Bike and eBike unit sales grow for Pierer New Mobility
Two wheel-focused Pierer Mobility AG saw an upswing in performance in H1 2023, although EBIT was hit by the high inventory and discounted product in the market.
Despite those well familiar market tribulations, the manufacturer of sport motorcycles and eBikes saw its bicycle division grow sales, by a considerable 39%, selling 71,401 eBikes and bikes (previous year 51,417). eBike unit sales were 40,401 in H1 2023, a 16% increase on H1 2022 (34,829). Bicycles without electric drive were also up, to 230,694 in H1 compared with 198,163 (H1 2022).
Europe saw the bulk of the sales with unit sales of 59,212 bicycles (+40%). DACH is its largest region (60% of sales). However the likes of North America grew strongly – up 33% to a more modest 9,194 units.
The bicycle division saw revenue in H1 2023 reach €107.5 million, up a whopping 37% on H1 2022. However, EBITDA was €-14.2million (previous year €-1.5 million) and EBIT was €-16.4 million (previous year €-3.7 million): “The amount of storage space at the dealers is tight owing to the big changes and challenges being seen throughout the bicycle market and this is leading to more discounts. This is having an impact on the EBIT trend.”
Overall, for the whole business, revenue was up to €1,286.6 million, rising 20.2% from €1,154.1 million in H1 2022.
Pierer Mobility is owner of Pierer New Mobility, Husqvarna, Gasgas and Felt.
PNM said it “consistently pursues the strategic goal of playing a leading role in the area of electric mobility and sees itself as a driver of the sustainable transformation of mobility to create a model that is viable for the future. In the first half of 2023, as part of focusing on its expansion efforts, PNM took over the production and distribution of eCargo New Mobility products in the Swedish design of the Johansson brand, which was acquired from Pierer 2 Radbeteligungs GmbH, Wels in April 2023.
The group noted that the market for ‘New Mobility’ offers “great potential for growth” and it is “anticipated that high quality products will be produced to meet this demand”. It added: “In the second half of 2023, the PIERER Mobility Group continues to focus on growth in its core areas, both motorcycles and (e-)bicycles. Despite the still noticeable challenges, especially in the bicycle market, the Executive Board confirms the outlook for the 2023 financial year and continues to expect revenue growth between 6 and 10 % with an EBIT margin of 8 to 10%.”
CIN went into more detail on the interesting journey Pierer Mobility is taking, focusing in on its strategy laid out in its pre-Eurobike dealer briefing.
