(BRAIN) — The Pierer Mobility Group will withdraw from the bicycle and e-bike business in its 2025 fiscal year, the company announced in a preliminary 2024 fiscal report this week. The company said it will sell off its remaining inventory of Husqvarna and GasGas bikes. And it said it will evaluate strategic options for its 70% stake in the Felt bicycle brand, which is operated separately.
Pierer suffered deep losses last year in its motorcycle division and is still restructuring, although it has resumed motorcycle production. The company said it is "in the finalization phase of negotiations with equity and debt investors with the aim of securing financing for these restructuring plans totalling around 600 million euros ($678 million)."
The preliminary 2024 report said the company sold 106,311 e-bikes and bicycles last year, down from 155,859 the previous uyear. It said the decline was mostly due to its sales of the R Raymon e-bike brand. IN January Pierer said it was consolidating its global e-bike businesses in California and Austria, closing other regional operations.
The company did not release a full 2024 annual report but said it lost 1.888 billion euros last year and it expects to record a loss in 2025.
