Unit volumes of complete bicycles increased by 33 percent.
Dr. David Hon, Dahon founder and president, said:
"2002 was a very difficult year for us and our friends in the industry. But one trend we are happy to see is the return of the bicycle as a transportation tool. We’ve had many New Yorkers, and also customers from other cities, tell us that they bought a Dahon so that they could feel more secure and self-sufficient.
"With a bicycle, there’s always a transportation option, even in the face of natural disasters, labour strikes, or worse."
Medium and high priced folding bikes saw a healthy jump in sales, said Hon. Sales were also boosted by strong growth in the Chinese market.
"In 2002 we saw a clear preference for quality over price. As the market for folding
bicycles matures, consumers and dealers are realising that since folding bicycles are often used on a daily basis it is usually worthwhile to spend a few dollars more for quality and durability," said Hon.
Dahon’s 2002 revenues were also boosted by patent royalty payments from companies in China, Taiwan, and Japan. Many Dahon patents have been widely infringed upon by manufacturers in Asia.
In 2002, Dahon won a long-standing legal battle with the founder’s of Neobike, with the
accused found guilty and sentenced to five months in prison.
"Despite our good results in 2002, we expect even stronger growth in 2003," said Hon.
"We’re off to our best start ever and our hope is that the global economy can quickly return to stable and steady growth."