Main business income of China's bike industry to increase by over 10%

China's major bike companies saw their profits surge 36.8% year on year during the first 10 months of the year to ¥6.91 bln (about $1.1 bln), according to data from the China Bicycle Association. This was reported by The Xinhua News Agency.

Meanwhile, revenues jumped 22.4% from a year ago to ¥159.61 bln, the data showed.

The main business income of the country's bicycle industry is expected to see a rise of more than 10%  this year, the association said.

China has nearly 300 million electric bicycles and is the world's largest producer, consumer and exporter of electric bicycles, said Liu Suwen, director of the association.

The output of lithium battery-powered electric bicycles exceeded 10 million units in 2020, up from less than 700,000 units in 2011, the association said.