Shanghai Phoenix Bicycle Co Ltd set up a new branch in Bulgaria on Aug 14, representing the time-honored brand's first manufacturing facility in Europe.

Founded in 1897, the Shanghai-based bicycle brand's new plant will produce lithium battery-powered electric bicycles in the city of Plovdiv through a joint venture with Bulgaria's PD1 Invest Ltd.

Gan Lin, deputy general manager of Phoenix Group, stated that the joint venture's total investment is 10 million euros ($11.67 million), with Phoenix Bicycle (Hong Kong) Ltd owning a 55 percent stake, and PD1 Invest holding the remaining 45 percent.

The new branch, Phoenix Bicycle Europe JSC, will focus on R&D, assembly, sales and after-sales support for mid- to high-end electric bicycles, and is expected to accelerate the brand's entry into the EU market.

In 2024, Phoenix sold a total of 63,000 bicycles in Europe, earning 120 million yuan in revenue.

Source: Jinshan district government