Giant Manufacturing Company posted weak financial results for the first nine months of 2016, weighed down by a poor performance in the U.S. and China. The Taiwan-based bicycle maker saw its total revenues drop by 6.5 percent over the year-ago period; down to 44.23 billion Taiwan dollars (€1,3bn-$1.4bn). In addition, its operating income tumbled by 19.9 percent to TWD 2.4 billion (€70.2m-$74.0m).

In the U.S., Giant faced a struggling market, with sales being impacted by overall high inventory levels. Demand in China was also soft, and according to Giant, this affected the brand's performance “severely.” Meanwhile, the company's own brand business in Europe benefited from an increasing demand for e-bikes, especially in Germany and France, following the introduction of a new range. In Japan, Giant said it registered good results, driven by the company's effort to build stronger retail networks.

Moving forward to 2017, Giant forecasts that the Chinese market will remain challenging, while the situation should improve in the U.S., with inventory levels gradually returning to their regular status in the spring. Giant will launch next year in North America and Australia the new range of e-bikes that performed well in Europe, contributing to growth in those markets. In Japan, the company plans to increase the number of Giant stores - from the current 25 to more than 200 - over the next three to five years.