mobility to the table,” explains CEO Erik de Winter.

As a public fund, PDENH, one of the new investors invests in businesses and initiatives

Cargoroo’s distinctive yellow shared e-cargobikes will be seen in more cities in 2023.

Photo:Cargoroo

Despite an overall “softer than expected” performance in the cycling division, Halfords saw a seasonal rise in kids’ bikes in Q3.

Photo:Shutterstock

EUROPE?

based in North Holland that contribute to the energy transition, the circular economy and sustainable mobility in the region.

Vittoria changes hands to a new private equity investor GreenMo goes bankrupt as e-mobility market growth misjudged

BREMBATE, Italy – Private equity investors, Telemos Capital, have signed a binding agreement to acquire a majority stake in Italian tyre manufacturer, Vittoria. Together with Wise Equity, Telemos aims to accelerate the growth of the company on a global scale. The transaction is expected to close in early 2023.

It was only in July 2020 that Wise Equity was presented as the new owner of Vittoria following the departure of Rudie Campagne. Telemos will now invest alongside Vittoria’s senior management team and Wise Equity “to build on the company’s position in the performance tyre market”

Substantial business growth

According to a company statement, the business has grown substantially since Wise’s investment in 2020. Today, the Vittoria Group is led by chairman and CEO, Stijn Vriends, who, together with the current senior management team, will significantly re-invest and is committed to continuing to drive the company’s ‘The Ride Ahead’ strategy. “The support of Wise Equity has been fantastic over the last years, and we are very pleased that Telemos, with all its rel-

evant experience in growing global brands, is now joining us on the ride,” said Vriends.

International expansion plans for Vittoria

With the backing of Telemos, Vittoria will accelerate its plans for international expansion and the further development of its products, services and channels. Vittoria will continue to invest in sustainability, innovation and research & development. The company recently inaugurated Vittoria Park, a cycling innovation and experience venue next to its headquarters near Milan. Telemos Capital, which invests in private European businesses, is funded by family capital. The investors state that it “acquires majority stakes in businesses with the potential for sustainable growth through international expansion, add-on acquisitions or operational improvements” . Other investments in the sector currently include Lovehoney Group and Mammut Sports Group.

WAARDENBURG, the Netherlands

– GreenMo Group, which leases e-bikes and electric scooters to prominent delivery outlets in the Netherlands, Belgium, Germany, Austria and England, has been declared bankrupt. According to the trustee, the company misjudged the growth opportunities.

GreenMo owns a fleet of around 30,000 ebikes and e-scooters, which are leased in the seven countries in which it is operational. Clients are mainly meal delivery companies, but also include the Dutch police force and postal company Sandd. Back in 2020, Bike Europe reported that the GreenMo Group, founded in 2013 by Doeke Boersma and Donny van den Oever, was on a rapid international growth path. This was noted by the acquisition of zZoomer, a Belgian market leader for electric delivery mobility. But, with the bankruptcy announcement of GreenMo, the headwinds experienced by young tech companies riding high on private equity funding are being felt again.

Stunted growth

Curator Marc Udink told the Dutch newspaper, Het Financieele Dagblad, that GreenMo had ordered many bicycles and scooters and expect-

ed growth to continue to be strong, but this turned out to be less than expected. “The effect of the pandemic ebbed away, meaning there was less demand for such services than anticipated,” he told the media outlet. In 2021, GreenMo suffered a loss of €4.7 million, and the company also closed with a loss last year. The Financial Dagblad reports that the company’s activities are continuing for the time being.

“There is enthusiasm for a restart, and I expect that a solution can be reached for the company,” Udink told the newspaper. The company’s subsidiary Go Sharing, raised €50 million in funding in 2021 for its shared e-scooter and e-bike platform but had to scale back its ambitions last year. It is now operating in 13 Dutch cities instead of 45. Go Sharing is not affected by the bankruptcy of GreenMo. “It is striking that with such an investment, an incorrect estimate was made of the growth expectation,” says Udink.

Elastic Interface owner, Cytech, takes over Pasasport

SAN VENDEMIANO, Italy – Cytech, who manufactures pads and palms for cycling apparel under the Elastic Interface brand, has acquired a majority stake in Italian accessory and glove manufacturer, Pasasport. “The takeover allows us to accelerate the expansion of Elastic Interface into new markets and diversify our product offering in the cycling sector and across other sports,” explains Cytech CEO, Massimo Fregonese.

Private equity firm, PM&Partners SGR, acquired a majority stake in Cytech in 2021 and, together, they embarked on an ambitious development plan that included a growth strategy for external lines. The first milestone in this plan has been reached with the acquisition of a majority stake in Pasasport.

A wider range of services

“The acquisition of Pasasport strengthens and highlights the value of our market leadership; it enables us to offer our clients a wider range of services and products with greater added value,” explains Fregonese. Pasasport, established in 1973, is a family-run

Okawa makes you go further.

business. It specialises in the design and manufacture of clothing accessories for third parties, predominantly for the sports segment. The company has three production plants in Italy, Tunisia, and Romania.

“The business model, commercial and product development synergies, and complementary technological know-how all allow us to accelerate the expansion of Elastic Interface into new markets and diversify our product offering in the cycling sector and across other sports and strengthen our international presence with production plants on key continents.

PM&Partners has played a fundamental

role in this project, providing considerable strategic, operational and financial support.”

Foreign markets

Over 90% of Cytech’s turnover is generated in foreign markets, and its products are sold in over 40 countries. With Elastic Interface, the company is a leading manufacturer of sportswear padding specialising in pads for cycling shorts and palms for gloves. State-of-the-art technology is used to produce products, including the first elastic pad for cycling shorts and the introduction of EIT Palm technology, which paved the way for the creation of gloves with elastic, seamless, three-dimensional palms.

CEO: “The takeover allows us to accelerate the expansion of Elastic Interface into new markets.”

With its global R&D capabilities, Vittoria develops bicycle tyres for all performance levels in road, off-road and urban use. Photo:Vittoria

GreenMo leases e-bikes and e-scooters to many prominent meal delivery companies in several countries across Europe. Photo:GreenMo

Go Sport receivership brings uncertainty to French market

GRENOBLE, France – Grenoble’s commercial court put the sporting goods retailing giant, Go Sport, in receivership on 19 January after being notified of its state of cessation of payment. For retailer insiders, these problems at Go Sport don’t come as a surprise.

The company has not been declared bankrupt, but two administrators and two legal representatives have been appointed for an initial 6-month observation period. The chain currently operates 223 stores in France. The operator of the French stores, Go Sport France, escapes the same fate for the time being. But “its situation will be impacted by that of its parent company” , warned the magistrates at the commercial court. According to French media reports, Go Sport Group employs between 200 and 250 employees, while its subsidiary, Go Sport France, has almost 2,000 employees. The first includes all support services, while the second includes the stores, which would, therefore, not be affected by the supervision of the receiver.

As the subsidiary depends on the group for its supplies, it is expected that the shelves will soon be empty. The general expectation is that Go Sport France will not be able to avoid receiver-

ship in the short term and that everything will be put up for sale. According to the court, Go Sport France has a small surplus of available assets. For its part, Go Sport shows a multimillion deficit despite postponing the supplier debt (in particular with Adidas) and a lastminute contribution from the shareholder HPB.

Too small to survive

Loss-making for years, Go Sport, founded in 1978, was bought at the end of 2021 for 1 symbolic euro by HPB from the parent company Rallye, which is itself heavily in debt. According to sports industry insiders, Go Sport holds a market share of only 5% in a market, which is dominated by Decathlon. Go Sport is said to be too small to assume its position as a sports generalist, and seller of international and own brands.

Rutger Olderhuis LLM

Recalls under new General Product Safety Regulation: beware of the snag!

The ink has yet to dry, but the recently approved text of the long-awaited General Product Safety Regulation (GPSR) will cause quite a stir. The GPSR will replace the now-aging General Product Safety Directive (GPSD) and is expected to come into force at the end of 2024. Like any other, the bicycle industry should take note of the GPSR now, because the implications will be significant, and infringement may lead to penalties. There is much to say about the new Regulation, but here I will focus on the provisions relevant to product recalls.

Let me start with some interesting statistics that speak for themselves. The word ‘recall’ (in some form) appears 81 times in the GPSR versus 17 times in the GPSD. The word ‘corrective’ (as in ‘corrective measures’) appears 31 times in the GPSR versus 0 times in the GPSR. More importantly, there seems to be a snag that apparently was overlooked by most (if not all) trade associations and other stakeholders during the drafting phase. A snag that can make the burden of a recall even bigger than it already is.

Although certain parts and chapters of the GPSR do not apply to products for which specific harmonised EU regulations already exist, the provisions relevant to product recalls apply to all product categories, unless their applicability is expressly excluded (for example, medicinal products, food and feed). Where European legislation normally excels in vague texts and open norms that need to be further fleshed out by courts, remarkably, the GPSR contains quite detailed recall provisions and instructions, which you would normally expect in the form of a guideline. For example, the GPSR prescribes that the headline of a recall notice must be ‘Product safety recall’ . Furthermore, words or expressions such as ‘voluntary’ , ‘precautionary’ , ‘discretionary’ , ‘in rare/ specific situations’ as well as indicating that no accidents have been reported, should be omitted. In addition, consumers must be instructed to stop using the product immediately. The latter, in particular, seems very rigid and can potentially have very far-reaching consequences, which – so it seems – were overlooked during the drafting phase of the GPSR, especially when we take a closer look at the legal requirements of recall remedies. In the event of a recall, the GPSR stipulates

that consumers should be given a choice of at least two of the following remedies: repair, replacement, or a refund. Consumers may only be offered one remedy if the other remedies are impossible or disproportionate. The question then, of course, is what is disproportionate; in that respect I also refer to my previous blog that I wrote for Bike Europe. In any case, consumers are always entitled to a refund if the economic operator has not arranged for repair or replacement within a reasonable time without significant inconvenience for the consumer. A possible snag is the provision that prescribes that if products by their nature are not portable, the economic operator must arrange for the collection of that product. If we follow the text of that clause literally, this would mean that, in the event of a recall of an unsafe bicycle, consumers must immediately stop using it and the economic operator must collect the bicycle from the consumer. The question is whether this is really intended. After all, it would also mean that, for example, an unsafe car would have to be collected from consumers. Given the high number of automotive recalls, that would undoubtedly lead to a logistical nightmare and a huge financial burden. The European Automobile Manufacturers’ Association (ACEA) seems to have completely overlooked this in their feedback on the draft text. The only thing they worried about was that, instead of using a picture of an unsafe product, it should also be allowed to use an illustration…

Rutger Oldenhuis is the founder and owner of RecallDesk, specialist in product compliance, safety and recalls. Contact: rutger@recalldesk. com

Hong Kong investor steps into Woom

KLOSTERNEUBURG, Austria – Hong Kong-based family-run trading and logistics company, Jebson Group, has stepped into Austrian kids and juvenile bicycle supplier, Woom GmbH. The additional capital will be used for further expansion in existing and new markets.

No information has been given about the amount paid nor the minority stake percentage of Woom, which Jebsen is now holding in its hands. Jebsen’s investment is intended to support the international expansion of the up-and-coming kids and juvenile bike specialist “in Europe, the United States and, in the future, in Asia”. The Jebsen Capital team justifies the move by citing significant potential for premium

children’s bicycles in China. Importantly for Woom, Jebsen Group can use its strong internal supply chain capabilities to help optimise its production capacity. Today, Woom already sells its products in more than 30 countries. The focus to date has been on German-speaking Europe and the US. With Jebsen’s help, Woom will be able to better access China in particular, but certainly other Asian country markets as well. (JB)

How long will Go Sport France hold on now that their mother company has been put in receivership?

Photo:Shutterstock

Timyo CEO, Steve Zhu:

“We are not just a simple assembler”

ROOSENDAAL, the Netherlands –Timyo, the international group manufacturing mid to high-end e-bikes under the brands Van Dijck, Keola and Muon, has high ambitions. Having already established a solid European dealer base, a market entrance in North America is now underway, and sights are set on bringing highquality e-bikes to the US. “Our goal is to have 200,000 sales of high-end e-bikes by 2026,” Timyo CEO, Steve Zhu, tells Bike Europe.

Rosie Burgin

What sets the company apart is that it has its own frame factory in China and assembling facilities in Lithuania and the Netherlands. “We are not just a simple assembler,” assures Zhu. “When lead times got completely out of control due to Covid-19, we decided to take matters into our own hands and established our own frame-building factory.” The frame factory, which has been operational since September 2020, is a subsidiary of Timyo’s

owner, Nantong Dingyu Vehicle Industry CO. LTD. This not only gives the company far tighter control over the production process but also allows them to develop and produce models that closely match the intended target groups.

Production goals

Having their own facilities, however, did not make Timyo immune to the supply chain difficulties faced by the industry during the pandemic. “The factory is located one hour from Shanghai, so if Shanghai was in trouble, we were in trouble,” explains Zhu. In concrete terms, this meant that production was halted for four months, and shipping was delayed by four months in 2022. “Our supply is now under control,” assures Zhu. “We are working hard to keep a stable supply and improve our internal processes for the future.”

Timyo currently sells 50,000 e-bikes per year and is aiming to raise this to 200,000 by 2026. For Zhu, a healthy relationship with his dealer network is most important. “I don’t want to push stock on dealers. The overstock in the market came from a mismatch in the front and back ends, i.e., brands and dealers. Also, wrong decisions have been made in forecasting. For that reason, we have developed a front-end adjusting strategy where we receive real-time data from dealers on which products are selling. Then we can adjust our production according-

ly. This also helps us to manage our own stock,” explains Zhu. “We can monitor in real-time which brands are not selling and trim down our collection. We are slowly raising our capacity in a way that cuts out unnecessary items.”

The end of the low-end market?

Although Zhu believes the stock issue will be around for many years, he has a clear vision of the future. “In five years, the e-bike industry will change completely. It’s like the electric car market. Tesla came in and made electric cars affordable. I think that by digging deeper into the supply chain as we do, it is possible to make ‘more affordable’ e-bikes. By this, I don’t mean cheaper – still mid to high-end e-bikes. I believe the low-end market will not survive, and ultimately, this will release a lot of capacity on the market.”

“I think the price for e-bikes started high,” says Zhu. “But once we have all the necessary technology in hand, we will be able to bring the price down, but not the quality.” In this sense, Zhu says he is “fully committed” to the success of Timyo in the e-bike market.

Seizing opportunities in the US

The Netherlands is currently Timyo’s biggest single market. In Belgium, the company has grown its market share in the sportive segment. This has

been cemented with the opening of an experience centre in the country. Of the three brands Timyo produces, Muon is currently being introduced in the US. The Muon premiered at Eurobike in 2022 and is now in mass production.

“After one year of preparation, we are approaching the US market quite carefully,” explains Zhu. He is very optimistic regarding the potential success in the market. “US retailers trust brands from Europe, and our image is very European. In fact, we are a European company with a strong China-backed supply chain, which makes us unique.”

Zhu confirms that they will offer the same level of service and warranty in the US market.

To confirm their commitment in North America, Timyo is planning an experience centre in Kitchener, Greater Toronto area of Canada, and a showroom in Los Angeles. Zhu likes to put an emphasis on the inclusiveness of cultures worldwide. This is shown by Timyo’s globally connected offices in Europe, China and North America. “China has come a long way from its modest beginnings as a manufacturing-focused economy. In Europe, we have strong R&D, which, combined with our Chinese expertise, allows us to offer mid to high-end models at a competitive price. In this way, we can create a different e-bike experience,” Zhu concludes.

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“China has come a long way from its modest beginnings as a manufacturing-focused economy,” says Steve Zhu, CEO of Timyo.

Photos:Timyo

Timyo has its own frame factory in China and assembling facilities in Lithuania and the Netherlands.

Gfk E-bike Monitor tracks the latest retail trends in key European markets

Replacement market boosts German e-bike sales

BERLIN, Germany – In addition to the regular market for e-bikes, the replacement market is becoming increasingly important in Germany. No less than 25% of consumers who intend to buy an e-bike already own one. This is a significant increase compared to previous years.

Ja n -W illemvan S c haik

These e-bike sales trends were reported by the annual GfK E-bike Monitor 2022. Besides Germany, the GfK E-bike Monitor 2022 also covers the Netherlands, Belgium, France and Italy, and the study shows remarkk able differences between these markets in consumer preferences and buying behaviour. The GfK E-bike Monitor shows that German consumers who buy an e-bike for the second time base their choice of brand on their experience with their current e-bike. These potential customers indicate that mostly poor service from the current brand is the main reason for choosing a different brand for their next purchase. In Germany, the main reason for buying an e-bike is to get more exercise, regardless of whether this concerns the first or second e-bike. GfK also sees that more and more people are opting for

an e-bike as an alternative to a car. About 45% say they use their e-bike once or more a day

In Belgium, consumers are increasingly buying an e-bike to commute, according to the annual GfK E-bike Monitor 2022. For 35% of customers, this is the most important motivation to buy an e-bike. The target group between 35 and 49 years has increased significantly, which is exactly the group that uses their e-bike to go to work. Nevertheless, consumers also continue to use the e-bike recreationally

Young Dutch people want e-bikes

In the Netherlands, the age group 18-24 years old represents the biggest growth market. More and more young people are c ycling to school or university on an e-bike, according to GfK figures. Recreational use and commuting are still the largest segments, but compared to 2021, there is a clear increase in the use of e-bikes to go to school or university. In the Netherlands, already 10% of all kids between 12 and 18 go to school on an e-bike, as a recent market survey by Panel, commissioned by Stella Bic ycles, showed. The younger people clearly have diff ferent preferences than what was until now known as the main categor y. According to GfK, it is striking to see that young people focus less on quality but appreciate topics like speed and technical innovations such as GPS tracking and smart connectivity more.

Online sales increasing

The buying behaviour of these younger customers is also different. In the age group 18-24 years, no less than 60% buy their e-bike online, while on the total market, 75% prefer to buy an e-bike in a physical store with several brands. Also, the Belgium market sees growing importance in online sales, although physical stores remain the most dominant channel. In 2022, about 80% of Belgian buyers who visited a bic ycle store to look for an e-bike took a test ride. In France and Italy, the customer journey is different than in Benelux and Germany. In France, most e-bikes are bought in brick-and-mortar

shops where all sorts of sporting goods are sold. Almost 50% of e-bike customers choose this option. In Italy, more than 30% of e-bike customers opt for a sporting goods store

The GfK E-bike Monitor started in the Netherlands in 2018. Later, Belgium and Germany were included in the Monitor, while this year, France and Italy have been added. The annual study clearly shows trends in the target group, motivation, and purchase behaviour. The sample in the Netherlands includes 2,000 respondents, around 1,000 in Germany and Belgium, and 500 in both France and Italy. The survey was conducted in September

E-bike riders in the Netherlands are getting younger, the GfK E-bike Monitor shows. Photo:Stella

Strong focus on the future of a sustainable bicycle industry

‘Back to normal’ is a high priority at Taipei Cycle

TAIPEI, Taiwan – For most international industry peers of the 2023 Taipei International Cycle Show, it will be the first time since 2019 that they will set foot on the island again. The 2020 edition was one of the first international shows which had to be cancelled because of the pandemic.

Due to strict governmental entry regulations, an international event was still not possible in 2022. So, following a 3-year pause for international guests, a visit to Taipei Cycle Show this year will mark the moment of returning to normal. Last year, Taiwanese residents could already travel internationally, but entering the country was almost

2023 Taipei Cycle Show

22 - 24 March 2023 9am - 6pm

25 March 2023 (open to the public) 9am - 3pm

Taipei Nangang Exhibition Center, Hall 1 & 2

impossible for overseas visitors. That situation has now reverted to normal, and all entry restrictions have been lifted. However, the business situation can’t be considered normal at all. Over the past three years, the bicycle industry has seen many highs and lows. Some even described it as “bizarre”. In the past months, it became obvious that the industry is facing extremely high inventories of components and complete bicycles, and production is being scaled down where possible. Also, Taiwan’s bicycle and e-bike export dropped dramatically in the final quarter of 2022, as the most recent statistics clearly show.

Matching production and demand

The urgency to attend the Taipei Cycle Show as an overseas trade visitor could be felt less than in a ‘normal’ year. Why go to Taiwan when your warehouses are filled to their maximum capacity in an economy showing clear signs of slowing down? Or must we see the packed warehouses still as one of the many hick-ups of the restart of the industry after everything came almost to a standstill in 2020? The production rush which followed in an attempt to catch up with all delays as quickly as possible has inevitably led to the current oversupply. The bicycle industry has always had difficulties in matching production and demand. This issue only became all the more obvious in the past years and is now even higher on

the agenda than it already was pre-pandemic: How can we arrange the industry most efficiently, and what is best to produce in which location in the world? This requires more coordination than just looking at your sales sheets and planning the order with your suppliers. These supply chain challenges sparked a major transformation of the e-bike and bicycle industry in Taiwan. “In 2023, Taipei Cycle will be rebranded,” announced TAITRA chairman, James Huang, last year. “The show will be focusing on five key themes in sustainability, including resilient supply chain, digital connections, vibrant innovations, dynamic lifestyle, and sustainable

The first of its kind in the world of e-bike drivetrains

moves. These themes will cover supply chain, OEM, brands, smart wearables, training software and equipment, and bike tour services.”

Bike Europe at Taipei Cycle

On the first day of the physical show in Taipei, the Taipei Cycle DigitalGo will also go live and take place until 7 April. This online event was created to keep in contact with the market. The success of this year’s physical show will be decisive for the future of the online event. Bike Europe will be present at the Taipei Cycle Show. You can find Bike Europe at booth P0007 at Taipei Nangang Exhibition Center, Hall 1 (TaiNEX 1).

Okawa offers e-bike drive units via a subscription model

From software solutions to heavyworking equipment, B2B subscription services have become increasingly popular in recent years. Over and above the traditional sales model, start-up Okawa’s drive units are also available for its partners via subscription. We take a closer look at the new company that has set up its European headquarters in the Netherlands.

Consumer subscription services, such as Netflix, are omnipresent in the end consumer market as they offer customers convenience and flexibility. Similarly, B2B subscription services are, today, a common way for companies to access products and services they need regularly.

The first of its kind

“Instead of making large upfront investments, businesses can pay a set fee for access to a particular product or service. This model has proven to be particularly beneficial for all kinds

of businesses”, explains Jack Brandsen. He is the European general manager at Okawa, an e-mobility start-up focussed on a wide range of e-bike products, including drive units, batteries and displays. With its model of selling e-bike drive units to B2B partners via subscription, the young company is the first of its kind in the world of e-bike drivetrains.

The largest of its kind

“Initially, Okawa emerged from a division of the Yadea Group. The Chinese company is considered a global leader in developing and manufacturing electric 2-wheel vehicles, and with a sales volume of over 14 million e-mobility vehicles per year, it is the largest of its kind in Asia. With the Group’s strong R & D resources and procurement & manufacture power, Okawa currently focuses exclusively on the ebike market.”

An innovative business model

“Nevertheless, we did not want to be just another drive manufacturer but further develop the market with an innovative business model. For this reason, we focus on durability, recycling and service”, said Brandsen. “We have

a strong focus on quality because that is not only in the interest of the e-bike brand and the user but also in the interest of the system supplier. The result is our subscription model, which allows B2B partners to purchase our drives and use our service”, Brandsen says.

Four main advantages

Instead of a limited warranty, the subscription services contract with Okawa includes the guarantee of relying on a functioning product over its entire life cycle. In the event of a breakdown or damage, two strict principles apply: the e-bike user must become mobile again as quickly as possible, and the service should be particularly easy for the service provider –for example, a local bike shop. Brandsen points out four main advantages of the business model: “Convenience, predictability, personalisation and cash management”, he says and continues: “Our subscription allows customers to easily access products and services on a recurring basis without the need to reorder or repurchase constantly. It also makes it possible for brands to calculate their expenses better. Additionally, customers can customize the products to their preferences.

And last but not least, they don’t need to fully pre-finance a whole series of e-bikes.”

Ready to partner

After having started the business three years ago, Okawa and its European headquarters near Amsterdam are now ready to enter the market and open for partnerships, Brandsen confirms. He adds: “Subscription models are becoming increasingly popular because they provide a steady, predictable revenue stream for businesses and offer convenience and value for customers. At Okawa, we strongly believe they will also play a significant role in the B2B e-bike world.”

Following a 3-year pause for international visitors, this year’s Taipei Cycle Show taking place in March will mark a return to normal.

Photo:TaipeiCycle

Battery and e-bike systems update

Five hot industry problems and solutions

ZEIST, the Netherlands – The provisional agreement on overhauling the EU battery regulations is an important step in providing greater clarity for the future. In a series of online reports, e-bike battery expert, James Post, addresses the problems and offers solutions for making batteries safe in an affordable way. He also discusses the chip supply chain crisis.

Regarding lifetime, reliability and safety, ebike batteries lag behind electric vehicles, Post wrote in a previous Bike Europe publication on e-bike battery topics. In a new

About the author

series on battery and e-bike system safety, he will address five new industry problems and discuss solutions for this essential part of e-bikes. After registration on the website, you can access the series via www.bike-eu.com/44528/jamespost.

1. Chip supply chain crisis causes and remedies – opportunities to save money. This report asks: why use automotive components to circumvent supply chain shortages? The redesign of the BMS with generic chips is a better solution to solve this problem. E-bike manufacturers, who buy batteries, and e-bike kit vendors should at least have a Plan B. The R&D costs are less than €10,000 but pay back in lower BMS production costs.

2. How to design much safer e-bike batteries at little extra cost.

James Post has a long-standing career in professional hi-tech power electronics, data communication and integration. Since 2012 he has focused on design consultancy for e-bike batteries, recognising that many improvements are possible in this relatively young industry. He is associated with Prof. Michael Pecht, director at CALCE. Since 2012, he provides battery design lectures at Eurobike aimed at e-bike R&D and management. He can be reached at James.post@ebikebattery.technology for consultancy inquiries.

Low-cost Chinese and often smart BMSs don’t come with certain safety features, for example, they don’t switch off at too high a temperature and charging voltage in case of a BMS breakdown. This often happens due to insufficient input protection. A self-test is needed and can be done at a low cost. E-bike (kit) vendors: if your BMSs have no self-test, read this article.

3. Safer LFP (now) & Na-ion (2025) batteries – inexpensive and heavier. LFP (LiFePO4) batteries are mainstream with EVs, industrial and other applications and are much safer with roughly double cycle life. More than 50% of all Teslas in 2022 came with LFP batteries. Thanks to larger cells (e.g., 33140 –15Ah), the pack cost, weight and volume are similar to NMC batteries. Don’t miss the boat – get informed!

4. Crucial, important and useful BMS functions – most of them are cheap. BMS self-testing (does the BMS switch off at too high temperature and charge voltage?) safety (monitors increasing degradation) is crucial. Accurate capacity display (coulomb counting), document warranty violations and eligibility. Ebike (kit) vendors: is your BMS state-of-the-art?

5. How to get smooth drive-off, higher motor efficiency/low wear/noise. Without expensive torque sensors a (much) smarter motor controller can offer a smoother ride, especially driving off from standstill. This is a major issue, particularly among older consumers. Thus, the system cost is less than with low-cost motor controllers and torque sensors. Get to know all the benefits of better motor controllers.

Significant development of Portugal’s 2-wheel and soft mobility sector

2023: a time for new challenges

The Portuguese 2-wheel and soft mobility sector is in full development, with everything indicating that last year was the bestperforming year yet as the sector continues to grow, and grow well. But with the new year, new challenges come, which will certainly consolidate Portugal as an international case study for the sector and beyond.

The figures for the 2-wheel and soft mobility sector in 2022 could hardly be better.

Up until December, the sector registered a growth of 37%. We are still waiting for the official figures to confirm that more than 3 million units were exported and the ‘barrier’ of €800 million in exports was also broken.

A commitment to quality

The search for new markets and, above all, the increased commitment to competitive markets, such as those in central and northern Europe, allowed the sector to reinforce its commitment to quality and higher-value products.

Portuguese entrepreneurs in the 2-wheel and soft mobility sector are betting on quality but

are also increasing the production of components, making Portugal and Europe less dependent on external markets.

Economies of scale and greater efficiency

But 2022 was also the year ABIMOTA made available to the hardware and metal furniture sector (sectors also represented by this association) all the knowledge accumulated during the development, promotion and internationalisation of 2-wheels and soft mobility.

The joint projects ABIMOTA Fest 2020 and ABIMOTA Export 2020, co-financed by Compete 2020 and Portugal 2020, respectively, bring together the Portugal Bike Value and PortugalBuildingHardware brands, thus creating economies of scale and greater efficiency throughout the entire process.

Innovation and development

The year 2022 was also the year in which Bikinnov – Bike Value Inovation Center – Association was founded. This society will manage the Technological Interface Center (TIC) specifically designed for the 2-wheel and soft mobility sector. It intends to offer companies an appropriate environment to innovate and develop their products.

The TIC intends to assert itself as a multifunctional project aimed at responding to the sector’s different requirements and to be on

par with the best players in the bicycle sector worldwide in terms of research and development, internally combining and developing the capacities that already exist in Portugal.

The sector continues to develop

The bet for 2023 is to produce bicycles and components of the best quality, encouraging the development of existing companies and the creation of new, modern and technologically developed companies, as well as laboratories that allow the creation, development and testing of the best solutions and technologies.

These actions all project the future of both sectors. The repositioning of brands and products under the aegis of both common brands, PortugalBuildingHardware and, of course, Portugal Bike Value, the replacement for quality and the search for new markets are the reality for 2023, with strong bets happening in extra-European countries.

In a series of reports, the problems and solutions on making batteries safe will be addressed.

Photo:Shutterstock

Dit artikel is gesponsord door Abimoto.

The Portuguese 2-wheel and soft mobility sector is in full development.

E-bike shipment exceeds 1 million units for the first time

Taiwan’s export volumes to Europe remain high

TAIPEI, Taiwan – Notwithstanding all the reports about packed warehouses in Taiwan and high inventory levels at distributors and dealers worldwide, the shipments of e-bikes and bicycles from Taiwan to global markets were at a very high level throughout 2022. Component shortages appeared to be less problematic last year than in 2021, so the assembly could run at full capacity.

Jan-Willem van Schaik

Taiwan’s latest export statistics clearly show a hike in e-bike and bicycle exports for the second year in a row. In 2022, some 1,038,021 million e-bikes were shipped, an increase of 4.9%. Even more relevant was the hike in the total value, which rose by 18.1% to €1.449 billion. Throughout the year, the fluctuation in the export of e-bikes was very big. In June, at Eurobike the Taiwan Bicycle association reported a double digit increase in export volume between January-April.

Germany and the Netherlands are still solid export bases for e-bikes

Four months later, the increase in units had dropped to a minor 1.17% only. At that time is was already clear that both the UK and US markets were not performing very well as far as Taiwan made e-bike are concerned. At the end of 2022 it was clear that the biggest chunk in export volume was taken up by EU countries as both the US and UK saw a decline in units. Shipments to the US were down 8.5% to 248,659 units, while industry insiders were all predicting last year that the e-bike boom in the US had really started. Perhaps the economic headwind is having a bigger impact on e-bike sales than in other markets. Or the US market is shifting its

focus from sourcing in Taiwan to China. While the volume was down, the export value to the US showed a striking growth of 18.1% to €421.1 million. Another remarkable decline in units in these export statistics is shown by the UK. Taiwan lost one-third of its shipments last year compared to 2021. Even the export value decreased by more than 10%.

Two key markets for e-bikes

The most sustainable growth was reported from Taiwan’s two important export markets in Europe: Germany (+5.4%) and the Netherlands (+10.1%). Perhaps percentage-wise, not the biggest growth compared to other EU countries, but both countries have a solid base of e-bike sales. Besides the local production of e-bikes in the Netherlands and Germany, the two countries are also important destinations for Taiwanese e-bikes, both for distribution locally and shipments to other EU countries.

Other notable changes in the shipment of Taiwanese e-bikes are to France, Italy, and the Czech Republic. In all three countries, e-bike sales have seen solid growth over the past few years, in line with the growing export volumes from Taiwan. The variation between the average FOB prices as reported by Taiwan’s customers statistics is very big and even questionable.

The average FOB price for each e-bike shipped to the Netherlands is €1,303, to Germany €816, and to the Czech Republic only €370. This can by no means reflect the local market situation or in case of the Czech Republic, the average sales price.

Rise in FOB prices

The mission set out by the Taiwan Bicycle Association to improve the quality and average FOB prices of Taiwan-made products proved successful and continued into 2022. While the assembly of bicycles made its way to other lowcost countries in the region like Vietnam and Cambodia, as well as close to the market in countries like Portugal, Bulgaria and Romania, Taiwan hasn’t lost its once leading position completely. The total export volume declined by only 1.7% to 1,925,295 units in 2022. On the contrary, the total export value hiked by 23% from €1.2 billion in 2021 to €1.5 billion last year. Between 2021 and 2022, the average FOB price of bicycles jumped from €617 to €772. Also, on

Source: BOFT Information Centre

the EU market, Taiwan regained a share in relevant markets like France, Italy and Austria. Still, it also lost 9.5% of its export volume to the biggest market in the EU: the Netherlands.

Outside the EU, bicycle shipments to the UK were down 20% to 133,161 units, while the US market was rather stable at -1.1% at 806,551 units.

Source: BOFT Information Centre

Quality made in Germany

E-bike batteries manufactured by Akku Vision - what’s their secret?

The e-bike batteries from Akku Vision GmbH have been available since 2012. Back then, replacement batteries for the Panasonic 26 V drive system were sold under the well-known brand name E-Bike Vision. In the last 10 years, the start-up has developed into the well-known battery manufacturer it is today.

With our EBV e-bike batteries, we offer perfectly matched batteries with unrestricted compatibility to the corresponding drive system. These include our replacement batteries compatible with the drive systems of the European market leader.

Due to the permanent progress in the cell industry and the continuous further improvement of our self-developed battery management systems, our products are always state of the art. Our customers receive brand new batteries for their existing e-bike model, which offer a greater range than the original battery due to increased capacity.

Developed and crafted in Germany

Akku Vision develops and manufactures its replacement batteries and the batteries for the original equipment at our main location in

EBV e-bike batteries for your Pedelec and e-bike

The development and production of ebike batteries is our passion, and our dedication and craftsmanship go into every single battery we manufacture here in Haibach, Bavaria.

Our first EBV e-bike batteries were already available in 2012. Since then, we have continued to develop and have since launched new products, expanded our location, hired expert staff and gained loyal customers.

We are a modern and highly technical battery manufacturer, yet we still carry out a large part of the processes by hand. During our hardware and software development, we have created advanced technologies to ensure you a powerful, reliable, and safe e-bike battery.

Our development team has many years of know-how in creating premium batteries for e-bikes. We carefully select highquality components to ensure a long lifetime and advanced functionality. To use only the best-performing and most reliable cells in the market, we perform our own in-house cell testing. Our development standards meet ISO9001:2015 requirements and extend to functional safety certification ISO13849.

With Akku Vision, you get the right battery for your riding habits and drive system. More range, less weight or as an upgrade for an outdated battery. With our EBV e-bike battery, we meet all requirements to give you a comfortable riding experience.

system, which is manufactured by our subsidiary near Stuttgart.

Security for dealers and customers

A 24-month guarantee is given on our batteries, and our services is also available for all other matters. If the range of the battery de-

we can be sure that the customer always has a functional battery while all intact components are reused. This is also for the protection of the environment.

Smart technology

Suppose an error message appears in the display of the drive system after an update of the drive unit. In that case, Akku Vision offers the possibility of the end customer being able to update the firmware of the battery using Akku Vision’s own smartphone app.

Quality and safety

creases after years of intensive use, the battery can be sent directly to us via the dealer where it was purchased. This is where the battery is checked and, if necessary, repaired within 72 hours (without shipping). This way,

In the future, the Akku Vision team will continue to focus on developing high-quality and, most importantly, safe batteries with a great range, successfully implementing the wishes and requirements of our customers.

The batteries are developed, produced and individually monitored in our own production facilities in Haibach.

Photo:AkkuVision

The battery management system is developed by our team of developers at our subsidiary near Stuttgart.

Photo:AkkuVision

‘The battery can be sent directly to us via the dealer where it was purchased’

Haibach, Germany. Therefore, we offer our customers short distances and reliable quality. We also develop the battery management

EBV E-Bike Batteries are available for various drive systems and in different capacities.

Las Vegas show celebrates a ‘back to normal’ event as international exhibitors return

Global e-bike brands gather at the CES

LAS VEGAS, USA – The Consumer Electronics Show (CES) returned to normal this year following the pandemic. Held from 5-8 January, the event attracted more than 115,000 visitors and 3,000 exhibitors. Organiser Consumer Technology Association still focused on electric mobility with a growing number of car manufacturers, but also a multitude of e-bike brands. A hot topic this year was vehicle-to-everything (V2X) technology, which continues to catch companies’ attention.

Michel de Chavanon

Like in 2022, safety was a very important topic at the CES. Several companies displayed their technologies concerning V2X or connectivity as a safety feature. Already exhibiting in 2022, Spoke came back this year at the booth of the chips manufacturer Qualcomm. “Working with Qualcomm, we are able to provide a reliable, robust, connected system that offers secure, direct communication for contextual awareness and alerts between drivers and riders, enhancing safety for Vulnerable Road Users (VRU).”

V2X solutions

“We have taken solutions previously engineered for automotive, reimagined form factor and added unique VRU algorithms to introduce the industry’s first safety solution designed specifically for bicycles, motorcycles and scooters. Spoke’s portfolio can be fully integrated by OEMs and is available to consumers after market,” says Jarrett Wendt, CEO of Spoke Safety. Spoke is already offering an integrated C-V2X solution (Spoke’s hardware and UXware System) to connect micro-mobility users such as cyclists and scooter riders. The French company, YoGoKo, is also pushing its V2X technology. Created 15 years ago, YoGoKo developed a unified software combining its advanced internet connectivity technologies and V2X technologies complying with cooperative Intelligent Transport Systems standards. The software is

installed on a communication box equipped with various access technologies according to the effective use made by each client. “Our solution is already deployed on buses, cars and bikes,” explained Didier Ledain, YoGoKo general manager. YoGoKo works particularly well with iRider, which is specialised in Intelligent Rider Assistant System (IRAS) by using vision and artificial intelligence (AI).

E-bikes becoming trendy in the US

During the CES, Autotalks also showed off their know-how in this security segment by presenting the prototype ZooZ device. The idea of the prototype was to explain all the possibilities for the manufacturers. “We are only manufacturing the computer chip. Then, the brand has to find a way to integrate the chip in the bike and to develop the system to give the information to the rider,” explained Amir Asher, team leader at Autotalks. Later this year, Autotalks will launch a new chip (Tektron 3) supporting 5G. “The built-in software will enable Tier1s and OEM companies to integrate the V2X solution easily, with lower development and testing expenses, while assuring high quality and optimisation,” the company explained.

This year, an increasing number of Asian manufacturers decided to exhibit at the CES, as e-bikes are becoming more trendy in the US market. Based in Dongguan and Hong Kong, Komda presented a small range of e-bikes. Created more than 30 years ago, Komda specialises in producing scooters, e-scooters and ebikes. “Our production can reach 500,000 units per year with 90% being e-bikes and e-scooters,” said Tommy Wong, sales engineer of Komda. The company showed a very interesting concept of a light and portable battery. Thanks to miniaturisation, Komda is using a small unit located on the handlebar of a folding e-bike. “The battery can provide an autonomy of 25 km. It’s easy to take with you as it’s very compact and light,” he said. This concept is currently available in Japan at Cycle Base Asahi but also in Europe as the e-scooter brand Micro is using it for its folding e-bike.

Targeting US and European markets

Located in Beijing, Invanti chose the CES to introduce its new brand: 5th Wheel. Created in 2012, Invanti develops small electric vehicles like hoverboards and mono-wheels. In

2021, the Chinese company entered the e-bike market with folding e-bike D1. This year the manufacturer has decided to accelerate its activity by launching the 5th Wheel brand. At the CES, Invanti unveiled a full range of products with a new e-folding bike (D1 Pro), two urban e-bikes (R2 and R3), two e-MTB (X1 and M2) and one e-road bike (R1). All bikes come with an electric drive train from Ananda and Shimano derailleurs. “We are able to produce between 70,000-80,000 e-bikes per year in our Shenzen factory. Our goal is to distribute our products in the US but also in Europe. We are looking for distributors for European countries like France, the United Kingdom, Belgium, the Netherlands and Germany,” said Sunny Wu, Invanti COO.

In addition to these two companies, the Korean LUL presented two models. This manufacturer has a production capacity of 50,000 units, including 30,000 e-bikes. This brand is also looking for distributors in the US and Europe. The CES was also very interesting as some automotive brands, like the Vietnamese Vinfast, exhibited concept e-bikes. At its booth, the brand presented some models with a European design. Unfortunately, they are still

Electronics brand RCA enters the e-bike market

The iconic American brand, RCA, unveiled its first e-bike and e-scooter range during the 2023 CES in Las Vegas. This marks the electronics company’s first foray into the electric transportation space. RCA launched three e-bikes and four e-scooters with the goal of seducing younger customers. “RCA is a very well-known brand in the US and the world. But we needed to attract a new generation of consumers. The e-bikes and escooters are currently very trendy with this younger generation, which is why decided to enter this market,” explained Bill Thiele, head of retail relations for RCA.

The e-bike range consists of three models which are assembled in China. The Dirt-E model looks like a motorcycle; the Explorer is more dedicated to commuters with a 40-mile radius per charge (65 km), while the GoGo is a folding e-bike. The three models will be on sale in select retail locations at the end of the second quarter/beginning of the third quarter. “Our first

in the concept phase and the brand could not give a release date. “We are gathering information about our products to see how visitors react,” explained a brand representative. In addition to Asian manufacturers, many exhibitors from other countries were present at the show. Among them, the American brand RCA unveiled its first range, and the Swedish brand Cake presented its modular e-cargo called Åik, which will be sold in 2023. “We have developed the motor (100 Nm), and it is possible to integrate three batteries (2,250 Wh) to guarantee an autonomy of 360 km. The Åik will be sold for around €6,500, and we will also offer different bundles,” said Kevin Klein, director of the brand’s B2B.

The Netherlands was also represented at the show with Truekinetix. Founded by Bas van Rens, this company has developed two home trainers called TrueTrainer and TrueBike. The first one was awarded by the Consumer Technology Association, organiser of the CES, for its innovative construction and features.

An increasing number of Asian manufacturers decided to exhibit at the CES. One of those was the Vietnamese car manufacturer, Vinfast, which unveiled a range of concept e-bikes.

Photos:MicheldeChavanon

target is the US market, but we would like to sell our e-bikes in Europe and the Middle East,” explained Thiele.

Based in Hong Kong and Dongguan, the Chinese company, Komda, presented a folding e-bike equipped with a compact and light battery on the handlebar.

Key findings of McKinsey-WFSGI study not ‘rose-coloured’ for global bike market

‘Industry must brace for headwinds’

ZURICH, Switzerland – Rising costs, the looming threat of a larger recession, low consumer confidence and continuing operational challenges are set to create headwinds, according to sports and bicycle industry executives. This is one of the key findings from the WFSGI (World Federation of the Sporting Goods Industry) and McKinsey’s latest annual report.

Jan-Willem van Schaik

In response to these developments, companies are looking to embed resilience into their operations by going beyond raising prices to boost productivity and finding the right balance between saving and investments.

Solid growth in 2022

In many ways, the sporting goods industry, and the bicycle industry in particular, has been in a fortunate position. Compared to other industries, the past two years have been characterised by solid growth, equaling or outperforming pre-pandemic levels. In the second half of 2022, the economic outlook darkened amid rising concerns over geopolitical instability and the trajectory of interest rates, which tightened constraints on both company and household budgets. The impact of these factors was a significant weakening in industry performance compared with 2021, with a 4-8% sales decline in the US in Q1-Q3 2022 versus 2021 across main categories.

Challenging environment for 2023

In 2022, consumer sentiment improved monthon-month reflecting looser Covid-19 restrictions in most markets – companies were plac-

ing large orders in anticipation of demand and to avoid the supply chain challenges of 2021, and performance in the first half of the year was widely positive. However, inflation picked up due to the impacts of the war in Ukraine, with higher raw material and energy costs prompting some companies to raise prices. Meanwhile, consumer sentiment showed signs of deterioration, with a 40% decrease in consumers’ net intent to purchase sporting goods and a decline in discretionary spending. Supply chains gradually became more reliable, but the sudden increase in available products in destination countries, paired with declines in spending, led to widespread overstocking.

Megatrends

According to the WFSGI and McKinsey, 2023 is expected to be a challenging economic environment with continuing subdued consumer sentiment. This will require a holistic approach from sporting goods companies to focus on preserving demand and building resilience. WFSGI and McKinsey write that in 2023, four key themes will shape the industry:

• Brand relevance : Sporting goods companies are among the most effective brandbuilders in the world. As consumer expectations rise and brand relevance deepens, brand building is expected to become more important.

• Sustainability: Accelerating decarbonisation and scaling circular business models will be key for sporting goods companies to meet their aspirational sustainability targets.

• Nearshoring : In an era of supply chain disruption, more companies are likely to turn to nearshoring as an element of de-risking and speeding up their supply chain strategies.

• Profitable growth for private investments: The success of sporting goods brands has attracted a wave of private investments. This is especially true for complementary brands, brands with an elevated digital interaction with consumers, and analytics at scale.

“Measures of resilience will be key”

Alexander Thiel, McKinsey partner and leader sporting goods practice EMEA, said: “2022 started off extremely well for the sporting goods industry. Unfortunately, the war in Ukraine and rising inflation dampened consumer sentiment and led to a reduction of discretionary spend, impacting the sporting goods industry. Measures of resilience will be key to staying strong during the recession and preparing for the return.”

Robbert de Kock, president and CEO of WFSGI, said: “The industry has been an industry that outperformed others in the past years showing significant recovery and growth in 2021 and into the first half of 2022. Nearshoring has been one of the topics high on the agenda in many boardrooms, particularly in the bicycle industry. We have seen more and more companies making up their minds and taking things into consideration. If and how to imple-

ment nearshoring, of course, depends on the industry and market. We have seen many assembly facilities established in Europe in the past years, but the connection with the supply chain in Asia still includes many challenges, as we have seen.”

It takes a few decades

Establishing a components industry is a unique process, and the European automotive industry has shown it might take a few decades to get it done. In the current situation, we will see that the true cost leaders and premium brands will move forward quickly in the bicycle industry, while the mid-market company will have to fight harder.

The international study has been conducted by the WFSGI and McKinsey in collaboration with the NPD Group.

US authorities call on the industry to comply with the rules

WASHINGTON, United States – In an open letter to more than 2,000 e-bike, e-scooter, hoverboard and e-unicycle manufacturers and importers, the US Consumer Product Safety Commission (CPSC) states that failure to adhere to applicable UL2849 safety standards may pose an unreasonable risk to consumers of fire and serious injury or death.

The warning comes after the CPSC received reports of at least 208 micromobility fire or overheating incidents from 39 states, resulting in at least 19 fatalities in the past 11 months. The letter was directed to

manufacturers of e-bikes, e-scooters, hoverboards and e-unicycles. All these products must comply with the ANSI/CAN/UL 2272 Standard for Electrical Systems for Personal E-Mobility Devices dated 26 February 2019, and the ANSI/CAN/UL 2849 Standard for Safety for Electrical Systems for eBikes published 17 June 2022.

Illegal fatbikes

A similar warning was sent out last November in the Netherlands when 27 internet resellers were warned by the Dutch transport authorities to stop offering their fatbikes as these did not comply with European safety regulations. Such e-bikes must have a type approval in the Netherlands.

According to the CPSC, compliance with the relevant UL standards “significantly reduces the risk of injuries and deaths from micro-

mobility device fires”. The letter points to the rise in fires and other hazardous thermal events involving micromobility products in urging manufacturers to ensure that these consumer devices – when manufactured,

In the past 11 months, 208 micromobility fire or overheating incidents were reported in the US.

imported, distributed or sold in the United States – are designed, manufactured and certified for compliance in accordance with UL safety standards. “In case our Office of Compliance and Field Operations encounters such products, we will seek corrective action as appropriate,” CPSC writes in the letter.

Reduce the risk of dangerous fires

The UL safety standards were developed to reduce the serious risk of dangerous fires with battery-powered micromobility products. The letter further calls on manufacturers to demonstrate compliance with the standards through certification from an accredited testing laboratory.

“Measures of resilience will be key to staying strong during the recession and preparing for the return”

Photo:BikeEurope

In an era of supply chain disruption, more companies are likely to turn to nearshoring as an element of de-risking and speeding up their supply chain strategies.

Photo:Shutterstock

‘We will seek corrective action as appropriate’

Stock markets see a drastic correction after a high rise during the pandemic

Bicycle Stock Chart turns red in 2022

MUNICH, Germany – The events of 2022 had a huge impact on financial markets; it was a disastrous stock market year. The pandemic was barely halfway over when

Vladimir Putin launched his attack on Ukraine. The war disrupted the global energy and food markets but also led to high inflation in Europe. How are the listed e-bike and bicycle industries affected?

Jo Beckendorff

The record-breaking 2021 stock market year made it foreseeable that a correction would follow in 2022. It was inevitable that the market could not continue developing like in the previous year. Still, the war in Ukraine made this correction come much harder than expected. The stock indexes on the world market turned in unison into the red last year. While the US Dow Jones stock index is still doing quite well in a year-on-year comparison with just a 9% drop, the Japanese Nikkei and the European Euro Stoxx 50 indexes ended the year with an 11% decrease. The largest stock index on the US electronic stock exchange Nasdaq, the Nasdaq Composite, rattled off even as much as 34%.

A year of cancelled IPOs

As far as IPOs go, 2022 was the big drought after two successful IPO years earlier. This can be seen in the Bike Europe bicycle stock chart, which had fewer than five new IPOs in 2021 and none in 2022. The cycling businesses that took their companies to the stock market in 2021 fell flat on their faces the year after. The newly listed companies Bike24 (down 74.8%), Bike Exchange (down 91.9%), hGears (down 67.1%), Signa Sports United (down 42.2%) and USWE Sports (down 62.4%) all roared to the bottom in 2022. The respective companies all reported sound financial reports, but the future is what is traded on at the stock exchange. History has shown that in times of pandemics and wars, the future looks doubtful. The bicycle industry saw two leading companies pulling out of the stock market: Dorel Industries and Accell Group. In January 2022, Dorel Industries announced the sale of their bicycle business operating under Dorel Sports (Cycling Sports Group and Pacific Cycle Group) to Dutch Pon Holdings (among others, parent of Pon. Bike). Dorel Industries is still listed on the stock market but is no longer shown in the overview. All Accell Group were taken over by private equity firm KKR, and the company was officially delisted on 22 August, while Swedish safety helmet manufacturer, Hövding Sverige, went private in June.

The bike-share platform Donkey Republic is new in the Bike Europe bicycle stock chart. The Copenhagen-based startup has been listed on the stock exchange since May 2021. The company operates in over 70 cities in 13 European countries and is expanding rapidly. At the end of 2022, Donkey Republic stood at plus 6.3% at DKK 8.56. That is a remarkable achievement in the challenging 2022 stock market.

The 2022 bicycle industry stock chart consists of 42 share values. Of these companies, 36 saw their stock being dumped by investors. Only six share

Bicycle Industry Stock Chart 2022

CompanyRate on 01/01/23

YOY % change

Capitalization52-wk-low52-wk-high

AccellGroupNV,Amsterdam---Delisted-------AllegionPLC,NewYork*US$105.26-20.0EUR9.25blnUS$87.33US$133.52 AntaSportsProductsLtd,HongkongHKD116.90-12.5HKG277.60blnHKD67.85HKD134.20 ArayaIndustrialCo.Ltd.,OsakaJPY2,020+19.7JPY11.25blnJPY1,380JPY2,670 AsahiCompanyLtd.,TokyoJPY1,372-5.2JPY35.83blnJPY1,260JPY1,450 BafangElectric(Suzhou)Co.Ltd.,ShanghaiCNY106.99-52.6CNY12.87blnCNY98.13CNY233.72 Bike24HoldingAG,FrankfurtEUR3.79-74.8EUR167.17mlnEUR2.36EUR16.46 BikeExchangeLtd.,SydneyAUD0.01-91.9AUD12.08mlnAUD0.01AUD0.18 BridgestoneCorp.,TokyoJPY4,949-5.2JPY3,21tlnJPY4,042JPY5,509 BrockhausTechnologiesAG,FrankfurtEUR22.40-2.2EUR245.23mlnEUR13.50EUR26.40 ChengShinRubberInd.Co.Ltd.,TaipeiTWD33,90-6,1TWD109,88blnTWD31,80TWD39,85 CompassDiversified,NewYorkUS$18.23-40.6US$1.32blnUS$16.32US$31.35 ContinentalAG,FrankfurtEUR56.40-45.9EUR11.22blnEUR44.99EUR97.81 DonkeyRepublicA/S,CopenhagenDKK8.56NEWDKK137.02mlnDKK5.80DKK10.05 DorelIndustriesInc.,Quebec*****-----------FoxFactoryHoldingCorp.,NewYorkUS$91.23-45.6USD3.86blnUS$69.28US$171.80 GiantMfgColtd,TaipeiTWD200.50-41.9TWD82.02blnTWD197.46TWD351.00 HalfordsGroupPLC,LondonGBP209.00-39.5GBP457.56mlnGBP123.90GBP36780 hGearsAG,FrankfurtEUR7.24-67.1EUR75.30mlnEUR5.22EUR24.00 HLCorporation,Shenzhen**CNY7.14-28.5CNY2.63blnCNY6,28CNY11,28 HövdingSverigeAB,Stockholm---Delisted--------HwaFongRubberInd.Co.,TaipeiTWD14.50-13.7TWD4.05blnTWD13.70TWD16.90 IdealBikeCorporation,TaipeiTWD16.50+24.1TWD4.98blnTWD10.85TWD24.95 KendaRubberCo.,TaipeiTWD30.30-2.6TWD27.56blnTWD29.35TWD38.85 KMCInt‘lInc.,TaipeiTWD140.00-29.1TWD17.64blnTWD135.50TWD208.50 LeattCorporation,NewYork***US$19.00-37.7US$110.71mlnUS$18.00US$33.04 LeeChiEnt.Co.Ltd.,TaipeiTWD20.15-26.1TWD4.50blnTWD19.85TWD28.30 MeridaInd.Co.Ltd.,TaipeiTWD167.00-49.0TWD49.93blnTWD162.50TWD334.00 MichelinGroup,ParisEUR25.99-82.0EUR18.54blnEUR21.99EUR38.93 MIPSAB,StockholmSEK429.90-63.8SEK11.25blnSEK281.00SEK1,242.00 PelotonInteractive,Inc.,NewYorkUS$7.94-78.7US$2.7blnUS$6.66US$40.35 PiererMobilityAG,ZürichCHF67.10-28.6CHF2.26blnCHF50.60CHF96.00 SamchulyBicycleCo.Ltd.,SeoulKRW7,340-31.7KRW8.62blnKRW7,200KRW10,700 ShanghaiPhoenixCo.,Ltd.,Shanghai****US$0.39-7.1US$491.79mlnUS$0.37US$0.42 ShimanoInc.,TokyoJPY20,920-31.8JPY1.90tlnJPY20,110JPY31,750 SignaSportsUnitedN.V.(SSU),NewYorkUS$4.91-42.2US$1.90blnUS$3.23US$9.90 SunRaceSturmey-ArcherInc.,TaipeiTWD40.55-17.1TWD2.43blnTWD40.05TWD61.00 TandemGroupPLC,LondonGBP257.50-55.2GBP14.34mlnGBP223.00GBP608.00 ThuleGroupAB,StockholmSEK217.70-60.3SEK22.76blnSEK199.60SEK556.50 TubeInvestmentsofIndiaLtd.(TII),BombayINR2,775.55+58,2INR535.94blnINR1,441.95INR3,046.20 USWESportsAB,StockholmSEK22.40-62.4SEK101.73mlnSEK20.30SEK79.20 VistaOutdoorInc,NewYorkUS$24.37-46.2US$1.38blnUS$22.97US$52.69 YadeaGroupHoldingsLtd.,HongkongHKD13.06-14.1HKD38.59blnHKD7.59HKD18.74 YoungoneCorp.,SeoulKRW46,950+7.6KRW2.06tlnKRW36,650KRW53,000 ZhongluCompanyLtd.,Shanghai****US$0.80+73.3US$996.50mlnUS$0.45US$1.41 Composed by Jo Beckendorff (no liability assumed)

* Allegion is an Irish-based spin-off of Ingersoll-Rand and traded at NYSE (hence US$).

** Shares of HL Corporation from Taiwan is traded on the Chinese stock exchange in Shenzhen (hence CNY).

*** Shares of South-African Protection Wear supplier Leatt are traded OTC (Over-The-Counter) in USA (hence US$).

**** Shares of Chinese Shanghai Phoenix Enterprise and Zhonglu are taken from the US stock exchange (hence US$).

***** Excluded from the table after the company sold its bicycle division Dorel Sports to Pon Holdings in January 2022

values in the overview, including newcomer Donkey Republic, escaped the downward trend.

Out of those 36, a staggering 31 shifted down by double digits last year. The largest drop was reported by the Australian online marketplace, Bike Exchange. After the IPO in February 2021, shares slowly decreased. In 2022 they plunged to -91.9% – a record in this overview. The second biggest loser on the list was French tyre manufacturer, Michelin, with an 82% decline, and Peloton, down 78.7%. Considering the overall situation, six stocks were treated rather mildly by investors and lost only a few percent of their value. These include Nippon bicycle specialty chain store Asahi (down 5.2%), tyre maker and Bridgestone Cycle parent Bridgestone (down 5.2%), German Bikeleasing Service (BLS) majority owner Brockhaus Technologies (down 2.2%), Taiwan’s tyre producer Cheng Shin Rubber

(down 6.1%), Kenda Rubber (down 2.6%) and Chinese OEM Shanghai Phoenix (down 7.1%).

Contrary to all these losses, five companies in the bicycle industry performed very well and four saw their listing increase in value by double digits. Despite all hurdles of the global market, the Korean majority shareholder of Scott Sports Group, Youngone, successfully cycled against the general downward spiral. The share value increased by 7.6%. Some companies even achieved double-digit increases. Nippon component maker, Araya, was up 19.7%, Taiwan’s third-largest bicycle producer, Ideal Bike, was up 24.1%, TI Cycles’ Indian parent Tube Investments was up 58.2%, and Shanghai Forever bicycle producer, Zhonglu, was up 73.3%. It is unclear why this group was so popular among investors and why their share value increased so much against the other bicycle companies as

well as the trend on financial markets in general. The listing on five different stock markets makes this performance even more remarkable.

Outlook stock markets

Where do our bicycle stocks go from here? The unpredictable Ukraine war makes everybody cautious, while the forecast for the cycling market is still gloomy. But how will the financial markets respond to all these uncertainties?

Experts believe inflation levels will continue to decline since this trend started in December. They will, however, remain at a high level. Financial experts expect that the interest rates will not drop for long. On the positive side, the transformation to a climate-friendly economy has gained considerable momentum, and the bicycle industry certainly benefits from that development.

Asian manufacturers adopting changing preferences in lucrative European markets

Asiabike invests millions in e-bike production

COLOMBO, Sri Lanka – Sri Lanka’s largest bicycle manufacturer, Asiabike, has invested in the production of e-bikes. The southeast Asian manufacturers’ new focus on e-bikes is in line with changing bike preferences in one of its leading European markets.

Satnam Singh

The investment is ideally timed as sales of traditional bikes are declining, and there is a clear rise in e-bike sales in Europe. In the latest EU import statistics, Sri Lanka holds the eighth position as an e-bike importer after South Korea. “We see a clear spike in the sales of e-bikes in Europe in the immediate post-Covid phase, and despite current market challenges, e-bike sales continue to grow. Moreover, EU governments are offering subsidies to buy electric bikes, further pushing their sales,” said Isthiark Farook, Asiabike managing director, during an interview at the new Horana-based e-bike site located about 35 km from the country’s capital Colombo. In addition, mobility preferences are changing in Europe: “There is a clear change in micro-mobility in the post-Covid phase – e-bikes as a personal mode of transport are preferred over mass-transit systems. Sharing schemes are also providing an impetus in their sales.”

Production of e-bikes treble

The company has invested €4.7 million in the new e-bike facility, which spreads over a 7-acre land parcel with a 20,000 square metre built-up area. The factory was constructed in 2019, but the pandemic forced the Sri Lankan bicycle manufacturer to slow down. The production started to pick up again in 2021 when orders started coming in from Europe. “We started initially with 2,000 e-bikes per month, but now production accelerated to 6,000 units each month for shipment to Europe,” he claimed.

Asiabike manufacturing expertise includes both hub motors and mid-motor variants. The majority (65%) of production is dominated by the low-priced hub motor variant, while the high-priced mid-motor variant consists of the remaining 35%. Currently, Asiabike offers seven models in mid-motor and 18 models in hub-motor versions. The company targets mainly mid-motor markets of Germany, the Netherlands and Belgium, while the hubmotor variants go to the Italian, Polish and UK markets.

To be successful, Asiabike is aware that it must build up a strong network for after-sales service for its customer base in Europe. It has been looking for a company with a strong European e-bike after-sales service network. “Last October we bought a minority share of a Belgian firm based in Damme to provide unhindered 24/7 after-sales service in Europe for critical parts like the motor and controller,” informed Farook.

Critical components

The Sri Lankan producer has entered into strategic alliances for procuring battery cells with LG, Samsung, Panasonic and European standard-approved Chinese cells in cell capacities of 2600mAh, 2900mAh, 3200mAh and 3500mAh.

The bike range has battery packs of 36 Volt to 46 Volt ranging from 10.4, 13, 14.5 and 20 ah. They can be charged fully in four hours and can go from 40 to 100 km depending on the battery capacity of the model. Asiabike also has in-house battery production and can customise battery capacity as per customer specifications.

The e-bike range is powered by Bafang motors systems, including the controllers and displays. In terms of localisation, Farook said, “Thanks to our in-house production of batteries, frames, wheels, and our painting line, we can offer almost 50% local production. Another 10% can be added through sourcing from neighbouring SAARC countries (South Asian Association for Regional Cooperation) and even from Europe as per GSP rules.”

Production hike

Meanwhile, the bike manufacturer is moving cautiously from now on considering the evolving scenario in Europe. All further expansion plans will be decided after Eurobike 2023, where it will showcase the new range of e-bikes. “The European market is greatly impacted by the Russia-Ukraine conflict. The European market has shown signs of recession, and future expansion depends on the feedback from our participation at Eurobike.”

According to Farook, the mega boom of 2020 in traditional bikes in Britain is already over as traditional bicycle sales failed to regain pre-Covid levels, and even e-bike sales are stabilising. The British and German markets are comparable, but only 165,000 e-bikes are sold in the UK compared to two million in a year in Germany.

Overseas expansion

Sri Lanka continues to stare at unsustainable debt and severe balance of payments crises, posing significant uncertainty for Sri Lanka’s fiscal outlook. The local business community

Polestar steps over from e-cars to e-bikes

GÖTENBORG, Sweden – Swedish

car manufacturer, Polestar, is the next to step into the rapidly growing e-bike market. This announcement by Polestar CEO, Thomas Ingenlath, didn’t come as a surprise as the company has been cooperating with Allebike on a regular bicycle since earlier last year.

While other automotive brands outsource the production of their bikes and simply stick their logo onto the finished product, Polestar wants to have a much more hands-on approach in the design of the upcoming e-bike.

In a recent interview with The Verge, the Polestar CEO revealed the company was working on a battery-powered 2-wheeler along

with Sweden’s bicycle company, Allebike. “I don’t want our first e-bike to be a ‘marketing stunt’ as I always hated those buying a bike and then just putting your brand on it,” Ingenlath said in the interview.

Frame design

Although the details of the bike are yet to be revealed, Polestar will extend its existing partnership with Allebike. Polestar’s first e-bike will not be a licensing deal, and they will actually own the frame design. It is still unknown when the Polestar e-bike will be available on the market or even when its design will be shown to the public for the first time. The project’s success depends on how seriously Polestar approaches the e-bike market. Ingelath’s statement that he believes in the plurality of mobility and sees the advantages of various forms of mobility products for different purposes gives Polestar a promising start.

has lost confidence in the banking system and is scouting suitable international locations in the Asia-Pacific to make global transactions. In early 2023, Asia Bike opened a special purpose vehicle (SPV), registered as ‘Asia Bike Singapore PTE Ltd’ to carry out all its financial transactions smoothly.

In yet another overseas expansion, Asiabike expanded into the Australian market and opened a new subsidiary – Down Under Cycles PTY LTD, based in Victoria, Melbourne, along with an office and warehouse to stock the range. “The subsidiary will engage in wholesale distribution of its range under the ‘Rook’ brand specific for the Australian market. The Australian entrance early this year opens many opportunities for the company in the Asia-Pacific market. The company is also open to supplying under the customer’s label.”

European bike sales enter a lean phase during the winter from November to April. Meanwhile, summer arrives in that period in the Australian market, regarded as good for cycle sales.

“We have just bought a minority share of a Belgian firm based in Damme to provide unhindered 24/7 after-sales service in Europe,” said Isthiark Farook, Asiabike managing director.

Photo:SatnamSingh

Automotive brand Polestar is now entering the e-bike market.

Photo:Polestar

Herrmans looks for growth in central Europe with German subsidiary

HOLZWICKEDE, Germany – Finnish bicycle component exporter, Herrmans Bike Components Ltd, has established a new German subsidiary, Herrmans Bike Components GmbH. Having had a presence in the German market since 2007, the company calls it “a natural continuation and reinforcement of the company’s long-term commitment and presence in Germany”.

After stable growth in recent years and with high expectations from the market, Herrmans Bike Components has been making changes to secure its future, including the appointment of Dan Liljeqvist as CEO. Now the company is looking to solidify its presence in Germany. Until now, Herrmans operated in Germany under the umbrella of a joint subsidiary with sibling company Nordic Lights, which is also active in the lights industry for heavy-duty machinery. In February, the company celebrated its 10-year anniversary. As both companies are growing and have separate owner structures, the company decided it would be more advantageous to operate through two separate subsidiaries. The companies were separated officially at the beginning

Figures reveal unsteady bike production trends in Spain

MADRID, Spain – The production of bicycles in Spain increased last year to 353,036 units, 6.1% more than in 2021, the Spanish Ministry of Industry, Commerce and Tourism reported. While the year started with a rise in the value of bicycles made, the end of the year shows a completely different picture.

of 2021, and now the split with the new company, Herrmans Bike Components GmbH, was a logical step.Dan Liljeqvist, CEO of Herrmans Bike Components, looks at the future in Europe with optimism: “This new company gives us a strong platform to keep growing in Central Europe. Our goal is to enable even better support and collaboration with our customers – a direct and easily accessible first point of contact.” The new office, located in Holzwickede in northwestern Germany, is scheduled to open officially in April. Liljeqvist will lead the company as managing director and Thorsten Krüger has been appointed co-managing director.

The quarterly production results show the uneven course of production during the year. In the first quarter of 2022, the increase in units manufactured was 31.6%, to 86,825 bicycles, while in the second quarter, it fell by 3.6% to 86,582 units. In the third quarter of 2022, it rose 7.1% to 95,171 bicycles, but in the last three months, it fell by 3% to 86,337 bicycles. December, in particular, saw a big decline. In the last month of the year, some 26,169 units were manufactured, 10.5% less than in the same period of 2021. These detailed quarterly figures were published by the Spanish trade media, Tradebike&tri. How these production figures impacted total sales in 2022 is too early to say for the national bicycle industry organisation AMBE. In 2021, AMBE reported an e-bike market volume of some 223,561 units on a total market of 1,571,368 bicycles and e-bikes combined. “The

bicycle industry contributes decisively to the industrialisation of Spain, creating highquality jobs and new business opportunities,” said Jesús Freire, secretary general of AMBE at the time. In 2021 it was reported that the industry employs approximately 25,000 people, up 13.6% from 2019.

Drastic course of production value

A much more uneven course of the production value throughout the year can be seen in the data reported by the Spanish Ministry of Industry, Commerce and Tourism. In the first quarter of 2022, the production value increased by 57.2%, while in the second quarter, manufacturing fell by 11.1%. In the third quarter it recovered 1.1%, but in the last quarter there was again a double-digit drop of 11.9%. The total production value in 2022 was up 2.8% at €255.8 million.

(Left to right) Dan Liljeqvist (CEO, Herrmans Bike Components), Thorsten Krüger (global customer development manager, Herrmans Bike Components), and Sari Trosien, accounting and tax partner in Germany.

Photo:HerrmansBikeComponents

While the Spanish Ministry of Industry, Commerce and Tourism published production figures over 2022, it is too early for the actual sales figures.

Photo:BH

PRODUCTS & INNOVATIONS

New player in belt drive market

A newcomer in the belt drive market is Yung Fang Plastic Co. Ltd. The company has developed a rubber belt with carbon fibre inside specifically for e-bikes. With an expected lifetime of 10,000 km, the rubber compounds have been adapted to provide more strength to the teeth. The belt has been designed with small grooves to function as a residue system for mud and water. Yung Fang has designed its drives slightly wider than competitor Gates and solved any alignment issues.

Continental adds invisible markers to verify origin of rubber and make supply chain more transparent

Continental has had a breakthrough in marker technology. Developed with partner Security Matters (SMX), the technology can verify the geographical origin of raw materials throughout the tyre production process. In the long term, Continental plans to use the marker substance in rubber products on a large scale. In the successfully completed field test, the marker substance underwent and passed a real test of resilience. The substance was added to responsibly grown latex during harvesting and

MATE enters e-cargo bike market with ‘reimagined’ SUV

Made from 90% recycled aluminium, MATE is presenting its first cargobike as “the first real alternative to a car” . The MATE SUV can hold up to 210 litres, equivalent to two children or four crates of drinks. It also features dual disc brakes and has a range of up to 100 km. It has a 250 W motor providing up to 90 Nm of torque. The e-bike has been designed by the awardwinning German studio, Zanzotti Design. “The design of the Mate SUV was an exciting process, characterised by many challenges. To create broad acceptance, the advantages of a bicycle were combined with those of an automobile in the design. The modular design allows for a

wide range of possible applications and adapts to individual user needs,” explains Christian Zanzotti, founder and head designer.

withstood not only the intensive preparations involved in the production of natural rubber but also the tyre manufacturing process itself. The data was retrieved using special purposebuilt software and a reader and correctly interpreted. The appearance and performance of a tyre containing the invisible marker remain unchanged. By 2050, Continental aims to use 100% sustainably produced materials in all its tyres and wants to achieve full climateneutrality along its entire value chain.

Tritek to start mass production of new e-bike range extender

The new e-bike range extender of battery manufacturer Tritek is ready to enter mass production. The small accessory fits in the drink holder and supports a 3-6A continuous output current to work as a charger for the existing battery pack. Using 10 Samsung 21,700 cells, it weighs 1.2 kg and has a battery life of 500 cycles. It can work as a portable charger or battery and, in both use cases, supports dual battery connections. The casing of the range extender is certified IP67, offering complete protection against dust, airborne particles and water. The range extender is supported by CAN bus communication and works with all systems, even

those without communication. It has its own smart charger to communicate with the batteries and can switch current intuitively. As a solution for cargobikes, Tritek has developed the Hot Swap solution, which supports up to four pieces in parallel which switch power continuously.

TEKTRO Europe GmbH: Top-level service is key

Since establishing its European headquarters in 2019, the Taiwanese component manufacturer, TEKTRO, together with its premium brand TRP has invested heavily in ramping up its service offerings. Today, the team, based in the German town of Haßloch, an hour’s drive from Frankfurt, supports OEs, DIs, dealers and media across Europe.

G“ood service can lead to customer loyalty, positive word-of-mouth, and better partnerships. That’s why we aim to offer our partners as much support as possible,” says Armand Müller, Head of Customer Service at TEKTRO Europe GmbH and one of the driving forces behind

Tell us about the expansion into e-mobility?

“After increasingly expanding our business into the e-mobility sector, we have seen rapid growth. The establishment of a European facility in September 2019, and the following investments in a top-level service department, have been a logical step.

From Haßloch, we provide service support to all our European partners, including OEMs, DIs, dealers and even media.”

Does TEKTRO offer a full-service offering?

How does TEKTRO support its partners and customers?

Customer Service:

“We offer our partners as much support as possible.”

“Our 600-sqm building, located an hour southwest of Frankfurt am Main, combines office space, a workshop, and a warehouse with a wide range of small replacement and warranty parts. The branch also features a quality test centre and a production studio for product training videos. The European headquarters acts as a comprehensive backup for distributors and dealers in the surrounding countries and regions for TEKTRO Europe GmbH and its premium brand TRP . Our team, for example, offers services like ticketbased technical support, a customer service hotline, and other tools to take care of customer requests and warranty claims. The team also supports TEKTRO’s brand presence in Europe with country-specific offerings like translations of product guides, manuals.”

“We support our partners and customers on different levels, starting with explanatory videos for the usage of our products to the communication between our headquarters in Taiwan and the European TEKTRO partners. So, we rely on our strategy to offer the best service quality by supporting our partners and distributors as a local backup. However, with the growing volume of bicycles equipped with TEKTRO and TRP technology, it is also necessary to be directly available for dealer enquiries. Another addition to the service offerings is product training for distributors, OEMs, assembly partners and dealers, for example via onsite training sessions at the facility in Haßloch or in the form of digital training courses in the professionally equipped in-house studio. This

At least once a month, live training sessions are also offered via stream. This is a service that our partners highly appreciate.”

What is TEKTRO’s expansion strategy?

“Eventually, the six service team members in Haßloch, and 45 external service team members in the different European distribution areas, plan to expand their service offerings even further. The reason for this strateg y is simple. TEKTRO offers high-quality products. But it is also our ambition to offer high-quality service. With our European headquarters in Haßloch, we want to provide exactly that – and strengthen the cooperation with our partners even more. Top-level service is a main pillar of TEKTRO’s portfolio.”

TEKTRO’s recent service initiative. We chatted to him to find out more.

article is sponsored by TEKTRO.

A new certificate - live training sessions are also offered via stream.

Armand Müller, Head of

The annual event for the Benelux market is back after a 2-year absence

Optimism abounds as Velofollies returns

KORTRIJK, Belgium – “Super”, “Amazing”, and “The best event ever” were some of the comments from exhibitors at Velofollies in January. Signs of market disruptions, cash flow problems or inventory worries were far from centre stage at the main tradeshow for the Benelux, which was returning following a 2-year absence. Could this outpouring of optimism be masking the real problems in the industry?

Rosie Burgin

The Kortrijk Xpo in Kortrijk, Belgium, is the venue for the annual Velofollies event, held in 2023 from 20-22 January. Long before the start of this year’s event, all exhibitor space was fully booked. For this year’s fifteenth edition, Velofollies relied on the elements that have proven to be successful: a well-filled exhibition floor, seminars, well-known (former) professionals, and a large, covered test course. The sportive segment, which has taken a back seat to urban mobility and e-bikes at other industry tradeshows, was represented by the presence of Canyon, Trek, Wilier Triestina and Lapierre. Notable absentees, however, were Specialized, Cannondale and Ridley. E-bikes, (e-)cargobikes, (e-)folding bikes and kids’ bikes were all thrown into the mix, too. Some 330 exhibitors welcomed just under 40,000 visitors over the 3-day period. This was a slight decline from the 41,000 visitors during the (pre-corona) 2020 event. Although most visitors were Belgian, a growing number visited from the Netherlands and France, the organisers announced.

Inventory issues downplayed

Some exhibitors offered full-on optimism with sentiments like “Consumers no longer have to wait for bikes, and that’s a good development” , “Dealers who are not positive are not here” , and “We have stock; we are ready for business.” But, it’s clear the market is at a turning point. Whether that turning point is just lower than the corona boom years, or worse than that, remains to be seen. “Everybody is levelling down,” explained Remco Post of tyre manufacturer, Vit-

toria. “We saw the market was turning after the summer and contacted our customers to check that orders still reflected what they needed. We wanted to make sure there were realistic back orders.”

Changes in the market are evident, though, he admits. “As a tyre manufacturer, we sell an essential part that consumers need to ride their bike. Now they might opt for a lower-level product from the range, but they still need the tyres. Also, there are more products in the market than there have been in the last two years, so this will make the market slower in general. That said, we expect the same level of sales this year as last.”

Post, however, does highlight that companies selling non-essential products such as clothing, helmets and bags might run into problems. “In general, I hope not too many companies suffer in the next few months, and by April, everyone is screaming that they need products.”

Milestones reached Velofollies marked the 5-year existence of Advanced Ebike. In 2018, together with John Vermeulen and Ronald Breeman, Rob Laarman started the company as the Benelux importer for e-bikes from Germany’s Ebike Das Original. Their approach of being a ‘dealer brand for dealers’ turned out to be successful: within a year, they already had 100 dealers. Later the name was changed to Advanced Ebike, and the brand now has around 235 points of sale in the Benelux. During Velofollies, their latest model, Reco One, was on display. This is one of the first bikes commercially available using the plastic composite technology of V Frames. This was featured in Bike Europe’s Sustainability Moves video series. The company had a flying start, with continued growth and a couple of corona years with explosive growth. “If we have the same year in 2023 as last year, we’ll be happy,” explained Laarman. He did, however, point to overstocks faced by some brands. “I hope all brands keep their prices clean,” he warned for the coming season.

International presence

Despite being a show for the Benelux, a good number of French, German and Italian companies also exhibited at Velofollies. French brands included Moustache, O2Feel and Eovolt. “We’re exhibiting for the first time at Velofollies,” explained Eovolt CEO, Baptiste Fullen. “It’s

No B2B day on the cards

While other exhibition concepts sometimes opt for a separate trade day for the B2B channel, Velofollies deliberately does not do that. Although the idea has gone through the head of Pieter Desmet, organiser of Kortrijk Xpo, a clear decision has been made. “We have a very wide range of exhibitors, many of them purely consumer-oriented, such as bicycle tour providers and book publishers. They are not waiting for a trade day.”

In addition, there is the fear of negating the current success. “We know that

there are just as many supporters and opponents of a B2B day. What decision do you make then? Now we’re in the right place; there’s something familiar. On Sunday evening, there is the traditional closing, and then everyone goes home satisfied. If you added a professional day to it on Monday, that could be an anti-climax. You drop from an average of 14,000 visitors to, say, 2,000 people, and that on an exhibition floor of 40,000 square metres. I find that a difficult one. We prefer to stick to what has now proven to be successful.”

a good vibe; everybody is happy. This is a good event to grow the awareness of Eovolt outside of France.” The young company had 30% exports in 2020 and aims for 55% this year. Classified Cycling used Velofollies as an opportunity to announce its newest ambassador and investor, former professional cyclist and fellow Belgian, Philippe Gilbert. He joins former riders, including Tom Boonen and Anna Van der Breggen, as ambassadors of the drivetrain inno-

vator. On a very busy booth, Classified Cycling demonstrated its Powershift Technology, a wireless shifting technology that allows the rider to shift gears instantly and under full load. The product line is available originally equipped on a growing number of bicycles from exclusive partner brands, and as an aftermarket upgrade to existing bicycles. In December, the Belgian company announced it had raised €22 million from UK investors to expand into the e-bike market.

Almost 40,000 visitors attended the 3-day event at Kortrijk Xpo.

Photo:BikeEurope

TBA appoints new chairman, KMC’s Robert Wu

TAIPEI, Taiwan – The chairman of KMC, Robert Wu, has been elected as chairman of Taiwan Bicycle Association (TBA). He takes over the role from Michael Tseng. Wu has been part of TBA for many years, actively participating as executive director.

During an election in December, the TBA’s 368 corporate members elected a total of 36 directors and supervisors. During his election speech, Wu said he is committed to promoting the development of Taiwan’s bicycle industry on the global stage. He identified 10 challenges that the bicycle and e-bike industry will face over the next 10 years that will have the most

Battery Experts Forum moves to Darmstadt

KARLSTEIN AM MAIN, Germany –

The international battery industry will meet again at the Battery Experts Forum in 2023. This year’s event will take place from 7-9 November in Darmstadt, Germany, organiser, BMZ, has announced.

International Shows

April

20 – 23Sea Otter Classic

Monterey, California

21 – 23Cycle Show & London E-Bike Festival

London, UK

21 – 23Ciclosfera Urban Cyclist Festival

Valencia, Spain

28 - 1 Riva Bike Festival

Riva del Garda, Italy

significant effect on future sustainability issues and Taiwan’s industrial competitiveness. Building a networking platform to further unite the bicycle industry on shared goals, is one of Wu’s priorities. Outgoing chairman Tseng, who lead the association through the Covid-19 turbulence was appointed honorary chairman.

Top management changes for Merida and Ideal Bike

CHANGHUA/TAICHUNG, Taiwan

–

Taiwan’s second and third-largest bicycle producers, Merida Industry Co. and Ideal Bike Corporation, have both announced important changes to their top-level management.

Merida CEO, Michael Tseng, will step down as president of Merida. His son, Vansen Tseng, will assume this position following approval by Merida’s board of directors effective 1 February. The appointment of Vansen Tseng as president

is a milestone for the bicycle and e-bike manufacturer. The company’s management will be handed over to the third generation of the Tseng family. Michael Tseng will remain in his position as Merida chairman. Ideal Bike general manager, Tim Lin, stepped down on 31 December 2022 but remains with the company as special assistant to the chairman. The vice president of Ideal China, Frank Chen, was appointed Lin’s successor at Ideal Bike. “Chen has already demonstrated his expertise in factory operations and management in depth, especially in production process planning and improvement,” stated Chairman Hermes Chang.

After coinciding with Eurobike in Frankfurt in 2022, the 18th edition of the event returns as a stand-alone 3-day event. Companies along the entire value chain of a battery – from cell manufacturers to OEMs – will be represented at the Battery Expert Forum. With the motto ‘Charge up your knowledge’, the event focuses on an exchange at the highest scientific level. The event takes shape in the form of keynotes, tutorials, and specialist presentations on topics such as recycling, current trends/world market, e-mobility, storage technologies and charging.

The Battery Experts Forum outgrew its original location in Aschaffenburg and relocated to Frankfurt in 2019. In 2022, following Eurobike’s move to Frankfurt, the two events coincided around the same time in July at Messe Frankfurt. For 2023, the organiser, BMZ, said the choice of location fell on Darmstadt because of its “excellent infrastructural connections and its reputation as a city of science”, adding that the conference centre also offers the spatial requirements “for the constantly growing event format”.

As a must-have event for the industry, the Battery Experts Forum offers a unique combination of insider news with the highest scientific standards in the conference, the latest trends in the exhibition and the chance to meet industry experts up close, not only in the presentations but also during the networking events.

May

5 – 8 China Cycle

Shanghai, China

9 – 12Velo City 2023

Leipzig, Germany

24Cargo Bike Sharing

Europe

27 – 29Cologne, Germany

Bike Festival Paris

Paris, France

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June

2 – 4 Handmade Bicycle Show

Australia

Melbourne, Australia

6 – 7VeloBerlin

Berlin, Germany

8 – 11(e)revolution

Denver, USA

21 – 25Eurobike

Frankfurt am Main, Germany

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Portland, USA

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Misano, Italy

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The Battery Expert Forum will be held in Darmstadt’s Darmstadtium. Photo:BMZ

Robert Wu, chairman of KMC, is now heading the Taiwan Bicycle Association. Photo:TBA

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