These days, focusing on the green movement often times seems like just another means of turning a profit. Giant Manufacturing Co., which bills itself as the worlds largest bicycle maker, looks to profit from Chinas growing emphasis on reducing the countrys consumption of fossil fuels. Accordingly, plans have been announced that Giant will invest $36 million in a new bicycle and electric car plant in Kunshan City in the Jiangsu province.
Construction on the plant will begin in July and is expected to be completed some time next year. Once finished, the new facility will be capable of producing 1.5 million bicycles a year, as well as bicycle frames and carbon fiber when it becomes fully operational.
The $36 million dollars will be spent on the bicycle production facilities. In the second stage, we will invest additional funds in electric car manufacturing, said company spokesman Hsu Li-chung. After all, China is currently the worlds second largest consumer of fossil fuels, tucked in behind the United States. A recent study supported by the U.S.
Energy Foundation found that if Chinas current progression isnt curbed, the countrys greenhouse gas emissions could reach 17 billion tons a year, or 60% of global emissions by 2050. Giant plans to produce enough bicycles and electric cars to aid in the support of the growing trend.
In 2009, the Taiwan-based manufacturer, which operates five companies, reported earnings of $54 million on net sales of nearly $330 million.
