After opening the year on a down note with bicycle shipment revenue for January 2025 declining in double-digits, Giant Manufacturing Co., Ltd. (Giant Group) reported that the downward trend accelerated sharply in February when posting a 40.0 percent year-over-year (y/y) decline to NT$3.25 billion for the month.
The February decline marks the company’s 12th consecutive monthly y/y decline since February 2025, when bicycle shipment revenue jumped 30.9 percent y/y to NT$5.42 billion.
The company is still under a Withhold Release Order (WRO) issued by the U.S. Customs and Border Protection (CBP) Forced Labor Division and cannot ship into the United States until the WRO is released. The WRO went into effect in September 2025.
While the company has been on a downward trajectory since early 2023, any hopes of returning to growth territory were dashed last September, when the CBP cited the company for its labor practices at its factories in Southeast Asia. On September 24, 2025, CBP issued the WRO on products manufactured at Giant Group’s Taiwan-based manufacturing factory, suspending the import of Giant-branded bikes, bike parts and components into the United States. At issue was the treatment and compensation of foreign workers.
Total 2025 full-year shipment revenue declined 15.4 percent to NT$60.3 billion ($1.93 billion).
For January 2026, Giant Group reported that monthly revenue fell 21.6 percent to NT$3.67 billion.
Giant Group reports in New Taiwan dollars (NT$).
The cadence last year was partly explained by uncertainty over U.S. tariffs, which pushed Giant Group and other Asian factories to get as many goods into containers and on the water as they could before President Trump’s so-called Independence Day in early April.
Image courtesy Giant Manufacturing Co., Ltd.
