Currency and US tariffs hit Giant’s first-half results
Giant Group’s first-half revenue fell 12.4% year-on-year to NT$32.6 billion (US$1.1 billion), which the company has blamed on the stronger New Taiwan Dollar.
The Taiwanese company's second-quarter sales were down over a quarter to to US$524 million, and profits were further slumped by a US$7.7 million foreign exchange loss.
At the same time, Giant said its OEM sales in Europe grew nearly 30%, but own-brand sales slowed in China. In the US, Giant said demand was weaker due to tariffs and wider economic uncertainty. The company also ruled out building a US factory, citing to the lack of a domestic bike supply chain and higher labour costs.
The group will repurpose its Vietnamese plant, which was originally built for US exports, to supply the EU, which allows Vietnamese bikes zero tariffs from 2025.
